35 Top Fintech startups ideas and opportunities in India

Fintech startups Ecosystem in India
Image Source: NASSCOM, Fintech startups Ecosystem in India

Top Fintech Startups’ ideas are based on Indian economic growth and customer requirement. The opportunity relates to the destructive move in the financial sector.

India is a developing country having tremendous opportunities in the financial sector. Over 90% of transactions are in the case in India.

The chances of high growth in digital transactions are robust due to many sectoral reforms and digital India initiative. Now people started the use of online platforms for payments, purchases, and sales of goods and services.

The Indian Fintech startup market overview:

Fintech Trends India 2017, a report by PwC and Fintech accelerator Startupbootcamp, notes that venture capital-backed global Fintech investment in 2016 was $12.7 billion. 

The PwC-Startupbootcamp report puts the number of Fintech startups in India at around 1,500.

The Indian fintech software market will reach $2.4 billion in 2020 from $1.2 billion.

The Nasscom-KPMG report estimates that the total finTech software and services market in India was around $8 billion in 2016 and likely to grow 1.7 times by 2020.

This report adds that the transaction value for the Indian Fintech sector was approximately $33 billion in 2016 and slated to touch $73 billion in 2020 expanding at a five-year compound annual growth rate (CAGR) of 22%.

“The Indian finTech market is expected to grow to $31 billion in 2020″.

Amitabh Kant, at an event organized by industry group Assocham

Digital India to a case-less economy, a revolution in the finance market will create new opportunities for Fintech Startups. 

Fintech startups now adopting innovative disruptive technologies like Artificial intelligence, deep learning, machine learning, image recognition technology, and pattern finding, for advanced search, recommendation and to provide many financial support services.

By use of these innovative technologies, Fintech startups create unique digital products and services for B2B and for retail user.

Indian startups funding overview
Indian startups funding, Source: Pixr8.com

Fintech startups are mostly providing three types of solutions.

  1. B2B solution provider
  2. B2C solutions
  3. Third-party tools

Many business models and fintech startup ideas are available in the financial market for Indian startups.

Global fintech report Q3, 2018
Global Fintech 2018- CB Insights

Top Innovative startups ideas for Fintech startups

  1. Digital Payment Gateways, apps PayTm, PhonePe.
  2. Insurtech startups model, recommendation, search, online claim. Accessible insurance (custom insurance solutions).
  3. Loan and credit card choice, by search and recommendations, and Credit card score supervision.
  4. GST calculations and Bill payment platform for vendors and retailers.
  5. Advanced bill payment and get Rewards startups for retail customer
  6. Customer management solutions for banking and financial institutions.
  7. Fintech also includes the development and use of cryptocurrencies such as bitcoin.
  8. An online financial advisor- assets management, high-level investment strategies.
  9. Invest in stocks, ETFs, options, and cryptocurrencies,
  10. Equity crowdfunding platform.
  11. Generate a new virtual card for every purchase, sharing personally identifiable information (PII) or credit card number. Generate a unique card number for every single purchase. Like Privacy.com
  12. The platform that allows you to find, track and manage your subscription services and recurring bills.
  13. Digital financial record management.
  14. Intelligent loan payment automation- manage finance goals
  15. Sell Your Life Insurance, Life Settlements, Viatical Settlements, and Annuities.
  16. Student loan borrowers – personalized loan payment dashboard, payment notifications, student loan policy updates, and customized repayment plans.
  17. Smart debit cards and app for parents to provide better financial education for their kids.
  18.  Automatically detect purchases, monitor, and compare price changes/coupons in real-time and engage with stores to get you paid.
  19. Pay-over-time financing options to their customers.
  20. Risk-management technology to make smarter investment decisions by identifying, defining and managing risk. 
  21. Robo-advisor to offer investment management and financial planning.
  22. Intelligent mobile rewards platform for debit and credit cards Intelligent loan payment automation- manage finance goals
  23. Sell Your Life Insurance, Life Settlements, Viatical Settlements, and Annuities
  24. Student loan borrowers – personalized loan payment dashboard, payment notifications, student loan policy updates, and customized repayment plans.
  25. Smart debit cards and app for parents to provide better financial education for their kids.
  26. Mobile blockchain-enabled platform: provide access to a mobile wallet and services such as remittances, mobile air-time, bill payments, and digital currency purchases.
  27. Checkout experience for online retailers.
  28. Innovative authentication technology for e-commerce consumers.
  29. Know Your Customer (KYC) and digital authentication.
  30. Mobile banking app that operates without a physical branch.
  31. Utilize big data, algorithms, and automate workflows, to acquire, identify and assist the customer.
  32. The platform uses Big Data and cutting edge algorithms to provide the most accurate pricing for homes.
  33. Digital banking alternative that allows users to transfer and spend money in various currencies with no fees using prepaid cards and a mobile app. Like Revolut.
  34. Solutions for small and medium-sized banks- to increase revenue, reducing cost and risk, and boosting competitiveness.
  35. Real-time fraud prevention platform.

Here are the top 10 latest moves that help the growth of Fintech startups

  1. Jan Dhan Yojana (Banking for all).
  2. Demonetization and Digital India, UPI, AADHAAR
  3. Internet Availability all over the country.
  4. Availability smartphones.
  5. Insurance for all- personal, healthcare, motor vehicle, home, etc.
  6. GST implement.
  7. Digital banking services across the country.
  8. High growth in the middle-income group.
  9. Robust growth in personal credit and Non-banking financial services.
  10. Development of TIER 2 and TIER 3 cities.

The FinTech startups Appeal

FinTech is gaining momentum because the services offered to appeal to the majority of consumers today. FinTech Startups companies offer the following benefits will success:

  • Speed
  •  Simplicity
  •  Customer autonomy
  •  Distinct capabilities that are not part of a bundled service

This article highlights the main features of Indian Fintech startups ideas. To complete the list of Fintech startups ideas, please share your views in comments.

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