What is a fintech company?
A fintech company is a business that uses technology to provide financial services. Examples include banking software, mobile payment applications, and online lending services, accounting tools to manage direct and indirect expenses list.
Fintech companies can be stand-alone businesses or part of a larger company. The term is also used to describe a company that offers financial products and services using new technologies or ways of doing things.
What are some of the biggest fintech companies in India?
- Paytm
Paytm is India’s largest mobile wallet, with over 200 million active subscribers and more than 60 million active daily users. It provides payment services, including bill payments, money transfers, peer-to-peer (P2P) payments, mobile top-up services and peer-to-peer lending. The company was founded in 2010 by One97 Communications founder Vijay Sharma, who is also the Chairman of Paytm.
- CRED
Cred is a financial technology company providing a range of products and services in the areas of consumer finance and credit scoring. Cred is a credit card payments app that lets users make house rent payments, short-term credit lines, and manage their rewards.
- PolicyBazaar
PolicyBazaar is one of the biggest fintech companies in India. It is is a financial services company that focuses on providing insurance to individuals, corporates and SMEs. The company was founded in 2008 and has grown to be one of the leading online insurance platforms in India. PolicyBazaar offers end-to-end insurance solutions including policy creation, claim settlement, claims processing, and customer care for its users. It has also partnered with several third-party insurers to provide additional products such as claims management and travel insurance to its customers.
The company aims to improve the lives of people by making them financially secure. This is done through its policies that offer protection against natural disasters and accidents as well as health care coverage options such as hospitalization and medical expenses. The company also provides life insurance through its online platform which can be purchased by anyone irrespective of their age or financial standing. The company also offers personal accident cover for individuals who want to ensure their family’s security in case something happens to them unexpectedly.
- Razorpay
Razorpay is a fintech company that provides payment services in India. The company offers wallet, recharge and bill payment services to its users. Razorpay also provides money transfer services within the country and across borders. It has offices in Mumbai, Pune, Hyderabad and Bengaluru.
- BharatPe
BharatPe is the largest integrated payment platform in the country. It offers a range of payment services including digital money transfer, bill payments, credit and debit card transactions and mobile wallets.
BharatPe has partnered with over 400 banks and financial institutions across India to provide its services. While most of its customers are based in urban areas, it also has a significant presence in rural areas as well.