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Top Neobanks in India to know

Neobanks in India are going through a kind of renaissance at the moment. With the FinTech industry expanding around the globe overall and opening new avenues to investing and money management that had previously been closed to most people, FinTech companies and challenger banks have entered the fray, providing unprecedented access to financial tools and increasing the demand for faster, more comprehensive, more useful financial tools.

In almost all financial services markets, the vast majority of people don’t have access to the same high-level banking services that a privileged few enjoy. However, this situation has been changing for years. FinTech startup founders are finding ways into this market by making services like low-risk investing and loan underwriting more available to anyone with an Internet-connected device.

India is no different. Neobanks in India have grown in number in recent years, bringing financial services to a wider portion of the country’s massive population.

The Neobanking Market

Neobanks fit into this growing FinTech sector by being disruptors of normal banking functions and the industry as a whole. Most Neobanks are shifting their user base to digital-focused or digital-only banking platforms that attempt to cut through the red tape and end common banking annoyances like hidden fees, minimum balances, card and ATM malfunctions, and more.

All over the world, more users are transferring their money away from traditional brick-and-mortar banks to smaller, independent financial institutions that offer them more flexibility and ease of access. The industry was leaning this way for years, even before the COVID-19 pandemic, but particularly in the last two years, the need for digital financial services has risen throughout the world, with Neobanks leading the charge.

The FinTech industry as a whole, as massive as it is, has reached all corners of the world by now. South America is a fast riser in this market, with its FinTech startups racing to catch their users up to those living in the US and Canada. On the other side of the planet, India is also making strides to make digital banking services available to its populace, with several new startups entering the marketplace and disrupting the traditional banking model.

The top Neobanks in India have responded to the rising demand for access to more comprehensive financial services by creating online marketplaces and platforms that allow users to be smarter with their money in a completely secure environment. The response has been massive, with large swaths of users signing up for these services as individuals or as part of their own businesses. This renaissance of sorts has led to smarter financial decisions by individuals and businesses. Moreover, it has allowed smaller businesses to utilize some of these FinTech solutions to become more efficient in their own products and services and prosper.


Our List of Neobanks in India

This new emphasis on digital banking solutions has given rise to many new FinTech companies in India. Here are the top Neobanks in India looking for funding:


Xebra BizTech LLP: Xebra provides an automated, SaaS-based unified platform that integrates modules such as business insights, invoicing, expense, inventory, purchase, payroll, HRMS, assets, taxes, banking and accounting, and more into one dashboard. This allows business owners a real-time, accurate, comprehensive view of their entire business performance. Users can also use the platform to unlock growth opportunities and avoid the hassle of working with multiple vendors, software suites, maintenance, and log-ins.

Company activities: Accounting, Expense Management Software, Employees Expense Management software, Employee benefits, Neobanks & Challenger Banks, Tax & Accounting, Personal Taxes Management, Billing & collections, Data, Analytics & Research, Reconciliations, Invoice Digitization Software and Payroll processing

Business model: B2B and B2B2C.

Top Neobanks in India - Xebra


Mobivend: A fast-growing and popular startup based in Bangalore, Mobivend deals in IoT, with a vision to automate last-mile logistics with sharp detail. Mobivend believes they’re creating the future of the rising Unattended Automated Retail trend with their cashless payment and telemetry products. This product offers a digital payment solution in an IoT network of unattended self-service retail outlets. These can be smart vending machines, intelligent self-service kiosks, micro-markets, EV charging stations and more.

Company activities: Financial Products Distribution, Neobank and ConTech Robots & Machinery.

Business model: B2B.

Top Neobanks in India - Mobivend


Paysack: This FinTech platform startup provides digital financial services such as lending, insurance, investing, and banking to startups and SMEs.

Company activities: APIs & Data Aggregation and Banking as a Service (BaaS).

Business model: B2B and B2B2C.



Namaste Credit: Namaste Credit is a business loan online marketplace using the Namaste Credit platform and a powerful risk scoring algorithm to match borrowers to financial institutions in a completely secure environment.

Company activities: SME Credit, Open Banking, Asset backed loans, Banking as a Service (BaaS), Mortgage Lending, Mortgage, Lending Risk Management, Neobanks & Challenger Banks, Underwriting & Pricing, Document automation and Working Capital Loans.

Business model: B2B and B2B2C.

Namaste Credit

These top Neobanks in India are examples of the country’s embrace of FinTech in general and the disruptive rise of Neobanks. More customers than ever before are discovering services that were not available to them previously, leading many traditional bank customers to start leaving their previous financial institutions in droves. This shift in the market is global, with many new FinTech and Neobank startups filling the void left by traditional banks in the face of this renaissance.

The above companies are also examples of the kinds of companies you’ll find on the Finnovating Platform, which allows you to compare FinTech startups and even set up competitions between them to see which ones are worthy of investment. Don’t miss this opportunity to join a fast-rising and extremely profitable market in India.

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