The Indian fintech sector is a powerhouse of innovation, driving financial inclusion and transforming the way businesses and individuals manage their finances. With the industry projected to reach US$420 billion by 2029 at a CAGR of 31%, it is clear that fintech companies are reshaping India’s economic landscape. From digital payments to lending, insurance, and wealth management, fintech startups are solving modern financial challenges with cutting-edge technology. Here’s a look at 4 B2B fintech companies that are leading this transformation.
PhonePe
PhonePe, founded back in 2015, is one of India’s most prominent digital payments and financial services platforms. If you’re someone who enjoys the convenience of handling all your transactions in one place, their app has you covered! With it, you can send and receive money, recharge your mobile, pay bills, shop at stores, invest in mutual funds, buy insurance and so much more.
Over the years, PhonePe has grown to become a leader in India’s UPI (Unified Payments Interface) space, handling nearly 50% of all transactions by value. The app now boasts a whopping 450 million registered users and earlier this year, it reported hitting an incredible annualized total payment value run-rate of US$1 trillion!
In the funding world, PhonePe has been making waves too. The company has raised approximately US$2 billion so far, according to sources like Dealroom, CB Insights and StartupTalky, and it’s currently valued at a staggering US$12 billion. Its latest funding round wrapped up in May 2023, bringing in US$100 million from General Atlantic. That round also brought the total funds raised this year to an impressive US$850 million.
But it doesn’t stop there—PhonePe is on a mission to expand its financial services lineup. They’re diving into wealth management, lending, stockbroking, shopping and even account aggregation. And guess what? An IPO could be on the horizon as soon as 2025, as CEO Sameer Nigam shared in an interview with CNBC TV18.
BharatPe
BharatPe, founded in 2018, has become a trusted financial partner for small merchants and business owners across India. The company offers a variety of fintech solutions designed to make life easier. From interoperable QR codes for UPI payments to BharatSwipe, its POS machine for card payments, as well as small business loans and buy now, pay later (BNPL) options, BharatPe has a lot to offer!
Today, BharatPe supports over 10 million merchants across more than 400 cities in India. It’s also a leader in UPI offline transactions, handling an impressive 300 million transactions every month. In fact, the platform processes over US$24 billion in annual transaction value! BharatPe’s impact doesn’t stop there—it has helped disburse loans totalling nearly INR₹80 billion (around US$961 million) and its POS machines alone manage payments worth US$3.5 billion annually.
According to Outlook India, BharatPe has deployed around 200,000 POS devices across the country and is planning to double this number in the next year. The company is already working on launching a new Android-based POS terminal to make this expansion happen.
When it comes to funding, BharatPe has raised over US$583 million in equity so far. Its latest major funding round closed in August 2021, bringing in US$370 million and valuing the company at US$2.85 billion. And the news doesn’t end there—BharatPe is reportedly in talks to raise another US$100 million in fresh equity funding. It’s also on the lookout for a new investor to join the round, according to a recent report by the Economic Times.
CRED
Cred, founded in 2018, has revolutionized the way we handle credit card payments. It’s a cool app that rewards you for paying your credit card bills on time! Think of it as a win-win—you get to enjoy offers and discounts on shopping, health services and more, just for being responsible with your payments.
The platform makes life easier for credit card users by letting them manage multiple cards in one place, check their credit scores and analyze their spending habits. It also offers handy features to track and manage your card usage. If you’ve got a great credit score, Cred sweetens the deal with exclusive rewards when you pay your bills through the app.
For businesses, Cred is a game changer too. It provides tools like visibility and network services, helping independent brands connect with Cred’s user base. Plus, through partnerships with IDFC First Bank and other financial organizations, Cred offers lending services.
Recently, Cred expanded its offerings with a new service called Garage—and it’s pretty exciting! This feature gives members access to services like 24/7 concierge support, reminders for important tasks, document management and even insights into car-related spending.
On the funding side, Cred has raised more than US$800 million so far, although some reports (including Startup Talky and Dealroom) suggest the number could be over US$1 billion. The most recent funding round in June 2022 brought in US$80 million in Series F funding, which Cred plans to use for growth and expansion. Currently, the company is valued at a cool US$6.4 billion, according to CB Insights.
RazorPay
Razorpay, launched in 2014, is a game-changer in the world of financial services, offering Indian businesses innovative solutions for payments and banking. Whether you’re a small startup or a big name like Facebook, Zomato, or Cred, Razorpay’s got your back with a full-stack platform.
What can you do with it? Plenty! You can accept, process, and send payments via credit cards, debit cards, net banking, UPI, and even popular wallets like JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp. It’s designed to make financial transactions seamless for businesses of all sizes.
And then there’s RazorpayX, their awesome business banking platform. It offers features like opening current accounts, processing payroll in just three clicks, automating vendor payments, paying taxes and even getting a collateral-free corporate card—completely free! RazorpayX already serves 45,000 businesses and has recently introduced foreign exchange (FX) services. Sounds pretty impressive, right?
That’s not all. Razorpay has also launched the D2C GRO Suite, which helps e-commerce businesses tackle challenges across the entire lifecycle—think customer engagement, shopping experience, fraud prevention and smooth checkouts.
When it comes to funding, Razorpay has raised approximately US$741 million so far (though some sources like StartupTalky estimate it’s closer to US$815 million). Their latest funding round, a massive US$375 million Series F, came in December 2021 and was aimed at scaling their RazorpayX neobanking platform further. As of now, Razorpay is valued at a whopping US$7.5 billion.
The fintech startup scenario in India
India’s fintech ecosystem is thriving due to favourable government policies, increased smartphone penetration and a tech-savvy population. The sector is not only fostering financial inclusion but also driving innovation across payments, lending, insurance and wealth management.
Key trends shaping the industry include:
- Adoption of emerging technologies like AI, blockchain and IoT to enhance customer experiences.
- Growth of neobanks offering fully digital banking services.
- Expansion into underserved rural markets through microfinance solutions.
Despite challenges such as funding slowdowns in 2023–24, Indian fintech startups continue to attract global attention due to their resilience and innovation. With initiatives like Unified Payments Interface (UPI) and Open Network for Digital Commerce (ONDC), India is setting benchmarks for fintech adoption worldwide.
As we move towards a US$5 trillion economy by 2030, fintech companies will play a pivotal role in shaping India’s economic future. For investors, startup founders, and fintech enthusiasts alike, this is an exciting time to be part of India’s fintech revolution!
