India FinTech Forum gears up for the 9th edition of IFTA, one of the longest running Fintech conclave in India
● Announces 29 disruptors who will also be showcasing their innovations at the IFTA conclave scheduled for 12th Dec in Mumbai
● From the shortlist, winners of Fintech Startup of the Year and Scale up of the Year will get a chance to attend globally prestigious events FiNext Conference in Dubai and Money 20/20 Asia in Bangkok
● India Fintech Forum received over 1400 applications from more than 20 countries including Australia, Hong Kong, Ireland, Singapore, Switzerland to name a few
● Startups shortlisted on multiple criterias like market impact, scalability of the business idea, regulatory compliance and security
● The Forum believes that innovations in embedded finance, AI-driven credit solutions, wealth management, digital lending and green finance will drive the growth of Indian Fintech ecosystem
Mumbai, November 11, 2024 – India’s fintech industry is entering a transformative era, with the market expected to reach $2.1 trillion by 2030. Innovations in embedded finance, AI-driven credit solutions, wealth management, digital lending, and green finance are driving this rapid growth. Recognizing this momentum, the India FinTech Forum has published its 9th Annual List of 29 Fintech Innovators Transforming Finance in 2024, showcasing the disruptors poised to reshape India’s financial services.
The Forum received over 1400 applications from 20 countries to compete for the coveted Fintech Startup of the year and Scale of the year. The winners in these categories will get a chance to attend globally prestigious events FiNext in Dubai and Money 20/20 Asia in Bangkok. The awards will be held on 12th Dec in Mumbai as a part of IFTA 2024, which is now in its 9th edition.
India’s Fintech Boom: Key Trends
Embedded Finance is on a steep growth trajectory, expected to surpass $21 billion by 2029. as financial services integrate seamlessly into non-financial platforms, such as e-commerce and ride-sharing apps. AI and machine learning are further revolutionizing credit assessment, fraud detection, and customer service, with the digital lending market projected to grow from $38 billion in 2021 to nearly $515 billion by 2030. Wealthtech solutions are similarly expanding, as investors turn to digital platforms for personalized wealth management. Sustainability is also gaining traction, with green finance allowing companies to offer climate-conscious financial products.
Celebrating Fintech Innovation: Top 29 List for 2024
The India FinTech Forum’s Top 29 list shines a spotlight on companies that demonstrate the sector’s depth and variety. This year’s lineup spans a range of specializations, from cutting-edge AI tools to cross-border trade finance marketplace solutions. Here’s a look at some of the innovators:
1. 3Cortex: SAYA Platform delivers operational efficiency to businesses by providing automation, enterprise reconciliation and actionable analytics.
2. AasaanWill: Simplifies will-writing in India, reducing time and cost by 90%.
3. AlgoBulls: Wealthtech startup democratizing algo trading for retail investors through advanced infrastructure and generative AI.
4. BharatSure: Infrastructure-as-a-Service platform powering group and embedded insurance for partners.
5. Boharr: Pre-integrated, full-stack, seamless API-based core wealth management platform that enhances efficiency and unlocks new revenue streams.
6. Canso: AI Platform bringing real-time data, ML and AI-powered insights at fingertips to identify emerging fraud risks and deploy controls in minutes.
7. Data Sutram: Powers enterprises with insights from 250+ sources, optimizing decisions from fraud detection to customer acquisition and boosting growth.
8. DataNimbus: Offers AI-powered data integration & payment modernization solutions, to accelerate growth and empower organizations to scale efficiently.
9. Effortless: An autonomous finance copilot for SMBs, capturing financial transactions at source to automate accounting, compliance, and reporting
10. Finhaat: An assisted digital platform for Emerging Indians offering easy access to simple, suitable & affordable financial products serviced through lifecycle.
11. Finnable: Tech-driven fintech offering instant loans to salaried class, making financial well-being accessible across India.
12. GenRPT: An insights and reports generation platform designed to revolutionize the way organizations interact with their data.
13. Hedged.in: An Investech firm building proprietary tech and investment products in the financial markets space with a vision to save 100 Billion dollars of losses.
14. IndiaBonds: A SEBI-registered OBPP offers seamless, transparent and tech-driven access to fixed income investments with innovative tools.
15. indiagold: Empowering fellow citizens to build a more predictable and secure future by effectively monetizing their assets.
16. Neokred: Offers a suite of solutions, including KYC, payment gateways, and data and consent management, to create seamless customer experiences.
17. Nerve Solutions: Builds real-time risk and surveillance tools for financial markets, detecting and addressing risks & anomalies at sub-second speeds.
18. Olyv: An app-based platform primarily into consumer lending, reinforced by products like Credit Health & Digital Gold Savings
19. OneAssist: Tech-powered, one-stop protection expert for things that matter the most to people.
20. OnGrid: Offers APIs that enhance business processes, including KYC, onboarding, individual and merchant verification, and loan underwriting.
21. Ozone API: Empowers banks in open finance providing the leading standards-based open API platform and supporting all global standards.
22. Pismo: Provides next-generation core banking and payments services to banks and financial institutions internationally.
23. Qapita: An equity management platform that partners with enterprises to help them seed, build, harness and eventually unlock the power of ownership.
24. Quantum Phinance: Provides automated Treasury and ALM solutions for NBFCs, seamlessly generating regulatory reports.
25. Refo: A next-gen digital banking core for embedded finance that helps banks launch credit products faster and move money efficiently.
26. SingleDebt: Debt management platform offering debt counseling, budgeting, solutions and legal support for individuals & MSME struggling with debt.
27. TransBnk: A bank agnostic transaction banking platform, solving the banking needs of lenders and other BFSI clients in the ecosystem.
28. Vayana TradeXchange: A regulated, cross-border trade finance marketplace, making working capital available seamlessly across geographies.
29. Wealthy: A B2B platform for wealth managers to build a thriving wealth practice and deliver an exceptional investing experience to their clients.
According to India FinTech Forum leadership, this annual list underscores the organization’s mission to identify and promote forward-thinking startups.
“Our Top Fintech Startups list has a proud legacy of spotlighting companies that go on to achieve remarkable success,” says Mr. Sougata Basu, Founder, CashRich and Executive Committee Member of India FinTech Forum. “Previous winners have collectively raised over USD 7.5 billion in investor funding, proving IFTA’s reputation for celebrating top talent in fintech.”
