In 2025, India achieved a remarkable milestone by processing over 228 billion UPI transactions, valued at nearly ₹300 lakh crore. This achievement surpasses the combined digital transaction volumes of several leading global economies. UPI now constitutes almost half of all non-cash transactions worldwide, a feat unimaginable just a decade ago.
The rapid growth of UPI has catalyzed the expansion of India's fintech ecosystem, which has become the third-largest globally in terms of unicorn count. With over 850 funded startups and 26 unicorns, the sector has attracted more than $32 billion in funding since 2014.
The public markets are also reflecting this momentum, with around 10 fintech companies already listed on Indian stock exchanges and another 12 preparing for their public offerings.
A significant number of startups are focusing on credit solutions, as credit card adoption in India has doubled from 55 million to 114 million between 2019 and 2025. However, the country still lags in key financial services, with household debt at only 41% of GDP compared to 69% in the US and 60.4% in China.
This gap presents a substantial opportunity for fintech companies to enhance access to credit, insurance, and wealth products for underserved populations.
In this inaugural edition of “5 Fintech Startups To Watch,” we highlight innovative startups making strides in wealthtech, lending, and digital payments.
Editor’s Note: This list is a curated selection of notable fintech startups and not a ranking.
Infinity - Founded in 2023 by Sourav and Sidharth Choraria, Infinity addresses the challenges of cross-border payments for Indian businesses. The platform allows businesses to receive payments in multiple currencies and settle funds in Indian currency within a day, all while maintaining zero forex markup and offering real-time exchange rates. Infinity currently supports payments in over 160 countries and has more than 10,000 customers.
Liquide - Established in 2021 by Anuj Bajpai and team, Liquide is a SEBI-registered platform that enhances retail investing in India. By integrating with existing brokerage accounts, it offers insights through its AI-powered research assistant, LiMo. The platform has garnered over 3.5 million downloads and analyzes assets worth over $2 billion.
Mony - Launched in 2025 by Pankaj Mishra, Mony simplifies payments for international travelers in India by providing a prepaid digital wallet that connects to the UPI ecosystem. This RBI-approved wallet allows tourists to top up using international cards and pay via UPI, effectively bridging the gap for foreign visitors.
Kredit.Pe - Founded in 2023 by Prashant Kumar, Kredit.Pe is a digital credit platform aimed at improving access to formal credit for small businesses and new-to-credit users. By partnering with banks to offer FD-backed RuPay credit cards, Kredit.Pe enables users with limited credit history to secure loans against fixed deposits.
Paasa - Established in 2024 by Nitish Sahni and Sparsh Sharma, Paasa is a global investing platform that simplifies cross-market investments for users in India and abroad. It provides access to over 15,000 stocks and ETFs, along with tools for portfolio construction and compliance management, addressing the complexities of international investing.
