The fintech ecosystem in India has evolved significantly since its emergence. Fueled by initiatives from the government to boost innovation in financial services, the sector is expected to further grow in the years to come, according to a new report by PwC and Startupbootcamp Fintech Mumbai.

Despite a significant pullback in incoming global investments in the fintech space, the India opportunity remains promising. In particular, regulatory support, financial inclusion and demand for the digitalization of services will likely boost investment in the area going forward. At the same time, the adoption of emerging technologies in the financial services industry is expected to rapidly increase.

Foreign investors and entrepreneurs have taken notice and many are looking to tap into the great Indian fintech opportunity

Following up on our previous top 7 fintech startups from India article, we take a look today at 10 more fintech startups you should be keeping an eye on.

ItzCash Card

Launched in 2006, ItzCash Card has evolved from being India’s first and largest non-bank entity to offer prepaid cash cards, to becoming one of the leading payments solutions companies.

ItzCash Card provides several services including prepaid cards, digital wallets and corporate disbursements in 3,000 cities. The company has over 75 million consumers and processes approximately 600,000 transactions per day. It is also partnered with Visa, Mastercard, HDFC Bank, Kotak Mahindra Bank and RBL Bank.

MoneyTap

MoneyTap is India’s first app-based personal credit line, offered in partnership with banks. The app lets users borrow as little as Rs. 3,000 (US$46) and as much as Rs. 500,000 (US$7,800) depending on the credit limit set by MoneyTap’s banking partners. Borrowers pay interest only on what they use.

MoneyTap has partnered with several banks and non banking financial companies (NBFCs). Depending on one’s profile, the startup will select the bank that has the highest chance of approving his or her application.

LendingKart

Founded in 2014, LendingKart provides easy and fast working capital financing solutions to entrepreneurs, and small and medium enterprises (SMEs). The company has developed technology tools based on Big Data analysis, which facilitates lenders to evaluate borrower’s creditworthiness.

So far, LendingKart has disbursed over 11,000 loans to over 7,500 SMEs. They claim loan application processes take only 15 minutes and loans are disbursed in three days.

Capital Float

Founded in 2013, Capital Float is an online lending platform operated by Zen Lefin. Capital Float provides loans to SMEs via a tech-led loan origination and credit underwriting platform. Its mission is to bridge the current gap in the market with innovative and flexible credit products for SMEs and collateral-free terms.

Borrowers apply online in minutes, select desired repayment terms and receive funds in their bank accounts in seven days.

Capital Float has received over US$43 million in funding from the likes of Sequoia Capital, SAIF Partners, and IFMR Capital.

Vistaar Finance

Vistaar Finance serves the micro-enterprise and small and medium-sized business segment, primarily in rural and semi-urban areas.

Vistaar Finance offers loans between Rs. 400,000 – 500,000 (US$6,200 – 7,800), and has disbursed more than Rs. 11 billion (US$171 million) to over 100,000 customers so far. The company currency operates across 205 cities.

Vistaar Finance has raised over US$75 million in funding from the likes of WestBridge Capital, Omidyar Network and Sarva Capital.

IFMR Holdings

IFMR Holdings is a financial inclusion services provider. The firm operates several brands and has a network of branches in rural India, providing a complete set of financial products and services to households and enterprises.

IFMR also provides access to debt capital markets for financial institutions that serve financially excluded households and enterprises. As at March 2015, IFMR Holdings and its group companies, had reached over 15 million people in India.

IFMR is backed by Accion, LeapFrog Investments, Lok Capital and Proparco.

Electronic Payments and Services

Founded in 2011, Electronic Payments and Services (EPS) is a payment system company that aims to bridge the gap in demand for efficient and technology driven products and services for the banking industry.

EPS specializes in retail banking. The company provides ATM operations and outsourcing services, ATM management services, as well as transaction processing services and card management services.

EPS has raised US$40 million in funding so far.

Mswipe

Mswipe is one of India’s largest independent mobile point-of-sale (mPOS) and network provider, serving online and offline merchants across India.

Mswipe’s terminal, Wisepad, accepts all major types of cards (VISA/MasterCard/AMEX and Rupay cards) and works with conventional phone, smartphones, tablets and desktop computers. Wisepad is a compact, wireless device that allows merchants to accept card payments anywhere.

InCred

InCred is an online platform that leverages technology and data-science to make lending quick and easy. InCred provides SMEs, consumer/personal, home and education loans in the Indian market.

InCred was founded in 2016 by Bhupinder Singh, the former head of investment banking, Asia-Pacific at Deutsche Bank.

The startup has raised US$75 million in funding so far.

SirionLabs

SirionLabs is an enterprise SaaS provider for post-signature contract management.

The platform manages outsourced contracts and invoices for enterprises, and automates complex procedures across key governance disciplines of contract, performance, financial, relationship, and risk management.

SirionLabs is backed by Sequoia Capital, Canopy Ventures and Qualgro VC, and has raised over US$16 million in funding so far.

Featured picture via pixabay