Is PayPal a Fintech? The answer is ‘yes.’ PayPal is one of the biggest Fintech companies in the world. Besides, it is also one of the first Fintech company in history. So, what is a FinTech

The technology that improves upon or challenges the traditional methods in finance is known as FinTech. FinTech is the portmanteau of ‘financial technology.’ The companies tend to aim for the improvement of the delivery of financial services continually.

It is 2021, and you must have already been participating in this specialized technological experience. You heard it right. You do that every time you split the bill and transfer the 10$ for food on Paytm. But is FinTech just restricted to mobile payments? Let’s shed some light on some more uses of FinTech.

Designed by Ankita Oberoi.

Some Uses of FinTech:

  • Crowdfunding platforms.

Examples of crowdfunding platforms are GoFundMe, Patreon, etc.

  • Mobile payments.

Examples of FinTech platforms used for mobile payments are Paytm, Paypal, etc.

  • Insuretech. (Insurance Technology)
  • Regtech. (Regulatory Technology)
  • Budgeting apps. 
  • Robo-advising apps. This is an example of wealth tech, which is a subset of fintech.

Robo-advising services include Betterment and Ellevest.

Ten Indian FinTech startups you should know:

  1. Paytm
  • Launched in: 2010, Noida.
  • Launched by: Vijay Shekhar Sharma.
  • Headquarters: Noida.

Who does not know about Paytm? Based in Noida, Paytm is an Indian e-commerce payment system and a FinTech company. It can help individuals with online payments while recharging mobiles, paying bills, grocery shopping, etc.

Some products of Paytm are:

  • Paytm Mail.
  • Paytm Payments Bank.
  • Paytm Money.
  • Gamepind.
  • Paytm Smart Retail.
  1. Simpl
  • Launched in: 2016.
  • Launched by: Chaitra Chidanand and Nityanand Sharma.
  • Headquarters: Bangalore.

Simpl helps customers have a bit more control over their commerce experience. Meanwhile, it allows them to explore the possibilities. Want to transact with one tap? Choose a ‘Simpl’ way, next time you pay.

  1. Upstox

RKSV Securities Pvt Ltd., Mr. Ravi Kumar, Mr. Raghu Kumar, and Mr. Shrini Viswanath owns Upstox. Upstox is one of the fastest-growing brokers in India. It is fast yet easy to use. Upstox is a  trading platform that enables a paperless account opening.

The trading platforms are:

  • Upstox Pro Web. (accessible from the browser)
  • Upstox Pro Mobile. (available on both android and iOS)
  • NEST Trading terminal.
  1. KhataBook
  • Launched in: December 2018.
  • Launched by: Ravish Naresh.
  • Headquarters: Bengaluru.

“Replace your traditional Udhar bahi khata by new digital ledger cash book, Khatabook.” KhataBook calls itself ‘Digital India’s Digital Khata.’ Is your business secure in your pocket? That’s what KhataBook does for you.

  1. Razorpay

Razorpay recognizes itself as the ‘best payment gateway for online payments,’ solving slow transactions by enabling frictionless transactions. Razorpay is an easy, secure way to accept and hand out payments online. To know more about the features of Razorpay, click here:

Designed by Ankita Oberoi.
  1. Signzy
  • Launched in: 2015.
  • Launched by: Ankit Ratan, Ankur Pandey, and Arpit Ratan.
  • Headquarters: Bengaluru.

What does Signzy do? Signzy is a digital solution for banks, NBFCs, and other financial institutions. It is a global digital trust system. The three components of Signzy and its mission are:

  • Identifying and authenticating entities.
  • Know about the background of the entities.
  • Has a reward and punishment system to win over your trust.
  1. Novopay– India’s most trusted AePS and DMT platform.
  • Launched in: 2013.
  • Launched by: Vinod Khosla.
  • Headquarters: Bangalore.

The services provided by Novopay are:

  • You can turn your shop into Aadhar ATM, and in turn, earn generous commissions.
  • You can pay your bills quickly.
  • Send money to your customer’s bank account.
  • Recharge for your customers.
  • DTH recharge for your customers.
  • Provide health insurance for your customers.
  1. Lendingkart

Lendingkart finance limited provides capital loans and business loans to SMEs across India. It helps you to launch your business with a strong foundation.

Why should you consider Lendingkart?

  • Enables fast processing.
  • You would not lose your asset as they do not need collateral.
  • You can look forward to fair interest rates.
  • There is a system of flexible repayment options for your convenience.
  1. ClearTax

ClearTax is a financial technology platform that provides Income Tax filing, GST, and Mutual Fund Investments solutions. This company works with financial advisors to ease out your working experience.

  1. CoinDCX
  • Launched in: 2018.
  • Launched by: Sumit Gupta.
  • Headquarters: Mumbai.

CoinDCX is the first bitcoin exchange in India. It makes buying and selling cryptocurrencies easily doable. In your journey to explore the world of Cryptocurrencies, CoinDCX can be your best partner. Fintech Forum organizes India Fintech Awards. They offer a platform for Fintech Companies to collaborate and voice their opinions.

Some of the major categories and awardees in 2020 were:

  • Fintech Rising Star: Khatabook. 
  • Fintech Rising Star: AssetVault. 
  • Fintech Scaleup of the Year: ClearTax.  
  • Fintech Leader of the Year: Vijay Shekhar Sharma. 
  • Woman Leader in Fintech: Sucharita Mukherjee. 

To know more about the forum, click on

To conclude, we all should look forward to many more new creative innovations in the field of financial technology or FinTech.

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