India FinTech Forum Unveils Top 29 Innovators Set to Transform Finance in 2024 From the shortlist, winners of Fintech Startup of the Year and Scale up of the Year will get a chance to attend globally prestigious events FiNext Conference in Dubai and Money 20/20 Asia in Bangkok.
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The India FinTech Forum has published its 9th Annual List of 29 Fintech Innovators Transforming Finance in 2024. This list celebrates the disruptors and innovators expected to make significant contributions to the financial ecosystem.
The India FinTech Forum received an impressive 1,400 applications from over 20 countries, all competing for prestigious titles like Fintech Startup of the Year and Scale of the Year. Winners in these categories will gain opportunities to attend renowned global events, such as FiNext in Dubai and Money 20/20 Asia in Bangkok. The awards will be presented on December 12 in Mumbai, marking the 9th edition of the India FinTech Awards (IFTA).
India's Fintech Boom: Key Trends
India's fintech growth is being fueled by several significant trends. Embedded finance is gaining popularity, with projections to surpass USD 21 billion by 2029. This technology integrates financial services into non-financial platforms, such as e-commerce sites and ride-sharing apps, making transactions seamless and more accessible. AI and machine learning are also at the forefront, transforming areas like credit assessment, fraud detection, and customer service, while the digital lending market is predicted to grow from USD 38 billion in 2021 to an astonishing USD 515 billion by 2030, the company said in a statement.
Wealthtech solutions are another emerging area, as digital platforms offer personalised wealth management services. The rise of sustainability is also shaping fintech, with green finance allowing companies to develop climate-conscious products that align with consumers' growing environmental concerns.
Celebrating Fintech Innovation: Top 29 List for 2024
This year's Top 29 list by the India FinTech Forum showcases companies driving innovation across various domains, from advanced AI tools to cross-border trade finance solutions. Notable entrants include:
- 3Cortex: Their SAYA platform enhances operational efficiency with automation, enterprise reconciliation, and actionable analytics.
- AlgoBulls: Democratizes algorithmic trading for retail investors, leveraging generative AI to make sophisticated trading more accessible.
- Boharr: Provides a seamless, API-based core wealth management platform that enables wealth managers to streamline their services.
- Canso: This AI platform offers real-time data and insights to detect and control emerging fraud risks in minutes.
- indiagold: Empowers Indians to monetise their assets effectively, providing a more secure and predictable future for its users.
- SingleDebt: A debt management platform supporting individuals and MSMEs with budgeting, debt counseling, and legal assistance.
Other innovative startups include VayanaTradeXchange, AasaanWill, BharatSure, Data Sutram, DataNimbus, Effortless, Finhaat, Finnable, GenRPT, Hedged.in, IndiaBonds, Neokred, Nerve Solutions, Olyv, OneAssist, OnGrid, Ozone API, Pismo, Qapita, Quantum Phinance, Refo, TransBnk, and Wealthy.
According to Sougata Basu, Founder of CashRich and an Executive Committee Member of the India FinTech Forum, this list reflects the organisation's commitment to spotlighting impactful startups. "Our Top Fintech Startups list has a proud legacy of highlighting companies that go on to achieve remarkable success. Past winners have raised over USD 7.5 billion collectively in investor funding, cementing IFTA's reputation as a platform that celebrates the best talent in fintech," he said.
The India FinTech Forum is a nonprofit organisation that fosters collaboration among more than 4,500 companies and 37,000 individuals, aiming to establish India as a global fintech leader. Founded in 2016, the Forum's flagship event, IFTA, has been a launching pad for groundbreaking ideas, connecting fintech startups, investors, and thought leaders.
