5 Fastest-Growing Fintech Platforms in India

5 Fastest-Growing Fintech Platforms in India
India has framed itself into a digital economy where fintech startups are brought promoted based on service quality. Today, people have become more open towards the concept of digital payments, which in some way has led to the rise of more fintech platforms in India. The Digital India initiative has played an active role in transforming payment. A few years back, where individuals were hesitant and skeptical about online payment services. Whereas today, a large proportion of the public has changed the way it made transactions.
Today India holds a cumulative digital transaction and has millions of registered users online. It is one of the leading fintech startup hubs in the world which is followed by UK, Singapore and Germany as per the reports. Fintech platforms not only introduced digital payments, but also provided digital insurance for health, travel, digital banking solutions simplifying banks, lending systems making credit easier and many others. Here are five fintech startups in India which are playing a prominent role in influencing digital initiative in our country.
CogNext: It is the first no-code regulatory compliance platform. Using Artificial Intelligence and Machine Learning, it is simplifying and automating regulatory compliance while making it cost-effective for financial institutions. Additionally, it provides robust solutions powered by NLP, Deep Learning, and Predictive Analytics to manage and scale up the credit business of varied financial institutions. Its comprehensive automated platform, Platform X enables financial institutions to remain in control of risks. It works through a fully configurable and scalable technology framework that allows the user to process the customer data and manage the calculations with ease.
   Also, it enables the user to explore multiple methodologies interactively, empowers them with explanatory power, self-service and traceability. Powered by Deep Learning and other ML algorithms, the offering streamlines the model workflow of the bank with reduced turnaround time, improved business volumes, and return on assets. 
CashFree: It is a full-stack payments solution that helps Indian businesses to accept and send money and is used by 50,000+ businesses for vendor payouts, wage payouts, bulk refunds, etc. It is a next-generation payment gateway that is easy to integrate and supports instant refunds. Cashfree is also India’s API banking platform that lets businesses send money round-the-clock and instantly to bank accounts and cards with a simple API that can be integrated with their product, instead of uploading complicated files on their corporate banking portal. Cashfree also offers a split payment solution for marketplaces, a Bank Account Verification API and Auto Collect -- a virtual account solution to match inbound payments to customers.
Lendingkart: Founded in 2014,it allows entrepreneurs to easily access working capital finance options. The platform utilizes big data analysis and technology tools to create a more efficient and effective way to evaluate one’s credit worthiness. It is a non-deposit taking NBFC, providing SME lending in India. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.
Shiksha Finance: It is India's leading lending in an education finance firm. They also offer loans to educational institutions to develop buildings, buy properties and working capital. The mission of this institution is to fund parents for school fees, thereby reducing school drop-out rates. The debt ranges from Rs 10,000 to Rs 30,050 which must be returned within 6 to 10 months. Student loans may be used by parents to pay school tuition, books, uniforms, shoes, luggage, etc.
Razorpay: Razorpay is a payment solution in India that helps companies with its suite of products to receive, process, and disburse payments. It gives access to all payment modes, including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp, including credit card, debit card, net banking, UPI, and common wallets. It was started by Harshil Mathur and Shashank Kumar in 2014. Businesses can handle the marketplace, simplify money transactions, receive regular fees, exchange client invoices, and take advantage of working capital loans from a single platform.