The fintech sector has come up as a focal point in India’s growth story; with technology paving the way for revolutionizing payments, lending, wealth technology (wealth tech), personal finance management, insurance technology (insure tech), regulation technology (reg tech), etc.

Sector is currently valued at USD 31 billion
Expected to reach a value of around USD 140-150 billion over the next 5 years
A 15x increase in UPI transactions (value of around USD 68 billion) in May 2021 compared to 3 years ago

India has truly emerged as one of the biggest fintech hubs in the world as new-age companies leveraged technology to change the way people and businesses avail banking and financial services.

Fintech in NSA 2021

Fintech is a leading example of inclusivity in an increasingly complex national and global economic scenario. NSA is aiming to recognise outstanding players which will be leading the charge of inclusive growth in the Indian financial system and recognise the country’s potential as the fintech center of the world.

Categories and Applications Count for Fintech



Fintech | Financial Inclusion

Naffa Innovations Private Limited


ToneTag harnesses the power of sound to enable seamless device-to-device and human-to-device communication. Currently, it is the largest soundwave communication technology platform on the planet that enables payments & proximity customer engagement services on any device, independent of the instrument or the infrastructure.

Product Summary

The product is platform-independent and is highly scalable and interoperable. With ToneTag, anyone with any device, even feature phones with or without the internet, can communicate with any device with minimal or no human intervention. With 13 patents filed and 132 claims, ToneTag's one-of-a-kind technology has built significant use cases and garnered excitement in the payments sector and offline retail space. It is responsible for empowering and enriching various businesses across the globe and helping them enhance their communication or payments channels.


52 Million+

Unique users


Unique merchant points

10 Million

Unique interactions per month

Government Recognition/Partnership

ToneTag received the Fintech Award for Promotion of Digital Payments 2018-19 by MeitY and RBI for enabling payments on feature phones.


Fintech | Insurance

Umbo Idtech Private Limited


Riskcovry is a full-stack InsurTech platform that enables omnichannel insurance distribution for their partners. It helps them to build and scale their insurance distributions business across channels, products, and use-cases.

Product Summary

They offer a comprehensive insurance-in-a-box solution with ready insurer partnerships, product integrations, technology platform, processes, and regulatory requirements. The product sachet is a Unique co-creation of more minor variants (either premium amount, coverage or duration) by unbundling complex insurance products across Life, General, and Health categories, that suit a distribution partner’s customer base. This evolving insurance purchase behavior is being increasingly preferred across demographics. Riskcovry helps with product recommendation, price discovery, enabling end-to-end omnichannel digital purchase journey.


SDGs Supported by Revy Technology

BC enabling micro health and two-wheeler insurance via an assisted model -- FoS network using Riskcovry's insurance product + tech + IRDA license, across rural markets

India’s top retailer enabling multi-channel sales across multiple micro products using Riskcovrys back-end tech and APIs

NBFC with MSME loan book using Riskcovry's Loan Protect product APIs to enable digital "opt-in" credit shield insurance against every loan disbursed

Government Recognition/Partnership

The Startup is a partner with Mumbai Fintech Hub, a Government of Maharashtra Initiative.

All Finalists

Name of Startup Category City State
kpay innovation private limited Financial Inclusion Pune Maharashtra
TAP smart data information services private limited Financial Inclusion Mumbai Maharashtra
xiphias xpay life private limited Financial Inclusion Bengaluru Karnataka
tapits technologies private limited Financial Inclusion Indore Madhya Pradesh
fampay solutions private limited Financial Inclusion Bengaluru Karnataka
makspay fintech solutions private limited Financial Inclusion Hyderabad Telangana
RFL insurance broking private limited Insurance Mumbai Maharashtra
artivatic data labs private limited Insurance Bengaluru Karnataka
intelligent industrial internet systems private limited Insurance Mumbai Maharashtra