How designers estimate the impact of UX?
How designers estimate the impact of UX?
How designers estimate the impact of UX?

Soniya

Product Design/ Designer at NonZero

June 20, 2025

The Indian Fintech Landscape

The Indian Fintech Landscape

The Indian Fintech Landscape

The Indian fintech ecosystem is a rapidly evolving domain, driven by widespread digital adoption, pivotal infrastructure like the Unified Payments Interface(UPI) and aggressive innovation.

This article is an attempt to map this ever-expanding landscape, explore key segments and the innovations that are reshaping financial services.

An Overview

Model

Segment

Examples (Top Players)

B2C

Digital Payments & Wallets

PhonePe, Google Pay, Paytm, MobiKwik


Neobanks & Mobile Banking

Fi, Jupiter, NiyoX, SBI YONO, iMobile Pay


Digital Lending & Credit

KreditBee, Navi, Slice, Simpl, MoneyTap


Wealth & Investments

Zerodha, Groww, INDmoney, Smallcase, Jar


Insurtech

Policybazaar, Acko, Digit, Coverfox


Teen Finance

Akudo, Fampay, Junio

B2B

SME Lending

Lendingkart, Flexiloans, Indifi


Treasury & Finance Mgmt

Open, EnKash, RazorpayX, Zaggle


Accounting & HRMS

Zoho Books, ClearTax, Keka, greytHR

B2B2C (enablers)

Embedded Finance

M2P, Setu, Decentro


BaaS & White-Label Lending

Zwitch, Cashfree, KreditBee Infra


Insurance APIs

TurtlemintPro, Riskcovry

Infra / PaaS

UPI/Banking Infra

Razorpay, Juspay, Setu, Decentro


Onboarding & KYC

Signzy, IDfy, HyperVerge


Account Aggregators

CAMS, FinVu, OneMoney


Credit APIs & Analytics

CIBIL, CRIF, Experian, Karza

Crypto & Blockchain

Crypto, Blockchain, CBDC

CoinDCX, CoinSwitch, industry pilots

Let’s explore each one in detail.

B2C (Business-to-Consumer)

This segment focuses on financial products and services offered directly to individual consumers, leveraging digital channels for accessibility and convenience.

Digital Payments & Wallets

Apps and services that facilitate quick money movement, both online and offline — from UPI to mobile wallets and POS transactions.

Subsegment

Examples

Description

UPI-based Apps

PhonePe, Google Pay, Paytm, Amazon Pay

Mobile apps using the UPI infrastructure for instant bank-to-bank transfers.

Mobile Wallets

MobiKwik, Paytm Wallet, Freecharge

Prepaid wallets that allow users to store money and make quick payments.

Cross-border

Wise, Instarem

Domestic and international money transfer services, often with lower fees and faster turnaround.

Neobanking & Mobile Banking

Fully digital banking experiences built either on top of existing banks (Neobanks) or run by traditional players with modern UX (Mobile Banking).

Subsegment

Examples

Description

Neobanks

Jupiter, Fi, NiyoX

Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features.

Mobile Banking

SBI YONO, ICICI iMobile, Kotak 811

Established banks upgrading customer experience.

Neobanks in India can’t operate solo due to the Banking Regulation Act (1949), requiring them to team up with traditional banks.S

Lending & Credit

Instant personal loans, Buy Now Pay Later, and peer-to-peer lending made possible via mobile, consent-driven access to bank data.

Subsegment

Examples

Description

Personal Loans

KreditBee, Navi, Freo

Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data.

BNPL (Buy Now, Pay Later)

Simpl, ZestMoney, Slice

Short-term credit at checkout with flexible repayment options, often interest-free.

P2P Lending (Peer to peer)

CRED, OneCard

Marketplaces where users can lend or borrow directly from each other.

Credit & Lifestyle Platforms

CRED, OneCard

Platforms built around users with good credit, offering rewards, credit products, and financial tools.

Investments & Wealth Management

Platforms enabling retail users to invest in stocks, MFs, gold, and even real estate — all with better transparency and lower fees.

Subsegment

Examples

Description

Stock Trading

Zerodha, Upstox, Angel One

Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission.

Robo Advisory

ET Money, INDmoney, Scripbox

Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading)

Alt Investments

Jar (gold), Smallcase, PropShare

Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate.

Teen Finance

Fampay, Akudo, Junio

Safe, parent-managed money tools for under-18s.

Jar’s daily gold savings model mimics the behavioral success of “Round-Up & Save” in US apps.

Insurtech

Insurtech refers to apps and platforms that make it easier for users to buy, compare, and manage insurance online — often removing the paperwork, jargon, and sales-heavy middlemen that dominate traditional insurance.

Subsegment

Examples

Description

Online Aggregators

Policybazaar, Coverfox

Platforms that let users compare policies, premiums, and benefits across multiple insurers.

Digital-First Insurers

Acko, Go Digit, Navi Insurance

Licensed insurance companies built from the ground up for mobile and digital use.

Embedded/Product Insurance

Ola, Amazon, Flipkart

Optional insurance offered seamlessly during the purchase of products or services.

Health & Term Insurance

Niva Bupa, Digit Health

Apps that simplify buying long-term health or life insurance through clear plans and digital claims.

In 2023, Acko became the first Indian digital insurer to cross 1 crore policies issued digitally, without agents.


B2B (Business-to-Business)

This segment provides financial services and tools tailored for businesses, from SMEs to large enterprises, enhancing their operational efficiency and financial management.

SME Lending & Financing

SME lending fintechs help small businesses access working capital, invoice financing, equipment loans, and credit lines — often without collateral and entirely through digital journeys.
India has over 6.3 crore MSMEs, many of whom are credit-starved due to rigid documentation needs, lack of formal credit history, and lengthy bank processes. (Source)

Subsegment

Examples

Description

Digital SME Lending

Lendingkart, FlexiLoans, Indifi

Platforms that offer quick, unsecured loans to small businesses using alternative credit data.

Supply Chain Finance

CredAble, Vayana Network

Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders.

P2P Business Lending

LendenClub (Business)

Marketplaces where SMEs can borrow directly from individual or institutional lenders.

Business Finance Management

Helping businesses stay lean, compliant, and in control of their money.

As Indian businesses grow digitally, so does the need for smart tools to manage expenses, pay employees, automate tax filings, and stay compliant. What was once done on Excel and Tally is now being reimagined as intuitive platforms.

Subsegment

Examples

Description

Treasury & Expense Mgmt

Open, EnKash, RazorpayX, Karbon, Zaggle

Track, control, and approve business expenses in real-time.

Accounting & GST Tools

Zoho Books, ClearTax, Vyapar

Automate invoicing, GST returns, balance sheets.

Payroll & HR Tools

RazorpayX Payroll, Keka, greytHR

Automate salary payouts, TDS, compliance, leaves, and onboarding.

Merchant Payments & POS Solutions

The hardware, software, and digital interfaces that help India’s businesses accept payments — fast, easy, and cashless.

Subsegment

Examples

Description

POS Devices & Terminals

Pine Labs, MSwipe, Ezetap, Paytm POS

Physical machines to swipe cards, scan UPI/QR, and print receipts.

POS Mobile Apps

BharatPe for Merchants, Paytm for Business, PhonePe for Business

Smartphone-based apps that turn a device into a billing/payment solution.

QR Code Payments

Bharat QR, BHIM QR, PhonePe Merchant, Google Pay Business

Dynamic/static QR codes linked to UPI or merchant wallet accounts.

Smart POS + Value Add

Magicpin POS, Zoho POS, Ginesys Retail POS

All-in-one tools offering payment + inventory + GST billing + loyalty.

POS-based Lending

BharatPe PostPe, Pine Labs Capital, Indifi POS Credit

BNPL or credit lines offered to merchants based on transaction flow.


B2B2C (Enabling Others to Serve Consumers)

While B2C apps get the headlines, many of them are built on top of invisible infrastructure players. These B2B2C fintechs offer tools, APIs, and white-labeled services that enable e-commerce sites, NBFCs, SaaS tools, or startups to offer financial products without building from scratch.

This layer is like the “AWS of fintech” — abstracting the banking complexity so others can innovate fast.

Subsegment

Examples

Description

Embedded Finance

M2P, Setu, Decentro

Plug financial products such as payments, lending, insurance into non-financial apps.

Banking-as-a-Service (BaaS)

Zwitch (Zeta), M2P, Setu

Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks.

White-label Lending

KreditBee Infra, Cashfree Lending

Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend.

Insurance APIs

Riskcovry, TurtlemintPro, SecureNow

Allow apps/platforms to embed insurance options at checkout, with quote generation, claims, and issuance in-app.

Difference between the layers

Features

Embedded Finance

BaaS

White-label Lending

Primary user

E-commerce, SaaS, travel apps

Fintechs, Neobanks, non-bank lenders

NBFCs, marketplaces, apps

Offers

Loans, insurance, payments

Full-stack banking infra

Credit journey + tech stack

Example use case

Ola embeds insurance in ride booking

Jupiter builds a bank app via Zeta

KreditBee Infra powers credit on smaller apps

M2P claims over 600 fintechs in India are built on their infra stack. (Source)

Fintech infra is no longer optional — it’s modular.
Companies can now pick what they need: just UPI, or full-stack banking, or lending. This “fintech Lego” is what powers the next 100 apps.

Many brands like Ola, Flipkart, MakeMyTrip offer insurance, credit, or wallet services — powered entirely by these infrastructure players.


Infrastructure & Platforms (IaaS / Fintech Infra)

The invisible rails that power everything from payments to credit scoring.These players aren’t always consumer-facing, but every UPI transaction, account verification, or instant loan depends on them.

Subsegment

Examples

Description

KYC & Onboarding

Signzy, IDfy, HyperVerge

APIs for identity verification, document OCR, face match, and digital onboarding.

Authentication & Security

Accura Scan, AuthBridge, Bureau

Biometric, device fingerprinting, fraud detection, and multi-factor tools.

Payments Infrastructure

Razorpay, Juspay, Cashfree

Gateways, aggregators, and APIs to power digital payments.

UPI & Banking Infra

Setu, Decentro, M2P

Backend rails for UPI handles, account linking, payment collections.

Credit APIs & Compliance

CRIF, TransUnion CIBIL, Experian

Pull bureau scores, enrich with financial and behavioral data.

Account Aggregators (AA)

CAMS Finserv, FinVu, OneMoney

APIs and dashboards for compliance, credit risk, insights, and fraud detection.

Analytics & Personalization

Perfios, Fego.ai

Build nudges, credit models, insights with user data.

FX & Cross-Border Infra

Wise, Instarem, BookMyForex

FX & Cross-Border Infra

Crypto & Blockchain

This segment includes innovations that may not yet be fully integrated into India’s regulatory or financial systems, but are shaping the future of fintech globally and domestically.

It’s important to treat this as adjacent, not core infra, since much of it operates outside traditional compliance boundaries or is still in experimental phases.

Subsegment

Examples

Description

Crypto Exchanges (CEX)

CoinSwitch, CoinDCX, WazirX

Fiat-to-crypto platforms with onboarding and basic investing functionality.

Wallets & Custody

MetaMask, Fireblocks, Ledger

Secure storage solutions for individuals and institutions.

DeFi Protocols

Aave, Compound, Uniswap, InstaDapp

Decentralized borrowing, lending, and trading without intermediaries.

Blockchain Infra

Polygon, Solana, Avalanche

Public blockchains powering token-based systems and smart contracts.

Tokenized Assets

RealT, Centrifuge, Otoco

Asset-backed tokens (e.g., real estate, invoices).

CBDC & Govt Projects

RBI e₹ (pilot)

Government initiatives on digital rupees and regulated DLT applications.

While this is by no means an exhaustive overview. This is our attempt to understand, organize, and communicate this complex yet exciting ecosystem. It’s a starting point in our curiosity-driven exploration, which we’ll continue to refine and enhance through further research and insights.

The Indian fintech ecosystem is a rapidly evolving domain, driven by widespread digital adoption, pivotal infrastructure like the Unified Payments Interface(UPI) and aggressive innovation.

This article is an attempt to map this ever-expanding landscape, explore key segments and the innovations that are reshaping financial services.

An Overview

Model

Segment

Examples (Top Players)

B2C

Digital Payments & Wallets

PhonePe, Google Pay, Paytm, MobiKwik


Neobanks & Mobile Banking

Fi, Jupiter, NiyoX, SBI YONO, iMobile Pay


Digital Lending & Credit

KreditBee, Navi, Slice, Simpl, MoneyTap


Wealth & Investments

Zerodha, Groww, INDmoney, Smallcase, Jar


Insurtech

Policybazaar, Acko, Digit, Coverfox


Teen Finance

Akudo, Fampay, Junio

B2B

SME Lending

Lendingkart, Flexiloans, Indifi


Treasury & Finance Mgmt

Open, EnKash, RazorpayX, Zaggle


Accounting & HRMS

Zoho Books, ClearTax, Keka, greytHR

B2B2C (enablers)

Embedded Finance

M2P, Setu, Decentro


BaaS & White-Label Lending

Zwitch, Cashfree, KreditBee Infra


Insurance APIs

TurtlemintPro, Riskcovry

Infra / PaaS

UPI/Banking Infra

Razorpay, Juspay, Setu, Decentro


Onboarding & KYC

Signzy, IDfy, HyperVerge


Account Aggregators

CAMS, FinVu, OneMoney


Credit APIs & Analytics

CIBIL, CRIF, Experian, Karza

Crypto & Blockchain

Crypto, Blockchain, CBDC

CoinDCX, CoinSwitch, industry pilots

Let’s explore each one in detail.

B2C (Business-to-Consumer)

This segment focuses on financial products and services offered directly to individual consumers, leveraging digital channels for accessibility and convenience.

Digital Payments & Wallets

Apps and services that facilitate quick money movement, both online and offline — from UPI to mobile wallets and POS transactions.

Subsegment

Examples

Description

UPI-based Apps

PhonePe, Google Pay, Paytm, Amazon Pay

Mobile apps using the UPI infrastructure for instant bank-to-bank transfers.

Mobile Wallets

MobiKwik, Paytm Wallet, Freecharge

Prepaid wallets that allow users to store money and make quick payments.

Cross-border

Wise, Instarem

Domestic and international money transfer services, often with lower fees and faster turnaround.

Neobanking & Mobile Banking

Fully digital banking experiences built either on top of existing banks (Neobanks) or run by traditional players with modern UX (Mobile Banking).

Subsegment

Examples

Description

Neobanks

Jupiter, Fi, NiyoX

Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features.

Mobile Banking

SBI YONO, ICICI iMobile, Kotak 811

Established banks upgrading customer experience.

Neobanks in India can’t operate solo due to the Banking Regulation Act (1949), requiring them to team up with traditional banks.S

Lending & Credit

Instant personal loans, Buy Now Pay Later, and peer-to-peer lending made possible via mobile, consent-driven access to bank data.

Subsegment

Examples

Description

Personal Loans

KreditBee, Navi, Freo

Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data.

BNPL (Buy Now, Pay Later)

Simpl, ZestMoney, Slice

Short-term credit at checkout with flexible repayment options, often interest-free.

P2P Lending (Peer to peer)

CRED, OneCard

Marketplaces where users can lend or borrow directly from each other.

Credit & Lifestyle Platforms

CRED, OneCard

Platforms built around users with good credit, offering rewards, credit products, and financial tools.

Investments & Wealth Management

Platforms enabling retail users to invest in stocks, MFs, gold, and even real estate — all with better transparency and lower fees.

Subsegment

Examples

Description

Stock Trading

Zerodha, Upstox, Angel One

Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission.

Robo Advisory

ET Money, INDmoney, Scripbox

Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading)

Alt Investments

Jar (gold), Smallcase, PropShare

Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate.

Teen Finance

Fampay, Akudo, Junio

Safe, parent-managed money tools for under-18s.

Jar’s daily gold savings model mimics the behavioral success of “Round-Up & Save” in US apps.

Insurtech

Insurtech refers to apps and platforms that make it easier for users to buy, compare, and manage insurance online — often removing the paperwork, jargon, and sales-heavy middlemen that dominate traditional insurance.

Subsegment

Examples

Description

Online Aggregators

Policybazaar, Coverfox

Platforms that let users compare policies, premiums, and benefits across multiple insurers.

Digital-First Insurers

Acko, Go Digit, Navi Insurance

Licensed insurance companies built from the ground up for mobile and digital use.

Embedded/Product Insurance

Ola, Amazon, Flipkart

Optional insurance offered seamlessly during the purchase of products or services.

Health & Term Insurance

Niva Bupa, Digit Health

Apps that simplify buying long-term health or life insurance through clear plans and digital claims.

In 2023, Acko became the first Indian digital insurer to cross 1 crore policies issued digitally, without agents.


B2B (Business-to-Business)

This segment provides financial services and tools tailored for businesses, from SMEs to large enterprises, enhancing their operational efficiency and financial management.

SME Lending & Financing

SME lending fintechs help small businesses access working capital, invoice financing, equipment loans, and credit lines — often without collateral and entirely through digital journeys.
India has over 6.3 crore MSMEs, many of whom are credit-starved due to rigid documentation needs, lack of formal credit history, and lengthy bank processes. (Source)

Subsegment

Examples

Description

Digital SME Lending

Lendingkart, FlexiLoans, Indifi

Platforms that offer quick, unsecured loans to small businesses using alternative credit data.

Supply Chain Finance

CredAble, Vayana Network

Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders.

P2P Business Lending

LendenClub (Business)

Marketplaces where SMEs can borrow directly from individual or institutional lenders.

Business Finance Management

Helping businesses stay lean, compliant, and in control of their money.

As Indian businesses grow digitally, so does the need for smart tools to manage expenses, pay employees, automate tax filings, and stay compliant. What was once done on Excel and Tally is now being reimagined as intuitive platforms.

Subsegment

Examples

Description

Treasury & Expense Mgmt

Open, EnKash, RazorpayX, Karbon, Zaggle

Track, control, and approve business expenses in real-time.

Accounting & GST Tools

Zoho Books, ClearTax, Vyapar

Automate invoicing, GST returns, balance sheets.

Payroll & HR Tools

RazorpayX Payroll, Keka, greytHR

Automate salary payouts, TDS, compliance, leaves, and onboarding.

Merchant Payments & POS Solutions

The hardware, software, and digital interfaces that help India’s businesses accept payments — fast, easy, and cashless.

Subsegment

Examples

Description

POS Devices & Terminals

Pine Labs, MSwipe, Ezetap, Paytm POS

Physical machines to swipe cards, scan UPI/QR, and print receipts.

POS Mobile Apps

BharatPe for Merchants, Paytm for Business, PhonePe for Business

Smartphone-based apps that turn a device into a billing/payment solution.

QR Code Payments

Bharat QR, BHIM QR, PhonePe Merchant, Google Pay Business

Dynamic/static QR codes linked to UPI or merchant wallet accounts.

Smart POS + Value Add

Magicpin POS, Zoho POS, Ginesys Retail POS

All-in-one tools offering payment + inventory + GST billing + loyalty.

POS-based Lending

BharatPe PostPe, Pine Labs Capital, Indifi POS Credit

BNPL or credit lines offered to merchants based on transaction flow.


B2B2C (Enabling Others to Serve Consumers)

While B2C apps get the headlines, many of them are built on top of invisible infrastructure players. These B2B2C fintechs offer tools, APIs, and white-labeled services that enable e-commerce sites, NBFCs, SaaS tools, or startups to offer financial products without building from scratch.

This layer is like the “AWS of fintech” — abstracting the banking complexity so others can innovate fast.

Subsegment

Examples

Description

Embedded Finance

M2P, Setu, Decentro

Plug financial products such as payments, lending, insurance into non-financial apps.

Banking-as-a-Service (BaaS)

Zwitch (Zeta), M2P, Setu

Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks.

White-label Lending

KreditBee Infra, Cashfree Lending

Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend.

Insurance APIs

Riskcovry, TurtlemintPro, SecureNow

Allow apps/platforms to embed insurance options at checkout, with quote generation, claims, and issuance in-app.

Difference between the layers

Features

Embedded Finance

BaaS

White-label Lending

Primary user

E-commerce, SaaS, travel apps

Fintechs, Neobanks, non-bank lenders

NBFCs, marketplaces, apps

Offers

Loans, insurance, payments

Full-stack banking infra

Credit journey + tech stack

Example use case

Ola embeds insurance in ride booking

Jupiter builds a bank app via Zeta

KreditBee Infra powers credit on smaller apps

M2P claims over 600 fintechs in India are built on their infra stack. (Source)

Fintech infra is no longer optional — it’s modular.
Companies can now pick what they need: just UPI, or full-stack banking, or lending. This “fintech Lego” is what powers the next 100 apps.

Many brands like Ola, Flipkart, MakeMyTrip offer insurance, credit, or wallet services — powered entirely by these infrastructure players.


Infrastructure & Platforms (IaaS / Fintech Infra)

The invisible rails that power everything from payments to credit scoring.These players aren’t always consumer-facing, but every UPI transaction, account verification, or instant loan depends on them.

Subsegment

Examples

Description

KYC & Onboarding

Signzy, IDfy, HyperVerge

APIs for identity verification, document OCR, face match, and digital onboarding.

Authentication & Security

Accura Scan, AuthBridge, Bureau

Biometric, device fingerprinting, fraud detection, and multi-factor tools.

Payments Infrastructure

Razorpay, Juspay, Cashfree

Gateways, aggregators, and APIs to power digital payments.

UPI & Banking Infra

Setu, Decentro, M2P

Backend rails for UPI handles, account linking, payment collections.

Credit APIs & Compliance

CRIF, TransUnion CIBIL, Experian

Pull bureau scores, enrich with financial and behavioral data.

Account Aggregators (AA)

CAMS Finserv, FinVu, OneMoney

APIs and dashboards for compliance, credit risk, insights, and fraud detection.

Analytics & Personalization

Perfios, Fego.ai

Build nudges, credit models, insights with user data.

FX & Cross-Border Infra

Wise, Instarem, BookMyForex

FX & Cross-Border Infra

Crypto & Blockchain

This segment includes innovations that may not yet be fully integrated into India’s regulatory or financial systems, but are shaping the future of fintech globally and domestically.

It’s important to treat this as adjacent, not core infra, since much of it operates outside traditional compliance boundaries or is still in experimental phases.

Subsegment

Examples

Description

Crypto Exchanges (CEX)

CoinSwitch, CoinDCX, WazirX

Fiat-to-crypto platforms with onboarding and basic investing functionality.

Wallets & Custody

MetaMask, Fireblocks, Ledger

Secure storage solutions for individuals and institutions.

DeFi Protocols

Aave, Compound, Uniswap, InstaDapp

Decentralized borrowing, lending, and trading without intermediaries.

Blockchain Infra

Polygon, Solana, Avalanche

Public blockchains powering token-based systems and smart contracts.

Tokenized Assets

RealT, Centrifuge, Otoco

Asset-backed tokens (e.g., real estate, invoices).

CBDC & Govt Projects

RBI e₹ (pilot)

Government initiatives on digital rupees and regulated DLT applications.

While this is by no means an exhaustive overview. This is our attempt to understand, organize, and communicate this complex yet exciting ecosystem. It’s a starting point in our curiosity-driven exploration, which we’ll continue to refine and enhance through further research and insights.

The Indian fintech ecosystem is a rapidly evolving domain, driven by widespread digital adoption, pivotal infrastructure like the Unified Payments Interface(UPI) and aggressive innovation.

This article is an attempt to map this ever-expanding landscape, explore key segments and the innovations that are reshaping financial services.

An Overview

Model

Segment

Examples (Top Players)

B2C

Digital Payments & Wallets

PhonePe, Google Pay, Paytm, MobiKwik


Neobanks & Mobile Banking

Fi, Jupiter, NiyoX, SBI YONO, iMobile Pay


Digital Lending & Credit

KreditBee, Navi, Slice, Simpl, MoneyTap


Wealth & Investments

Zerodha, Groww, INDmoney, Smallcase, Jar


Insurtech

Policybazaar, Acko, Digit, Coverfox


Teen Finance

Akudo, Fampay, Junio

B2B

SME Lending

Lendingkart, Flexiloans, Indifi


Treasury & Finance Mgmt

Open, EnKash, RazorpayX, Zaggle


Accounting & HRMS

Zoho Books, ClearTax, Keka, greytHR

B2B2C (enablers)

Embedded Finance

M2P, Setu, Decentro


BaaS & White-Label Lending

Zwitch, Cashfree, KreditBee Infra


Insurance APIs

TurtlemintPro, Riskcovry

Infra / PaaS

UPI/Banking Infra

Razorpay, Juspay, Setu, Decentro


Onboarding & KYC

Signzy, IDfy, HyperVerge


Account Aggregators

CAMS, FinVu, OneMoney


Credit APIs & Analytics

CIBIL, CRIF, Experian, Karza

Crypto & Blockchain

Crypto, Blockchain, CBDC

CoinDCX, CoinSwitch, industry pilots

Let’s explore each one in detail.

B2C (Business-to-Consumer)

This segment focuses on financial products and services offered directly to individual consumers, leveraging digital channels for accessibility and convenience.

Digital Payments & Wallets

Apps and services that facilitate quick money movement, both online and offline — from UPI to mobile wallets and POS transactions.

Subsegment

Examples

Description

UPI-based Apps

PhonePe, Google Pay, Paytm, Amazon Pay

Mobile apps using the UPI infrastructure for instant bank-to-bank transfers.

Mobile Wallets

MobiKwik, Paytm Wallet, Freecharge

Prepaid wallets that allow users to store money and make quick payments.

Cross-border

Wise, Instarem

Domestic and international money transfer services, often with lower fees and faster turnaround.

Neobanking & Mobile Banking

Fully digital banking experiences built either on top of existing banks (Neobanks) or run by traditional players with modern UX (Mobile Banking).

Subsegment

Examples

Description

Neobanks

Jupiter, Fi, NiyoX

Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features.

Mobile Banking

SBI YONO, ICICI iMobile, Kotak 811

Established banks upgrading customer experience.

Neobanks in India can’t operate solo due to the Banking Regulation Act (1949), requiring them to team up with traditional banks.S

Lending & Credit

Instant personal loans, Buy Now Pay Later, and peer-to-peer lending made possible via mobile, consent-driven access to bank data.

Subsegment

Examples

Description

Personal Loans

KreditBee, Navi, Freo

Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data.

BNPL (Buy Now, Pay Later)

Simpl, ZestMoney, Slice

Short-term credit at checkout with flexible repayment options, often interest-free.

P2P Lending (Peer to peer)

CRED, OneCard

Marketplaces where users can lend or borrow directly from each other.

Credit & Lifestyle Platforms

CRED, OneCard

Platforms built around users with good credit, offering rewards, credit products, and financial tools.

Investments & Wealth Management

Platforms enabling retail users to invest in stocks, MFs, gold, and even real estate — all with better transparency and lower fees.

Subsegment

Examples

Description

Stock Trading

Zerodha, Upstox, Angel One

Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission.

Robo Advisory

ET Money, INDmoney, Scripbox

Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading)

Alt Investments

Jar (gold), Smallcase, PropShare

Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate.

Teen Finance

Fampay, Akudo, Junio

Safe, parent-managed money tools for under-18s.

Jar’s daily gold savings model mimics the behavioral success of “Round-Up & Save” in US apps.

Insurtech

Insurtech refers to apps and platforms that make it easier for users to buy, compare, and manage insurance online — often removing the paperwork, jargon, and sales-heavy middlemen that dominate traditional insurance.

Subsegment

Examples

Description

Online Aggregators

Policybazaar, Coverfox

Platforms that let users compare policies, premiums, and benefits across multiple insurers.

Digital-First Insurers

Acko, Go Digit, Navi Insurance

Licensed insurance companies built from the ground up for mobile and digital use.

Embedded/Product Insurance

Ola, Amazon, Flipkart

Optional insurance offered seamlessly during the purchase of products or services.

Health & Term Insurance

Niva Bupa, Digit Health

Apps that simplify buying long-term health or life insurance through clear plans and digital claims.

In 2023, Acko became the first Indian digital insurer to cross 1 crore policies issued digitally, without agents.


B2B (Business-to-Business)

This segment provides financial services and tools tailored for businesses, from SMEs to large enterprises, enhancing their operational efficiency and financial management.

SME Lending & Financing

SME lending fintechs help small businesses access working capital, invoice financing, equipment loans, and credit lines — often without collateral and entirely through digital journeys.
India has over 6.3 crore MSMEs, many of whom are credit-starved due to rigid documentation needs, lack of formal credit history, and lengthy bank processes. (Source)

Subsegment

Examples

Description

Digital SME Lending

Lendingkart, FlexiLoans, Indifi

Platforms that offer quick, unsecured loans to small businesses using alternative credit data.

Supply Chain Finance

CredAble, Vayana Network

Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders.

P2P Business Lending

LendenClub (Business)

Marketplaces where SMEs can borrow directly from individual or institutional lenders.

Business Finance Management

Helping businesses stay lean, compliant, and in control of their money.

As Indian businesses grow digitally, so does the need for smart tools to manage expenses, pay employees, automate tax filings, and stay compliant. What was once done on Excel and Tally is now being reimagined as intuitive platforms.

Subsegment

Examples

Description

Treasury & Expense Mgmt

Open, EnKash, RazorpayX, Karbon, Zaggle

Track, control, and approve business expenses in real-time.

Accounting & GST Tools

Zoho Books, ClearTax, Vyapar

Automate invoicing, GST returns, balance sheets.

Payroll & HR Tools

RazorpayX Payroll, Keka, greytHR

Automate salary payouts, TDS, compliance, leaves, and onboarding.

Merchant Payments & POS Solutions

The hardware, software, and digital interfaces that help India’s businesses accept payments — fast, easy, and cashless.

Subsegment

Examples

Description

POS Devices & Terminals

Pine Labs, MSwipe, Ezetap, Paytm POS

Physical machines to swipe cards, scan UPI/QR, and print receipts.

POS Mobile Apps

BharatPe for Merchants, Paytm for Business, PhonePe for Business

Smartphone-based apps that turn a device into a billing/payment solution.

QR Code Payments

Bharat QR, BHIM QR, PhonePe Merchant, Google Pay Business

Dynamic/static QR codes linked to UPI or merchant wallet accounts.

Smart POS + Value Add

Magicpin POS, Zoho POS, Ginesys Retail POS

All-in-one tools offering payment + inventory + GST billing + loyalty.

POS-based Lending

BharatPe PostPe, Pine Labs Capital, Indifi POS Credit

BNPL or credit lines offered to merchants based on transaction flow.


B2B2C (Enabling Others to Serve Consumers)

While B2C apps get the headlines, many of them are built on top of invisible infrastructure players. These B2B2C fintechs offer tools, APIs, and white-labeled services that enable e-commerce sites, NBFCs, SaaS tools, or startups to offer financial products without building from scratch.

This layer is like the “AWS of fintech” — abstracting the banking complexity so others can innovate fast.

Subsegment

Examples

Description

Embedded Finance

M2P, Setu, Decentro

Plug financial products such as payments, lending, insurance into non-financial apps.

Banking-as-a-Service (BaaS)

Zwitch (Zeta), M2P, Setu

Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks.

White-label Lending

KreditBee Infra, Cashfree Lending

Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend.

Insurance APIs

Riskcovry, TurtlemintPro, SecureNow

Allow apps/platforms to embed insurance options at checkout, with quote generation, claims, and issuance in-app.

Difference between the layers

Features

Embedded Finance

BaaS

White-label Lending

Primary user

E-commerce, SaaS, travel apps

Fintechs, Neobanks, non-bank lenders

NBFCs, marketplaces, apps

Offers

Loans, insurance, payments

Full-stack banking infra

Credit journey + tech stack

Example use case

Ola embeds insurance in ride booking

Jupiter builds a bank app via Zeta

KreditBee Infra powers credit on smaller apps

M2P claims over 600 fintechs in India are built on their infra stack. (Source)

Fintech infra is no longer optional — it’s modular.
Companies can now pick what they need: just UPI, or full-stack banking, or lending. This “fintech Lego” is what powers the next 100 apps.

Many brands like Ola, Flipkart, MakeMyTrip offer insurance, credit, or wallet services — powered entirely by these infrastructure players.


Infrastructure & Platforms (IaaS / Fintech Infra)

The invisible rails that power everything from payments to credit scoring.These players aren’t always consumer-facing, but every UPI transaction, account verification, or instant loan depends on them.

Subsegment

Examples

Description

KYC & Onboarding

Signzy, IDfy, HyperVerge

APIs for identity verification, document OCR, face match, and digital onboarding.

Authentication & Security

Accura Scan, AuthBridge, Bureau

Biometric, device fingerprinting, fraud detection, and multi-factor tools.

Payments Infrastructure

Razorpay, Juspay, Cashfree

Gateways, aggregators, and APIs to power digital payments.

UPI & Banking Infra

Setu, Decentro, M2P

Backend rails for UPI handles, account linking, payment collections.

Credit APIs & Compliance

CRIF, TransUnion CIBIL, Experian

Pull bureau scores, enrich with financial and behavioral data.

Account Aggregators (AA)

CAMS Finserv, FinVu, OneMoney

APIs and dashboards for compliance, credit risk, insights, and fraud detection.

Analytics & Personalization

Perfios, Fego.ai

Build nudges, credit models, insights with user data.

FX & Cross-Border Infra

Wise, Instarem, BookMyForex

FX & Cross-Border Infra

Crypto & Blockchain

This segment includes innovations that may not yet be fully integrated into India’s regulatory or financial systems, but are shaping the future of fintech globally and domestically.

It’s important to treat this as adjacent, not core infra, since much of it operates outside traditional compliance boundaries or is still in experimental phases.

Subsegment

Examples

Description

Crypto Exchanges (CEX)

CoinSwitch, CoinDCX, WazirX

Fiat-to-crypto platforms with onboarding and basic investing functionality.

Wallets & Custody

MetaMask, Fireblocks, Ledger

Secure storage solutions for individuals and institutions.

DeFi Protocols

Aave, Compound, Uniswap, InstaDapp

Decentralized borrowing, lending, and trading without intermediaries.

Blockchain Infra

Polygon, Solana, Avalanche

Public blockchains powering token-based systems and smart contracts.

Tokenized Assets

RealT, Centrifuge, Otoco

Asset-backed tokens (e.g., real estate, invoices).

CBDC & Govt Projects

RBI e₹ (pilot)

Government initiatives on digital rupees and regulated DLT applications.

While this is by no means an exhaustive overview. This is our attempt to understand, organize, and communicate this complex yet exciting ecosystem. It’s a starting point in our curiosity-driven exploration, which we’ll continue to refine and enhance through further research and insights.

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BKC WeWork, Enam Sambhav, C-20, G Block Rd, Bandra Kurla Complex, Mumbai, Maharashtra 400051

BKC WeWork, Enam Sambhav, C-20, G Block Rd, Bandra Kurla Complex, Mumbai, Maharashtra 400051

BKC WeWork, Enam Sambhav, C-20, G Block Rd, Bandra Kurla Complex, Mumbai, Maharashtra 400051

All rights reserved Not for the faint 2025©

All rights reserved Not for the faint 2025©