The Top 7 FinTech Companies in Asia – 2021

With more internet penetration and better purchasing power, the FinTech industry is growing in Asia like never before. Several innovative financial services and big FinTech companies are driving this growth by offering new financial products and services to customers backed by the power of cutting-edge technology.

Here is our pick of the top 7 FinTech Companies in Asia to look out for in 2021 in no specific order.

BankBazaar

Headquartered in Chennai, India, BankBazaar is an online marketplace for bank loans, insurance policies, and credit cards. The company offers options to its users to select from various services from different banks. BankBazaar’s platform can be accessed either through its app or website where customers are provided with financial tools to help them navigate according to their requirements. Users can easily search, compare, and apply for products. BankBazaar is backed by an array of investors including Amazon. The company had raised INR45 crore from WSV Capital and its existing investors in June 2020.

Ant Group

The financial arm of internet giant Alibaba serves over 730 million users every month from its range of financial services- fund transfer, payment, money-market funds and offers loans to small businesses and consumers. Having pioneered digital payments in China, the company has since expanded its service offerings through innovation and technology to enable digital finance for businesses and consumers. Ant Group is funded by 15 investors and has raised a total of $22B in funding with the last being in 2018. The Carlyle Group and Warburg Pincus are the most recent investors.

Cashlez

Established in 2015, the Jakarta-based FinTech, Cashlez offers a mobile point-of-sale (mPOS) system where payments can be accepted using debit and credit cards on smartphones connected by a card reader through Bluetooth. All sales transactions of the business can be monitored in real-time system with Cashlez’s system. In addition to mobile point-of-sale, it allows merchants to accept other digital payment methods such as- Cashlez links and QR Code payments. The company develops back-office and POS reporting features that are provided free of cost to make it easier for merchants to manage and grow their business. Even amidst the pandemic, the company has witnessed an increase in transactions and sales volumes. The company is backed by three investors Sumitomo Corporation, Gan Kapital, and Mandiri Capital Indonesia. In May 2020, Cashlez raised $5.8 million in its IPO. 

Paytm

Paytm owned by One97 Communications Ltd. is an Indian FinTech that offers payment gateway services to merchants and allows consumers to make seamless mobile payments through bank accounts, credit cards, and digital cards. The company started by offering utility bill payments and mobile recharge but has grown since to offer a complete marketplace to consumers on a mobile app.  Paytm was founded in 2010 and is backed by an array of investors including- One97 Mobility Fund, SoftBank, Alibaba Group, SAIF Partners, and Ant Financial.

Razorpay

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay’s platform provides payment solutions to online merchants in India. It enables businesses to accept, process, and disburse payments with its product suite. Razorpay gives access to all payment modes including debit card, credit card, net banking, UPI, and popular wallets such as Airtel Money, Mobikwik, JioMoney, Ola Money, FreeCharge, and PayZapp. The company has jumped to the status of Unicorn last year after $100 million funding in October 2020 led by Sequoia India and GIC, Singapore’s sovereign wealth fund. 

JD Finance

The FinTech arm of China’s e-commerce giant JD.com, JD Finance was established in 2013 to give businesses and individuals quick and convenient access to financial services. The company has branched out in seven business lines- consumer finance, supply chain finance, asset management, crowdfunding, insurance, securities, and payment solutions. The company offers microloan and crowd funding platform, and wealth management services. In the last funding round in March 2018, the company had managed to raise US$ 2 billion. 

If you think any other company should be included in this list, please drop a note @ [email protected]