



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 | Mobile apps using the UPI infrastructure for instant bank-to-bank transfers. | |
Mobile Wallets | Prepaid wallets that allow users to store money and make quick payments. | |
Cross-border | 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 | Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features. | |
Mobile Banking | 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 | Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data. | |
BNPL (Buy Now, Pay Later) | Short-term credit at checkout with flexible repayment options, often interest-free. | |
P2P Lending (Peer to peer) | Marketplaces where users can lend or borrow directly from each other. | |
Credit & Lifestyle Platforms | 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 | Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission. | |
Robo Advisory | Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading) | |
Alt Investments | Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate. | |
Teen Finance | 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 | Platforms that let users compare policies, premiums, and benefits across multiple insurers. | |
Digital-First Insurers | Licensed insurance companies built from the ground up for mobile and digital use. | |
Embedded/Product Insurance | Optional insurance offered seamlessly during the purchase of products or services. | |
Health & Term Insurance | 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 | Platforms that offer quick, unsecured loans to small businesses using alternative credit data. | |
Supply Chain Finance | Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders. | |
P2P Business Lending | 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 | Track, control, and approve business expenses in real-time. | |
Accounting & GST Tools | Automate invoicing, GST returns, balance sheets. | |
Payroll & HR Tools | 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 | 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 | Dynamic/static QR codes linked to UPI or merchant wallet accounts. | |
Smart POS + Value Add | All-in-one tools offering payment + inventory + GST billing + loyalty. | |
POS-based Lending | 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 | Plug financial products such as payments, lending, insurance into non-financial apps. | |
Banking-as-a-Service (BaaS) | Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks. | |
White-label Lending | Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend. | |
Insurance APIs | 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 | APIs for identity verification, document OCR, face match, and digital onboarding. | |
Authentication & Security | Biometric, device fingerprinting, fraud detection, and multi-factor tools. | |
Payments Infrastructure | Gateways, aggregators, and APIs to power digital payments. | |
UPI & Banking Infra | Backend rails for UPI handles, account linking, payment collections. | |
Credit APIs & Compliance | Pull bureau scores, enrich with financial and behavioral data. | |
Account Aggregators (AA) | APIs and dashboards for compliance, credit risk, insights, and fraud detection. | |
Analytics & Personalization | Build nudges, credit models, insights with user data. | |
FX & Cross-Border Infra | 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) | Fiat-to-crypto platforms with onboarding and basic investing functionality. | |
Wallets & Custody | Secure storage solutions for individuals and institutions. | |
DeFi Protocols | Decentralized borrowing, lending, and trading without intermediaries. | |
Blockchain Infra | Public blockchains powering token-based systems and smart contracts. | |
Tokenized Assets | Asset-backed tokens (e.g., real estate, invoices). | |
CBDC & Govt Projects | 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 | Mobile apps using the UPI infrastructure for instant bank-to-bank transfers. | |
Mobile Wallets | Prepaid wallets that allow users to store money and make quick payments. | |
Cross-border | 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 | Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features. | |
Mobile Banking | 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 | Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data. | |
BNPL (Buy Now, Pay Later) | Short-term credit at checkout with flexible repayment options, often interest-free. | |
P2P Lending (Peer to peer) | Marketplaces where users can lend or borrow directly from each other. | |
Credit & Lifestyle Platforms | 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 | Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission. | |
Robo Advisory | Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading) | |
Alt Investments | Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate. | |
Teen Finance | 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 | Platforms that let users compare policies, premiums, and benefits across multiple insurers. | |
Digital-First Insurers | Licensed insurance companies built from the ground up for mobile and digital use. | |
Embedded/Product Insurance | Optional insurance offered seamlessly during the purchase of products or services. | |
Health & Term Insurance | 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 | Platforms that offer quick, unsecured loans to small businesses using alternative credit data. | |
Supply Chain Finance | Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders. | |
P2P Business Lending | 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 | Track, control, and approve business expenses in real-time. | |
Accounting & GST Tools | Automate invoicing, GST returns, balance sheets. | |
Payroll & HR Tools | 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 | 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 | Dynamic/static QR codes linked to UPI or merchant wallet accounts. | |
Smart POS + Value Add | All-in-one tools offering payment + inventory + GST billing + loyalty. | |
POS-based Lending | 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 | Plug financial products such as payments, lending, insurance into non-financial apps. | |
Banking-as-a-Service (BaaS) | Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks. | |
White-label Lending | Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend. | |
Insurance APIs | 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 | APIs for identity verification, document OCR, face match, and digital onboarding. | |
Authentication & Security | Biometric, device fingerprinting, fraud detection, and multi-factor tools. | |
Payments Infrastructure | Gateways, aggregators, and APIs to power digital payments. | |
UPI & Banking Infra | Backend rails for UPI handles, account linking, payment collections. | |
Credit APIs & Compliance | Pull bureau scores, enrich with financial and behavioral data. | |
Account Aggregators (AA) | APIs and dashboards for compliance, credit risk, insights, and fraud detection. | |
Analytics & Personalization | Build nudges, credit models, insights with user data. | |
FX & Cross-Border Infra | 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) | Fiat-to-crypto platforms with onboarding and basic investing functionality. | |
Wallets & Custody | Secure storage solutions for individuals and institutions. | |
DeFi Protocols | Decentralized borrowing, lending, and trading without intermediaries. | |
Blockchain Infra | Public blockchains powering token-based systems and smart contracts. | |
Tokenized Assets | Asset-backed tokens (e.g., real estate, invoices). | |
CBDC & Govt Projects | 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 | Mobile apps using the UPI infrastructure for instant bank-to-bank transfers. | |
Mobile Wallets | Prepaid wallets that allow users to store money and make quick payments. | |
Cross-border | 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 | Fintech platforms offering banking services via partner banks, with rich interfaces and user-focused features. | |
Mobile Banking | 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 | Apps offering unsecured loans to salaried or self-employed individuals using alternative underwriting data. | |
BNPL (Buy Now, Pay Later) | Short-term credit at checkout with flexible repayment options, often interest-free. | |
P2P Lending (Peer to peer) | Marketplaces where users can lend or borrow directly from each other. | |
Credit & Lifestyle Platforms | 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 | Mobile-first platforms for stock, ETF, and mutual fund investing at low or zero commission. | |
Robo Advisory | Goal-based investment and financial planning platforms, often automated and data-driven. (Algo trading, copy trading) | |
Alt Investments | Platforms enabling users to invest in non-traditional assets like gold, portfolios, or real estate. | |
Teen Finance | 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 | Platforms that let users compare policies, premiums, and benefits across multiple insurers. | |
Digital-First Insurers | Licensed insurance companies built from the ground up for mobile and digital use. | |
Embedded/Product Insurance | Optional insurance offered seamlessly during the purchase of products or services. | |
Health & Term Insurance | 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 | Platforms that offer quick, unsecured loans to small businesses using alternative credit data. | |
Supply Chain Finance | Enables vendors, distributors, and suppliers to get working capital based on pending invoices or purchase orders. | |
P2P Business Lending | 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 | Track, control, and approve business expenses in real-time. | |
Accounting & GST Tools | Automate invoicing, GST returns, balance sheets. | |
Payroll & HR Tools | 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 | 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 | Dynamic/static QR codes linked to UPI or merchant wallet accounts. | |
Smart POS + Value Add | All-in-one tools offering payment + inventory + GST billing + loyalty. | |
POS-based Lending | 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 | Plug financial products such as payments, lending, insurance into non-financial apps. | |
Banking-as-a-Service (BaaS) | Offer APIs to help non-banks launch digital accounts, cards, or UPI-enabled apps using licensed partner banks. | |
White-label Lending | Let businesses offer credit to users (EMIs, loans) under their own brand with tech + NBFC partner in the backend. | |
Insurance APIs | 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 | APIs for identity verification, document OCR, face match, and digital onboarding. | |
Authentication & Security | Biometric, device fingerprinting, fraud detection, and multi-factor tools. | |
Payments Infrastructure | Gateways, aggregators, and APIs to power digital payments. | |
UPI & Banking Infra | Backend rails for UPI handles, account linking, payment collections. | |
Credit APIs & Compliance | Pull bureau scores, enrich with financial and behavioral data. | |
Account Aggregators (AA) | APIs and dashboards for compliance, credit risk, insights, and fraud detection. | |
Analytics & Personalization | Build nudges, credit models, insights with user data. | |
FX & Cross-Border Infra | 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) | Fiat-to-crypto platforms with onboarding and basic investing functionality. | |
Wallets & Custody | Secure storage solutions for individuals and institutions. | |
DeFi Protocols | Decentralized borrowing, lending, and trading without intermediaries. | |
Blockchain Infra | Public blockchains powering token-based systems and smart contracts. | |
Tokenized Assets | Asset-backed tokens (e.g., real estate, invoices). | |
CBDC & Govt Projects | 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
All rights reserved Not for the faint 2025©
All rights reserved Not for the faint 2025©