India's digital payments boom: A luminous Rupee symbol at the heart of a connected fintech landscape.
India’s fintech ecosystem is experiencing rapid expansion, driven by the widespread adoption of UPI (Unified Payments Interface). In 2025, India processed over 228 billion UPI transactions, totaling nearly ₹300 Lakh Cr, surpassing the combined digital transaction volumes of several major global economies, according to Inc42.
The fintech sector has become the third-largest globally by unicorn count, with over 850 funded startups and 26 unicorns, attracting over $32 billion in funding since 2014. This growth is spilling into public markets, with about 10 fintech companies listed on Indian stock exchanges and another 12 preparing to go public.
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 billion within a projected $250 billion market.
Inc42 has highlighted five Indian fintech startups to watch:
Infinity: Founded in 2023, Infinity enables businesses to receive payments in multiple currencies and settle funds in Indian currency, operating in the cross-border payments market, which is expected to grow at an 8.1% CAGR, from $563.6 Bn in 2024 to approximately $1,137 Bn in 2033.
Liquide: Founded in 2021, Liquide is a SEBI-registered research analyst platform offering insights to retail investors, operating in the wealthtech solutions market, projected to grow to $708 Mn by FY32 from $154 Mn in FY24.
Mony: Founded in 2025, Mony addresses payment difficulties for international travelers by providing a prepaid digital wallet for accessing India’s UPI ecosystem, with India’s prepaid cards & digital wallet ecosystem projected to become a $210.1 Bn opportunity by 2029.
Kredit.Pe: Founded in 2023, Kredit.Pe is building a digital credit platform to make lending more accessible, offering FD-backed RuPay credit cards and operating in the credit-on-UPI market.
Paasa: Founded in 2024, Paasa enables users to invest across multiple global markets via a single interface, operating in the $30 Bn+ outward remittance market, which is growing at a CAGR of 11–12%.
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