In today’s rapidly evolving digital landscape, finance app development has become a crucial component for businesses looking to offer seamless, efficient, and innovative financial services to their customers. Well-designed finance apps may improve user experience and consumer engagement for banking, payments, wealth management, and lending. Banking as a service technology enables new revenue streams and competitiveness by readily integrating innovative financial solutions. The 12 Best Embedded Finance Startups With Funding demonstrate the growing importance of embedding financial services within business strategies.

What Is Embedded Finance?

The seamless integration of digital banking and other financial products and services into nonfinancial organizations’ platforms or apps is embedded finance. It allows nonbanking businesses to offer loan lending, insurance, and payments to customers and other stakeholders like suppliers, partners, and employees without having to build the financial infrastructure or obtain regulatory approvals.

12 Best Embedded Finance Startups With Funding

Griffin

For tech-driven businesses looking to provide their clients with banking, payment, and wealth solutions, Griffin is the perfect full-stack BaaS platform. The platform features an API-first approach, making it a modern UK bank tailored for tech-savvy companies.

Additionally, Griffin emphasizes automated compliance, ensuring that companies can seamlessly integrate financial services while staying compliant with regulatory standards. Griffin has raised $380.4 billion from 15,266 investors, demonstrating their confidence in its revolutionary BaaS solutions.

Synctera

By facilitating the development of new financial products and the establishment of new revenue streams, Synctera is a frontrunner in the future finance sector. Founded in 2020, Synctera focuses on simplifying the process of embedding financial services into various business models. The company provides APIs, compliance assistance, and bank partnerships in one end-to-end Banking as a Service platform.

Synctera raised $18.6 million in Series A-1 funding to improve its platform and extend its market presence. Investors believe Synctera can transform companies’ financial services, as this funding round shows.

Comviva

Digital wallets, money transfer solutions, payment gateways, and recharge kiosks are just a few of the items that Comviva specializes in offering to banks and businesses as robust payment processing solutions. The company also provides digital banking solutions for customer engagement and digital payments, encompassing acquiring, issuing, and digital lending solutions. 

Founded in 1999 and headquartered in Gurgaon, India, Comviva has established itself as a key player in the financial technology sector. The company was acquired after raising $13.5 million in funding from investors such as WestBridge Capital, Sequoia Capital, and three others. With a Tracxn Score of 79/100, Comviva ranks first among its 811 competitors.

Ezetap

After being bought out by Razorpay, Ezetap continued to offer specialized cloud-based mobile point-of-sale (mPOS) solutions for companies. The platform’s payment features include account management, marketing tools, customer relationship management (CRM), reporting and analytics, and more. Ezetap’s API tools integrate with online platforms to facilitate seamless online transactions. Notable customers include Myntra, BookMyShow, BigBasket, Ola, and RedBus. 

Founded in 2011 and based in Bengaluru, India, Ezetap was acquired after raising $66.4 million in funding from investors such as American Express Ventures, Horizons Ventures, and 43 others. With a Tracxn Score of 75/100, Ezetap ranks 8th among its 3,323 competitors.

MobiKwik

One of the most well-known platforms for online payments and BNPL solutions is MobiKwik. It lets users send money, make online payments with buyer encryption, and let firms take client payments. The portal offers bus ticket booking, online shopping, utility bill payments, mobile and DTH recharges, and money transfers. Mutual funds, digital gold, loans, and pay later are among MobiKwik’s wealth management and credit services.

In Series E fundraising, Cisco Investments, American Express Ventures, and 123 others invested $269 million in Gurgaon, India-based MobiKwik, founded in 2009. The company holds a Tracxn Score of 74/100 and ranks 5th among its 316 competitors.

M2P

M2P is an open banking API provider that offers a comprehensive payment solution platform for businesses. Users can build and execute neo-banks, deposit products, lending systems, and payment systems for local and international lenders with real-time controls.

Established in 2014 and based in Chennai, India, M2P raised $113 million in Series C funding from Insight Partners, Tiger Global Management, and 58 others. The company has a Tracxn Score of 74/100, ranking 1st among its 72 competitors.

Zopper

It is an API-enabled insurance distribution platform that empowers B2C companies to distribute a variety of insurance products, including automobile, health, and life insurance. The platform offers deep-tech APIs, customer engagement tools, insurance aggregation, and digital onboarding features. Established in 2011 and based in Noida, India, Zopper has secured $96 million in Series C funding from investors like Bessemer Venture Partners, Tiger Global Management, and 19 others. The company boasts a Tracxn Score of 73/100 and ranks 1st among its 51 competitors.

Perfios

It offers a real-time credit decision platform and data aggregation APIs that enable users to perform financial data analysis and automate loan decisions. The SaaS-based B2B fintech software company provides tools for SME lending and customer financial worthiness assessments. Perfios‘ APIs are utilized by companies to create personal finance applications and manage finance in one place with embedded finance, KYC, and more.

Founded in 2008 and located in Bengaluru, India, Perfios has raised $452 million in Series D funding from investors such as Bessemer Venture Partners, Warburg Pincus, and 33 others. With a Tracxn Score of 73/100, Perfios ranks 3rd among its 354 competitors.

Simpl

Simpl is an online marketplace platform that provides purchase financing, allowing users to make online purchases and pay in customized periodic installments. The company assesses credit limits based on the user’s history with the merchant, spending habits, and timely repayments.

Simpl’s iOS and Android apps let users track purchases, payments, and account activity. Simpl, founded in 2015 in Bengaluru, India, raised $83 million in Series B capital from Recruit Strategic Partners, FJ Labs, and 46 others. The company has a Tracxn Score of 72/100, ranking 2nd among its 34 competitors.

ZestMoney

ZestMoney is an online platform that offers point-of-sale financing, enabling users to purchase products and pay in periodic installments within a partnered merchant network. The platform facilitates early payments and offers financing based on bank statements. Users can complete KYC on the portal to obtain financing options. The ZestMoney app is available on both Android and iOS platforms. 

Founded in 2015 and based in Bengaluru, India, ZestMoney has been acquired after raising $140 million in funding from investors such as Bank of America, Naspers, and 33 others. With a Tracxn Score of 70/100, ZestMoney ranks 4th among its 53 competitors.

Axio

Axio is an online lending platform that provides point-of-sale financing, including Buy Now, Pay Later (BNPL) solutions, credit, and personal finance management tools. The platform also helps businesses onboard customers and manage sales. axio’s app is available on both Android and iOS devices. 

Established in 2013 and headquartered in Bengaluru, India, axio has raised $212 million in Series F funding from investors such as Sequoia Capital, Amazon, and 37 others. The company holds a Tracxn Score of 69/100, ranking 5th among its 192 competitors.

Mswipe

Mswipe is a payment processing solution provider that offers businesses and merchants products such as hardware-based POS terminals, QR-based payment solutions, and link-based payment solutions. The company also provides POS loans, EMV-enabled prepaid cards through its Mcard, and more. Mswipe’s app-based platform is available on iOS and Android platforms. 

Mswipe, launched in 2011, received $126 million in Series E funding from Innoven Capital, Alpha Wave Global, and 24 others. The company has a Tracxn Score of 68/100, ranking 4th among its 131 competitors.

Conclusion

As the financial industry continues to innovate, the importance of developing cutting-edge finance apps cannot be overstated. These apps not only enhance customer experiences but also open up new avenues for business growth and revenue generation. 

Are you ready to take your financial services to the next level? Partner with Appic Softwares, the best fintech app development company, and bring your finance app ideas to life. Our expertise in fintech solutions ensures that your app will be robust, secure, and tailored to meet your business needs. Contact us today to start building the future of finance!