Top 10 Financial Inclusion Startups in India

Top 10 Financial Inclusion Startups in India

Financial inclusion is a critical aspect of economic development, particularly in a diverse and populous country like India. With a significant portion of the population still unbanked or underbanked, financial inclusion startups are stepping up to bridge the gap, offering innovative solutions to make financial services accessible to everyone. Here are some of the top 10 financial inclusion startups in India that are making a substantial impact

1. Paytm

FoundersVijay Shekhar Sharma
Year Founded2010
LocationNoida, Uttar Pradesh
Primary ServicesDigital Wallets, UPI Payments, Paytm Payments Bank, Investment & Insurance
InnovationsQR Code Payments, Mobile Recharges, Paytm Mall
ImpactWidespread financial inclusion, Digital Payment Adoption
Paytm – Top 10 Financial Inclusion Startups in India

Overview: Paytm, founded in 2010 by Vijay Shekhar Sharma, started as a mobile recharge platform and has since grown into one of India’s leading digital payment platforms. It offers a wide range of financial services including digital wallets, UPI payments, Paytm Payments Bank, and even investment and insurance products.

Innovations: Paytm revolutionized digital payments in India by providing a seamless and user-friendly mobile app that allowed people to make payments, recharge phones, and pay bills digitally. It introduced QR code-based payments which became widely adopted across small businesses and street vendors, further promoting cashless transactions.

Impact: Paytm has significantly increased financial inclusion by bringing millions of unbanked and underbanked individuals into the formal financial system. It has empowered small businesses with tools to accept digital payments, reducing their reliance on cash and enhancing financial transparency. Paytm Payments Bank has offered savings accounts with zero balance requirements, making banking accessible to people in remote areas.

2. Razorpay

FoundersHarshil Mathur, Shashank Kumar
Year Founded2014
LocationBengaluru, Karnataka
Primary ServicesPayment Gateway, RazorpayX, Payroll Automation, Lending
InnovationsMulti-mode Payment Gateway, Business Banking Platform
ImpactEmpowering SMEs with payment solutions, Simplified financial operations
Razorpay – Top 10 Financial Inclusion Startups in India

Overview: Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay is a fintech company that provides payment gateway solutions to businesses of all sizes. It has expanded its offerings to include digital banking, lending, payroll management, and neobanking services.

Innovations: Razorpay introduced advanced payment gateway solutions that cater to the unique needs of Indian businesses, including support for multiple payment modes and currencies. It launched RazorpayX, a business banking platform that integrates banking, payments, and expense management into a single dashboard, simplifying financial operations for SMEs.

Impact: Razorpay has empowered SMEs by enabling them to accept online payments easily and securely, which has boosted their revenue streams and operational efficiency. Its lending arm provides quick and hassle-free loans to SMEs based on their transaction history, thus bridging the credit gap for small businesses.

3. Kaleidofin

FoundersSucharita Mukherjee, Puneet Gupta
Year Founded2017
LocationChennai, Tamil Nadu
Primary ServicesTailored Financial Plans, Savings, Credit, Insurance
InnovationsData-driven Financial Planning, Goal-based Savings Plans
ImpactPersonalized financial solutions for underserved communities
Kaleidofin – Top 10 Financial Inclusion Startups in India

Overview: Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a fintech platform that offers personalized financial solutions to underserved communities in India. It focuses on combining technology with financial planning to improve the financial health of its users.

Innovations: Kaleidofin uses data-driven algorithms to create tailored financial plans that include savings, credit, and insurance products. It offers goal-based savings plans and automated investment options, making it easier for users to achieve their financial goals. The platform also provides financial literacy tools to educate users about money management.

Impact: Kaleidofin has made significant strides in promoting financial inclusion by reaching out to rural and semi-urban populations with customized financial solutions. It has empowered individuals to build savings and access credit facilities that were previously unavailable to them, thereby improving their overall financial resilience.

4. Jana Small Finance Bank

FoundersRamesh Ramanathan
Year Founded2018 (as a bank), originally a microfinance institution
LocationBengaluru, Karnataka
Primary ServicesSavings Accounts, Fixed Deposits, Microloans, Insurance
InnovationsDigital Banking Solutions, Community-focused Approach
ImpactBanking services for underserved populations
Jana Small Finance Bank – Top 10 Financial Inclusion Startups in India

Overview: Jana Small Finance Bank started as a microfinance institution and later transformed into a small finance bank in 2018. It focuses on providing banking services to underserved populations, especially in rural and semi-urban areas.

Innovations: Jana Small Finance Bank offers a range of products including savings accounts, fixed deposits, microloans, and insurance. It utilizes technology to streamline banking operations and deliver seamless services to its customers. The bank also provides digital banking solutions that cater to the unique needs of its diverse customer base.

Impact: By leveraging its extensive network and community-focused approach, Jana Small Finance Bank has brought thousands of unbanked individuals into the formal banking system. It has facilitated financial inclusion by providing affordable and accessible banking services to marginalized communities, thereby promoting economic empowerment.

5. Fincare Small Finance Bank

FoundersBased on Disha Microfin Limited
Year Founded2017
LocationBengaluru, Karnataka
Primary ServicesSavings Accounts, Loans, Insurance, Investments
InnovationsDigital Banking Solutions, Financial Literacy Programs
ImpactFinancial inclusion for unbanked and underbanked populations
Fincare Small Finance Bank – Top 10 Financial Inclusion Startups in India

Overview: Fincare Small Finance Bank emerged from the transformation of Disha Microfin Limited, a microfinance institution. Established in 2017, Fincare focuses on providing financial services to unbanked and underbanked populations in India.

Innovations: Fincare Small Finance Bank offers a wide range of products including savings accounts, loans, insurance, and investment options. It has developed innovative digital banking solutions that cater to the needs of its diverse customer base, including rural and urban populations. The bank also emphasizes financial literacy programs to educate its customers about the benefits of saving and investing.

Impact: Fincare has played a crucial role in promoting financial inclusion by providing accessible and affordable banking services to underserved communities. It has empowered individuals and small businesses with financial tools and resources to improve their economic well-being and achieve their financial goals.

6. NeoGrowth

FoundersPiyush Khaitan, Dhruv Khaitan
Year Founded2013
LocationMumbai, Maharashtra
Primary ServicesUnsecured Business Loans for SMEs
InnovationsDigital Footprint-based Credit Assessment, Flexible Repayment
ImpactFinancing for SMEs, Economic Growth Promotion
NeoGrowth – Top 10 Financial Inclusion Startups in India

Overview: NeoGrowth, founded in 2013 by Piyush Khaitan and Dhruv Khaitan, specializes in providing unsecured business loans to SMEs based on their digital transactions. It leverages technology to assess creditworthiness and offer customized loan products.

Innovations: NeoGrowth pioneered the concept of using digital footprints, such as point-of-sale transactions, to evaluate the creditworthiness of SMEs. It offers flexible repayment terms and quick loan disbursals, which are tailored to the cash flow cycles of businesses. The platform also provides personalized financial advice and support to help SMEs grow sustainably.

Impact: By providing accessible financing options to SMEs that may not qualify for traditional bank loans, NeoGrowth has fueled entrepreneurship and economic growth. It has enabled small businesses to expand their operations, hire more employees, and contribute to the overall economic development of India.

7. MobiKwik

FoundersBipin Preet Singh, Upasana Taku
Year Founded2009
LocationGurugram, Haryana
Primary ServicesDigital Wallets, UPI Payments, Mobile Banking, BNPL
InnovationsOne of India’s First Digital Wallets, BNPL Feature
ImpactCashless Transactions, Financial Services for Semi-urban and Rural Areas
MobiKwik – Top 10 Financial Inclusion Startups in India

Overview: MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, is a digital financial services platform that offers a wide range of services including digital wallets, UPI payments, mobile banking, and Buy Now, Pay Later (BNPL) options.

Innovations: MobiKwik introduced one of India’s first digital wallets, which allowed users to make online payments, recharge phones, and pay bills seamlessly. It has expanded its offerings to include UPI-based payments and mobile banking services that cater to the evolving needs of its user base. The BNPL feature enables users to make purchases on credit and repay in installments, thereby enhancing affordability.

Impact: MobiKwik has played a pivotal role in promoting cashless transactions and financial inclusion in India. It has empowered millions of individuals and businesses, especially in semi-urban and rural areas, by providing them with access to digital financial services. The platform’s user-friendly interface and extensive merchant network have made it a preferred choice for digital transactions across the country.

8. NiYO Solutions

FoundersVinay Bagri, Virender Bisht
Year Founded2015
LocationBengaluru, Karnataka
Primary ServicesDigital Payroll Solutions, Expense Management, Benefits Administration
InnovationsIntegrated Payroll and Expense Management Platform
ImpactSimplified Salary Disbursals, Financial Inclusion for Blue-collar Workers
NiYO Solutions – Top 10 Financial Inclusion Startups in India

Overview: NiYO Solutions, founded in 2015 by Vinay Bagri and Virender Bisht, focuses on improving the financial well-being of India’s workforce through digital payroll solutions and benefits management.

Innovations: NiYO offers a digital salary account that integrates payroll, expense management, and benefits administration into a single platform. It provides employees with instant access to their salaries, along with tools to manage expenses and savings effectively. The platform also offers financial literacy programs to educate employees about financial planning and investment options.

Impact: NiYO has simplified salary disbursals for employers and provided employees with convenient access to their earnings. It has promoted financial inclusion by offering banking services to blue-collar workers who may not have access to traditional banking facilities. By digitizing payroll and benefits management, NiYO has enhanced financial transparency and security for both employers and employees.

9. Faircent

FoundersRajat Gandhi, Vinay Mathews
Year Founded2013
LocationGurugram, Haryana
Primary ServicesPeer-to-Peer Lending
InnovationsOnline Lending Marketplace, Algorithm-based Credit Assessment
ImpactAlternative Credit Access, Democratic Lending Process
Faircent – Top 10 Financial Inclusion Startups in India

Overview: Faircent, founded in 2013 by Rajat Gandhi and Vinay Mathews, is India’s largest peer-to-peer lending platform that connects borrowers with individual lenders.

Innovations: Faircent has created an online marketplace where borrowers can access loans directly from lenders without the involvement of traditional financial institutions. It uses advanced algorithms to assess creditworthiness and determine interest rates, ensuring fair and transparent lending practices. The platform supports various types of loans including personal loans, business loans, and education loans.

Impact: Faircent has democratized access to credit by providing an alternative lending platform for individuals and small businesses. It has enabled borrowers to secure loans at competitive rates and flexible terms, while allowing lenders to earn attractive returns on their investments. Faircent’s platform has expanded credit access to underserved segments of the population, thereby promoting financial inclusion and economic empowerment.

10. Crediwatch

FoundersSandeep Anandampillai, Meghna Suryakumar
Year Founded2016
LocationBengaluru, Karnataka
Primary ServicesData Insights-as-a-Service, Creditworthiness Assessment
InnovationsAI and ML for Credit Analysis, Real-time Credit Monitoring
ImpactData-driven Lending Decisions, Improved Access to Finance for SMEs
Crediwatch – Top 10 Financial Inclusion Startups in India

Overview: Crediwatch, founded in 2016 by Sandeep Anandampillai and Meghna Suryakumar, is a data insights-as-a-service platform that helps financial institutions make informed lending decisions.

Innovations: Crediwatch leverages artificial intelligence and machine learning to analyze vast amounts of data from diverse sources including financial statements, social media, and regulatory filings. It provides real-time insights into the creditworthiness and financial health of businesses, helping lenders mitigate risks and streamline the lending process. The platform also offers monitoring and alert services to track changes in a company’s credit profile over time.

Impact: By enabling lenders to make data-driven lending decisions, Crediwatch has improved access to finance for small and medium enterprises (SMEs). It has reduced the time and cost involved in credit assessments, making it easier for businesses to obtain loans and credit facilities. Crediwatch’s innovative approach to credit monitoring has enhanced financial transparency and accountability in the corporate sector, contributing to overall economic stability.

FAQs About Top Financial Inclusion Startups in India

1. What is financial inclusion?

Financial inclusion refers to the effort to provide access to financial services and products to individuals and communities, especially those who are underserved or marginalized, thereby promoting economic development and stability.

2. Why are financial inclusion startups important in India?

Financial inclusion startups play a crucial role in India by leveraging technology and innovation to bring banking and financial services to underserved populations. They help in reducing the reliance on cash transactions, promoting digital payments, and offering tailored financial solutions to diverse segments of society.

3. How do these startups contribute to financial inclusion?

These startups contribute to financial inclusion by offering a range of services such as digital payments, banking, lending, insurance, and investment products. They use technology to reach remote and rural areas, where traditional banks have limited presence, thereby improving access to financial services for millions of Indians.

4. What are some key innovations by these startups?

Innovations include digital wallets, UPI payments, peer-to-peer lending platforms, AI-driven credit assessments, mobile banking solutions, and integrated payroll management systems. These innovations simplify financial transactions, enhance user experience, and expand the reach of financial services.

5. How do these startups impact the Indian economy?

These startups contribute to economic growth by empowering small businesses with access to credit, enabling individuals to save and invest more effectively, and reducing transaction costs associated with cash-based transactions. They also create employment opportunities and foster entrepreneurship, which are crucial for economic development.

6. What challenges do financial inclusion startups face in India?

Challenges include regulatory compliance, building trust among users, cybersecurity risks, reaching remote populations with limited internet connectivity, and ensuring financial literacy among users to effectively use digital financial services.

7. How can individuals benefit from these startups?

Individuals can benefit by gaining access to convenient and affordable financial services, managing their money more effectively, building credit history, and securing loans for personal and business needs. These startups empower users to participate more fully in the formal economy and improve their overall financial well-being.

8. How are these startups different from traditional banks?

These startups often operate with leaner structures, leveraging technology to offer faster and more personalized services compared to traditional banks. They may also cater specifically to underserved populations and offer innovative products that traditional banks may not provide.

9. What is the future outlook for financial inclusion startups in India?

The future looks promising with increasing adoption of digital payments, government initiatives promoting financial inclusion, and advancements in fintech solutions. These startups are expected to continue innovating and expanding their reach to bring more Indians into the formal financial system.

10. How can I learn more about these financial inclusion startups?

You can visit their official websites, follow them on social media platforms, read industry reports, or consult with financial experts who track the fintech sector in India. Additionally, exploring financial literacy resources can help you understand how to utilize these services effectively.


The financial inclusion landscape in India is rapidly evolving, thanks to the innovative efforts of these startups. By leveraging technology, data, and user-centric approaches, these companies are breaking down barriers and making financial services more accessible to everyone. As they continue to grow and expand their reach, they are playing a crucial role in shaping a more inclusive and equitable financial system in India.

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