24 Fintech Startups Nominated for India FinTech Forum's IFTA Awards

India's longest running fintech event, IFTA, organized  by India FinTech Forum, is back for its 8th edition. IFTA is known for celebrating innovation and recognizing groundbreaking fintech startups. This annual event, which has become synonymous with celebrating fintech excellence from across the world, is set to unveil 24 high potential startups and 6 scaleups that are leading the charge in the financial technology sector. Shortlisted from 1250+ applications from various countries including Australia, Georgia, Hong Kong, Hungary, India, Netherlands, Nigeria, Poland, Portugal, Singapore, Turkey, UK and USA, these companies will be carefully evaluated by a top-notch jury.

The winners will be chosen from the finalists below and announced at IFTA 2023 on 1st November, 2023 at Mumbai. IFTA will be organised as a hybrid event with online sessions on 30th and 31st October, and the grand finale on 1st November at Courtyard by Marriott, Mumbai. 

Mr. Sougata Basu, Founder, CashRich and Executive Committee Member, IFF, says, “At IFTA, this year’s shortlisted startups shine with enormous potential. Past winners at IFTA include Razorpay, Open, Simpl, and Pismo (acquired by Visa for $1 billion in 2023), and they exemplify the transformative power of business innovation. With a member base of over 4,000 fintech companies and over 35,000 individuals, India FinTech Forum continues to promote purpose-driven innovation.”

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India FinTech Forum is proud to present the following high-potential fintech startups for 2023:

1. Agrim Housing Finance (India) is empowering underserved communities with digital home loans using advanced technology and innovative algorithms.

2. Ayekart Fintech (India) is empowering traditional business networks by digitizing the food & agri value chain with embedded finance and services

3. Bureau (India) is a no-code, identity decisioning platform that offers the complete range of risk, compliance and fraud monitoring solutions innovated with AI.

4. CreditNirvana (India) is pioneering ML Analytics driven and digital first, end to end Debt Management Platform.

5. Deepvue.tech (India) provides APIs that help businesses perform automated KYC, enhanced due diligence checks, and risk-based underwriting so that lenders, fintech companies, and neobanks can launch products faster.

6. Dhan (India) is an online stock trading and investing platform made for Super Traders & Long-Term Investors that aims to provide best-in-class features at industry standard pricing.

7. FidyPay (India) simplifies payment processes for businesses by automating transaction mapping, centralizing reconciliation, and reducing reliance on fragmented bank statements.

8. FinMapp (India) offers a solution to those who lack financial literacy via a mobile app with financial health gap assessment, tax planning, risk & age-based profiling, and a comprehensive suite of financial products.

9. FinnUp (India) FinnUp is building a world class B2B enterprise debt platform serving all types of debt requirements to the SME, Large Corporates and Financial Services.

10. Hyperface (India) is a pioneering Credit Cards as a Service (CCaaS) platform so that banks and fintechs can launch and manage their card program quickly within regulatory guidelines.

11. Insurance Samadhan (India) offers Polifyx, a mobile application that is revolutionizing the insurance industry by resolving policyholder grievances through a tech-enabled platform. 

12. Jar (India) is built on the idea of helping Indians to make investing a habit, and provides a unique solution to save money daily and invest automatically in digital gold for the best gold rate.

13. Kniru (India) is an AI-Driven financial advisor that manages finances with minimal human involvement & in an optimal manner to provide precise, personalized, actionable insights. 

14. MODIFI (Netherlands) is a global business payments company that helps exporters and importers finance and manage their international trades. It helps to optimize cash flow, bridges financing gaps and provides strong support for export enterprises.

15. Mool (India) is an AI-powered system that employs a set of intelligent rules with the goal of maximizing the employee’s benefits from their salary package, tailored as per their preferences while remaining compliant with tax rules and regulations.

16. Onsurity (India) is India’s only healthtech company providing monthly, comprehensive employee healthcare to SMEs, MSMEs, Startups and growing businesses.

17. Propelld (India) provides student-friendly private study loans for learners in partner institutions with customized loan products through a fully digital loan process.

18. Qapita (Singapore) automates equity management for private companies from inception to IPO & beyond, including workflows around CapTables, ESOPs, Due-diligence, and transactions.

19. QuantMan (India) provides robust backtesting features with 5 years of options data, where years of testing process is done in less than 90 seconds, and live order execution is fully automated.

20. SandLogic (India) is a full-stack enterprise AI company that provides LCNC platforms to develop Deep Learning applications to run on Edge devices.

21. SatSure (India) SatSure Sage leverages satellite imagery and offers accurate risk assessment, customer sourcing, and portfolio monitoring for better lending decisions and to minimize losses in agricultural lending.

22. SaveIN (India) enables healthcare providers to offer instant, check-out finance to their patients, embedded at point of care, thereby splitting medical expenses into 0% interest or low-cost EMIs.

23. Tutelar (India) offers solutions for risk protected onboarding, compliance, payment fraud detection and dispute management.

24. Volt Money (India) allows retail investors to avail cash loans, credit lines and flexible EMIs against financial assets like mutual funds instantly, keeping their financial assets intact.

IFTA has also announced a carefully selected shortlist for Fintech Scaleup of the Year. These companies are evaluated on their product and services and the traction that they have been able to build.  

Top 6 companies shortlisted for Scaleup of the Year category: 

1. Credility (India): Credility is focused on lending tech solutions, empowering loan officers to easily manage their leads, qualify them and quickly onboard the potential customer.

2. Fibe (India) focuses on young and tech-savvy Indians and offers instant cash loans at a short notice even to ‘new to credit’ borrowers using new credit scoring systems for superior customer profiling.

3. Finnable (India) is working to make hassle free personal loans available to all salaried professionals quickly using technology and innovation, and with the support of employers.

4. Partner HUB (Hungary) provides a white label solution to set-up services for integrating e-invoicing and financial services and the access to invoice data and data management capabilities to utilise the value in invoice data as a way for banks to participate in open finance and open data ecosystems.

5. Think360.AI (India) is a leading AI technology firm dedicated to serving the BFSI sector through alternate data, analytics, and a modern technology stack to revolutionize credit decisioning, fraud detection, risk assessment and customer onboarding.

6. Trustt (India) provides AI-powered SaaS-based Core Banking Platform to banks, NBFCs, and fintechs. Its product portfolio includes digital lending, digital distribution, digital identity, and payments customized to meet the specific needs of each client.

IFTA has a distinguished history of spotlighting startups that have gone on to achieve remarkable success. Past winners have cumulatively raised investor funding of over $6.3 billion till date, a testament to the event's reputation for celebrating top-tier talent in the fintech industry.

IFTA 2023 will see participation from top industry leaders like Mr. Nitin Chugh, Deputy MD and Head of Digital Banking, State Bank of India, Mr. Konstantin Peric, Deputy Director - Financial Services for the Poor, Bill & Melinda Gates Foundation, Mr. Jagdish Narayanan, CIO, Reliance Jio Payments Bank, Mr. Ajay Rajan, Country Head - Digital and Transaction Banking, YES Bank, Mr. Nilesh Shah, Managing Director, Kotak Mahindra Asset Management, and many more.