What are Fintech Companies? Top-Biggest Fintech Companies

What are Fintech Companies? Top-Biggest Fintech Companies

Fintech is the abbreviated version of the phrase Financial Technology, which is presently used to portray organizations-businesses that offer financial services using software and modern technology.

The word “Fintech” actually made its way into the Oxford dictionary and is characterized as “PC programs and other technology-innovation used to help or empower banking and financial services”.

Fintech companies are an economic industry that utilizes technology to make monetary services more systematic manner. It is an arising industry that utilizes technology to improve exercises in finance. Financial technology companies are typically established startups aimed at disrupting inconsistent financial systems and corporations that rely less on software. ”

Examples of Fintech Company-Technology– The use of smartphones for mobile banking, investing, cryptocurrency, etc are the example of fintech technology-companies which are helping in making financial services more easy-going.

The meaning of fintech companies is basically a company that deals with online payments through the use of technology or computer programs or banking services.

Top Fintech Companies-Startups in the World and To Work for

Paytm

Paytm are Inda’s largest mobile payment and e-commerce platform. Paytm also comes under the biggest fintech companies around the world. You can use the Paytm app or website for online recharge, hotel bookings, flight/bus/train tickets, book movies or for travel, etc.

Bolt

Bolt gives frictionless installment processing and fraud protection for online businesses. With fewer structure fields and a mobile-friendly interface and an analytics dashboard, Bolt’s payment processing can decrease a site’s cart abandonment rate by 10%-20% on average.

PayPal

PayPal is a platform for personal and business transactions,  transfers, payments, and credit services. At present acknowledged by many websites, PayPal is legitimate in more than 200 business sectors around the world. PayPal is also a good fintech company to work for.

Chime

Chime is a pioneering mobile bank that offers no-fee and automatic savings accounts as well as early payday via direct deposit. With more than one million open accounts, Chime is allegedly one of the quickest developing banks in the United States. Chime is one of the best and biggest fintech companies to work for.

Remitly

Remitly is a fintech company that aims to simplify international money transfers and payments. Through its huge number of worldwide bank and cash-pickup partners, recipients can have cash sent straightforwardly to a bank or gather it in money.

Stripe

Stripe provides financial and software services to organizations with online businesses like membership services, on-request marketplaces, and crowdfunding. Stripe assists organizations to grow quicker by giving fundamental tools for starting and growing an online business. Stripe is also one of the biggest fintech companies in the world and also the best fintech company to work for because of its overall technological supremacy over its rivals.

Braintree

Braintree, is a service of PayPal, is a payment platform for enterprises to accept and process mobile payments from applications and sites that assists decline cart abandonment and drive conversion rates. Braintree is also one of the best and biggest fintech companies to work for.

Aeropay

AeroPay is a payment solution that saves businesses money on credit card processing fees. While numerous banks charge a 5% expense, the organization’s processing charges are just 1.25% of the complete buy, and 1% of that is gone through to the client as a money-back reward.

DailyPay

DailyPay allows workers to employees when, and how frequently, they get paid. Employees build up an accessible balance for every hour they work. At that point, they can decide to withdraw the cash quickly whenever. When it becomes time for the authority organization payday, the sum the representatives have already withdrawn is automatically reduced from their overall check.

Square

Square, which was founded by Twitter founder, Jack Dorsey, has without any help changed how credit card handling works. What once had a high barrier to entry has become accessible to everyone. It has given small merchants that may have only accepted cash in the past, the capacity to accept credit cards with the utilization of a small reader that joins to their cell phone or tablet.

This likewise has various features available including Square Capital. This is a service that permits a business to receive an amount of money and Then pay it back with a percentage of credit card sales during the day. Square is also the best fintech company to work for.

Affirm

Affirm offers e-commerce customers the capacity to pay off their purchases over an encompassing period (as long as three years). With various payment plan options, customers can purchase everything from holiday shoes and vehicles, and pay them off over a couple of months rather than at the same time. Affirm is one of the best fintech companies to work for.

Top Fintech Companies in India

Paytm

Paytm was launched in 2010 by Vijay Shekhar Sharma headquarters in Delhi-NCR. Paytm is a digital wallet company in India worth more than $10 Bn. This app was started with the ideology with DTH and recharge platform with a wallet platform to make payments. Since then it has moved into various segments such as payment gateways, payment banks, investments, and more.

Paytm’s defining moment came with the demonetization in November 2016, when its client base developed from 125 Mn clients before demonetization to 185 Mn three months after. From that point forward, it has kept on developing, hitting the 300 Mn mark in 2018. The organization additionally launched an investments and trading platform called Paytm Money and has likewise entered internet business with Paytm Mall.

PhonePe

PhonePe was founded in 2015,  headquartered in Bengaluru. PhonePe is s financial technology company. Phone Pe offers UPI-based payments for billing, shopping, traveling, recharges, booking, paying bills, etc, and other online services from credit cards to insurance premiums by just entering your bank account to the  PhonePe app.

MobiKwik

MobiKwik is a digital financial platform. Since then it has moved into various segments such as digital wallets, wealth management, insurance, and more. Low customer acquisition costs, inbuilt scoring models, and quick disbursement of debt are significant contrasts for Mobikwik. MobiKwik was the first to disburse the loan sum in merely 90 seconds.MobiKwik was launched in 2009 headquarters in Delhi NCR.

PayU

PayU is a digital platform. PayU is helping small and medium merchants by simplifying payments by providing technology to fulfill online transactions. It was launched in 2002 its headquarters is in the Netherlands.

ETMoney

ETMONEY is India’s biggest application for monetary administrations that is improving- simplifying the financial journey of new-age Indians launched in 2015 headquarters in Gurgaon. Customers use ETMONEY to put resources into Zero-commission Direct mutual funds for Free, secure their families with one of the unique Insurance solutions, and use ETMONEY Credit Card to take instant loans at low-cost. Growing at 340% yearly, joined with multiple creative-innovative solutions, it has grown to 7Mn clients from more than 1300+ Indian urban areas and is driving more than $500Mn of non-payment annual transaction volume on its platform.

PolicyBazaar

PolicyBazaar is an insurance aggregator which was begun with the point of providing transparent and accurate insurance information to consumers and its headquarters is in Delhi-NCR.

A stage where consumers could not only understand the tools which would suit them best for insurance yet, besides, a stage on which they could compare products and choose the most viable option.

Policy Bazar was founded in 2008. Reliability and security are two pillars of the company. PolicyBazaar claims 100% year over year growth, as it is set up for over 100 million consumers.

LendingKart

LendingKart was launched in 2014 headquarters in Ahmedabad. LendingKart, which operates as an NBFC, is to a great extent focussed on the MSME lending and capital space.

The organization utilizes big data analytics to help lenders evaluate a borrower’s creditworthiness and finishes the advance disbursal process speedier than traditional banks.

Fino PayTech

Fino PayTech was founded in 2006 headquarters in Delhi-NCR. Fino PayTech creates technology solutions for banks, governments, and insurance agencies.

As an alternate banking channel, Fino PayTech enables end-to-end and customer sourcing and servicing by adjusting by giving customer enrolment, hardware, and operations solutions.

Mswipe

Mswipe was launched in 2011 headquarters in Bengaluru. Mswipe creates (PoS) terminals for merchants.

The organization works with cell phones, tablets, PCs, and links to bank accounts. Mswipe as of late got $31 Mn in subsidizing and hopes to significantly increase its base from 500K customers right now.

This application greatest preferred advantage has been less expensive terminals than the opposition, and the capacity to work on limited internet connections, even 2G. This helps merchants and retailers in remote areas.

Ezetap

Ezetap was launched in 2011 headquarters in Bengaluru. Ezetap is a digital payments startup and mPoS producer.

The organization makes the Ezetap gadget, a light-weight card reader that can be connected to any smart device or feature phone used by a retailer.

The technology-innovation permits anybody to accept cards–from merchants and cabdrivers to grocers and pizza deliverers. In 2018, the organization launched another gadget EzeSmart, an open-stage platform enabled with GPRS services, Aadhaar Pay and EKYC to comply with KYC compliance prescribed by RBI.

How to Start a Fintech Company?

  1. Identify your niche. The first step to start any company, let alone a FinTech company is to find the right niche
  2. What’s Your FinTech Company’s X-Factor?
  3. Know the Rules
  4. Hire the team
  5. Hire talented staff
  6. Comprise the latest technology
  7. Create an MVP (minimum viable product)
  8. Get funded
  9. Build Partnership

How to Start a Fintech Company in India

  1. Decide the Business Structure
  2. Register for GST
  3. Get Legal Contracts and Agreements
  4. Get IPR (Intellectual Property Rights) comprises Patents, Copyright, Marks, Trade Secret. Protects our brand’s name, slogan, etc.
  5. Licensing
  6. Register Domain

Nikita Dhyani

Nikita Dhyani is a Content Writer at Ionic Digitech. A passionate content writer and has been using her content writing skills to develop various content related to financial and business-related topics. She has done BAJMC (Bachelors in media and mass communication and journalism) from Graphic Era University. Her specialties include - Content creation, Content development, Media managing, Communications skills.

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