Fintech Startups To Watch: 5 Indian Fintech Startups That Caught Our Eye In March

India processed over 228 Bn UPI transactions in 2025, with a total value nearing ₹300 Lakh Cr, surpassing the combined digital transaction volumes of several major global economies. According to the PIB, UPI alone now accounts for nearly half of all non-cash transactions worldwide.

This scale was unthinkable a decade ago.

Thanks to the UPI, India’s fintech ecosystem has expanded rapidly over the past 10 years. It has now become the third-largest globally by unicorn count, with more than 850 funded startups and 26 unicorns. The sector has attracted over $32 Bn in funding since 2014.

The momentum is also spilling into the public markets. Around 10 fintech companies are already listed on Indian stock exchanges, while another 12 are preparing to go public.

A large chunk of startups in the space are working on solutions centred around credit. Credit card adoption in the country has doubled from 55 Mn to 114 Mn between 2019 and 2025, while debit card usage is stagnating, especially in the ecommerce space. 

This behavioural shift is being mirrored in the funding landscape, where lending tech accounted for 37% of fintech funding between 2021 and 2025, up from 27% between 2015 and 2020. 

By 2030, lending is expected to contribute over 53% of total fintech revenue, translating to roughly $133 Bn within a projected $250 Bn market.

However, despite this, the country remains significantly underpenetrated across key financial services. Household debt stands at just 41% of GDP, far below developed markets, while credit card penetration is still under 8%. 

For instance, US household debt stands at 69% of its GDP, while China’s stands at 60.4%. 

This gap represents one of the largest structural opportunities for fintechs, especially in expanding access to credit, insurance, and wealth products for underserved segments.

Having kept a hawk’s eye on India’s startup ecosystem for over a decade now, we, at Inc42, realised that there is an innate need to shed light on budding startups that are breaking ground in India’s fintech arena. 

Therefore, we are introducing the first edition of Inc42’s “5 Fintech Startups To Watch”, shedding light on the innovations taking place in one of the country’s most celebrated new-age sectors. 

For our maiden edition, we are spotlighting startups building products in the areas of wealthtech, lending, and digital payments. With that said, let’s drive right into Inc42’s first edition of 5 Fintech Startups To Watch.  

Editor’s Note: This list is not a ranking. It is a curated selection of fintech startups that have stood out to the Inc42 editorial team this month.

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Infinity | Making Cross-Border Payments Effortless

Cross-border payments are a big pain point when building a global business from India. High forex markups, delayed settlements, compliance complexity and poor transparency continue to slow down everything from freelancer payouts to startup finance operations.

Founded in 2023 by brothers Sourav and Sidharth Choraria, Infinity enables businesses to receive payments in multiple currencies through local accounts and settle funds in Indian currency within a day. 

Its core proposition is zero forex markup, offering real-time exchange rates with a flat transaction fee of around 0.5%, significantly lower than those of traditional banks and payment intermediaries.

The platform also handles compliance-heavy workflows such as invoicing and payment tracking, allowing businesses to manage global transactions through a single dashboard while staying within RBI-regulated frameworks.

Infinity currently supports payments across 160+ countries, with over 10,000 customers and more than $10 Mn in monthly transaction volume.

By removing forex opacity and reducing settlement friction, Infinity is positioning itself as a cost-efficient financial layer for Indian businesses operating globally, a segment increasingly driven by cross-border trade, freelancing and remote work. Infinity operates in the cross-border payments market, which is expected to grow at a record 8.1% CAGR, from $563.6 Bn in 2024 to approximately $1,137 Bn in 2033.
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Liquide | Empowering India’s Wealth Journey

Retail investing in India has surged in recent years, but most retail investors still rely on delayed information, social media signals and limited research tools to make decisions.

Founded in 2021 by Anuj Bajpai, Paritosh Gunjan, Aniket Shirke and Kunal Ambasta, Liquide is a SEBI-registered research analyst platform that plugs into users’ existing brokerage accounts, offering insights without replacing execution platforms.

At the core of its offering is LiMo, an AI-powered research assistant that analyses market data, answers investor queries and generates stock reports at scale. 

Alongside this, the platform provides portfolio health diagnostics, mutual fund analysis, expert-curated trade ideas and AI-driven “wealth baskets” designed for long-term investing.

Liquide has seen significant traction, with over 3.5 Mn app downloads and over $2 Bn in assets analysed on its platform. Locking horns with names like Fisdom, Trendlyne, and StockEdge, it operates in the country’s wealthtech solutions market, projected to grow to $708 Mn by FY32 from $154 Mn in FY24. _____________________________________________________________________

Mony | Digital Wallet Crafted For Visitors To India

For international travellers, making payments in India can be difficult. Most foreign cards don’t work, while cash exchange and forex processes remain inconvenient and expensive. Gurugram-based startup Mony is addressing this gap by enabling tourists to access India’s UPI ecosystem through a prepaid digital wallet.

Founded in 2025 by Pankaj Mishra, Mony offers an RBI-approved wallet that allows foreign visitors to top up funds using international cards and pay merchants via UPI. The product is built on top of NPCI’s UPI infrastructure, effectively extending local payment rails to global users.

By abstracting forex complexity and bridging compatibility gaps, Mony allows users to “pay like a local” without needing an Indian bank account. With this, the startup plans to capture India’s prepaid cards & digital wallet ecosystem, projected to become a $210.1 Bn opportunity by 2029.
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Kredit.Pe | Expanding Access To Digital Credit

Access to formal credit remains uneven in India, particularly for small businesses and new-to-credit users. Founded in 2023 by Prashant Kumar, Bengaluru-based Kredit.Pe is building a digital credit platform to make lending more accessible and seamless for those with weak credit history. 

The platform partners with banks such as Yes Bank and SBM Bank to offer FD-backed RuPay credit cards, allowing users, including those with limited credit history, to access credit by securing it against a fixed deposit. This unlocks a wider base of users who are otherwise excluded from traditional unsecured credit products.

Operating in the credit-on-UPI market, Kredit.Pe also offers digital gold investments and rewards redemption through vouchers, creating a broader financial engagement layer around transactions. Its proposition also lies in turning UPI from a pure payments rail into a rewards-driven credit experience.
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Paasa | Making Overseas Investing Simpler For Indian Investors

As more Indians earn globally via ESOPs, remote work and overseas exposure, their financial lives are becoming increasingly international. But investing across markets still involves navigating complexities around regulations, taxes and fragmented platforms.

Paasa is building a global investing platform designed to simplify this complexity for Indian and international users.

Founded in 2024 by Nitish Sahni and Sparsh Sharma, Paasa enables users to invest across multiple global markets, including the US, the UK, Europe and Asia, via a single interface. 

The platform offers access to over 15,000 stocks and ETFs across exchanges, supported by infrastructure from partners like Interactive Brokers.

Beyond direct investing, Paasa focuses on portfolio construction and compliance-heavy use cases. It offers managed strategies, tools for restricted stock unit (RSU) diversification, and access to UCITS ETFs, which help users avoid US estate tax exposure, a key concern for global investors.

The platform also handles regulatory workflows such as remittances under the Liberalised Remittance Scheme (LRS), while offering competitive forex rates and multi-currency investing capabilities. Paasa operates in the $30 Bn+ outward remittance market, which is growing at a CAGR of 11–12%. 

Edited by Shishir Parasher

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