July 20, 2024
Top 10 RegTech Startups in India

Top 10 RegTech Startups in India Discover the leading regulatory technology startups revolutionizing compliance and verification processes in India. This list includes innovative companies like IDfy, providing AI-based fraud detection and KYC solutions, and Signzy, which offers a no-code digital banking infrastructure platform. Learn about Perfios’s real-time credit-decisioning tools and Simility’s enterprise fraud detection SaaS platform. Explore services offered by Electronic Payment and Services in ATM and POS outsourcing, HyperVerge’s image verification technology, and Digio’s API-enabled digital KYC solutions. Intello Labs specializes in AI-based agricultural product quality testing, while Decentro and FinBox offer open banking API solutions for seamless financial services. Each startup is driving significant advancements in the RegTech sector, ensuring compliance, reducing fraud, and enhancing operational efficiency for financial institutions and enterprises.

Top 10 RegTech Startups in India

1. IDfy

Source: idfy.com

Overview: Founded in 2011 and based in Mumbai, IDfy offers a comprehensive online platform for various verifications including customer, employee, user, and partner. The platform includes KYC, AML, GDPR compliance, customer onboarding, identity authentication, and AI-based fraud detection solutions.
Innovation: IDfy leverages data science and AI to provide advanced fraud detection and identity verification solutions, making the onboarding process seamless and secure for banks, financial services, recruiters, and insurers.
Impact: With $48M in funding, IDfy significantly reduces fraud risks and operational costs for its clients, enhancing trust and compliance in financial and recruitment processes.

Founded Year2011
FounderAshok Hariharan
Key ServiceKYC, AML, GDPR compliance
IDfy Details in Table

Also Read: Top 10 HealthTech Startups in India  

2. Signzy

Source: signzy.com

Overview: Established in 2015 in Bengaluru, Signzy is a digital banking infrastructure provider that offers a no-code platform for end-to-end onboarding journeys and customizable workflows.
Innovation: Signzy’s platform integrates a marketplace of APIs that can be tailored to specific needs, simplifying digital transformation for financial institutions by offering secure and efficient onboarding solutions.
Impact: Having raised $40M, Signzy has transformed digital onboarding processes for banks and financial institutions, making them more efficient and reducing the time required for customer verification and compliance.

Founded Year2015
FounderAnkit Ratan, Arpit Ratan, Ankur Pandey
Key ServiceNo-code platform for onboarding journeys
Signzy Details in Table

Also Read: Top 10 Fintech Startups in India 

3. Perfios

Source: perfios.com

Overview: Perfios, founded in 2007 in Bengaluru, is a real-time credit-decisioning platform providing financial data analysis and aggregation APIs, primarily for B2B fintech applications.
Innovation: Perfios utilizes a SaaS-based model to offer financial worthiness assessments and automate loan decision processes, integrating personal finance management tools and SME lending solutions.
Impact: With $464M in funding, Perfios has significantly enhanced the ability of financial institutions to make informed credit decisions quickly, thereby improving loan approval rates and financial inclusion.

Founded Year2007
FounderV. R. Govindarajan, R. S. Ramakrishna
Key ServiceReal-time credit-decisioning platform
Perfios Details in Table

Also Read: Top 10 Agritech Startups in India 

4. Simility

Source: simility.com

Overview: Founded in 2014 and headquartered in Palo Alto, Simility provides an enterprise fraud detection SaaS platform utilizing big data analytics, machine learning, and data visualization.
Innovation: Simility’s cloud-based solution allows for easy integration and customization of fraud detection workflows, adapting to various fraud scenarios and industry-specific needs.
Impact: Acquired with $25M in funding, Simility has helped businesses across different sectors to effectively combat fraud, thereby protecting their assets and maintaining consumer trust.

Founded Year2014
LocationPalo Alto (United States)
FounderRahul Pangam, Kedar Samant, R. Scott Peck
Key ServiceEnterprise fraud detection SaaS platform
Simility Details in Table

Also Read: Top 10 CleanTech Startups in India  

5. Electronic Payment and Services

Source: electronicpay.in

Overview: Launched in 2011 in Mumbai, Electronic Payment and Services offers ATM and POS outsourcing services to banks and financial institutions, handling end-to-end ATM operations and transaction processing.
Innovation: The company provides comprehensive services including site identification, infrastructure setup, ATM installation, and connectivity support, ensuring smooth and secure transaction processing.
Impact: With $43.7M in funding, Electronic Payment and Services has enhanced the efficiency and reliability of ATM and POS services, contributing to greater accessibility of banking services in India.

Founded Year2011
FounderN. Rangachary, S. B. Gathibandhe
Key ServiceATM & POS outsourcing services
Electronic Payment and Services Details in Table

Also Read: Top 10 InsurTech Startups in India 

6. HyperVerge

Source: hyperverge.co

Overview: HyperVerge, founded in 2014 in Bengaluru, offers deep-learning technology products for image verification, including solutions for digital KYC, fraud checks, and data verification.
Innovation: Utilizing advanced AI and computer vision, HyperVerge converts vast amounts of data into actionable insights, serving sectors like financial services, telecom, energy, and defense.
Impact: With $1M in seed funding, HyperVerge’s technology has improved the accuracy and efficiency of verification processes, aiding in fraud prevention and operational optimization for various industries.

Founded Year2014
FounderKedar Kulkarni, Praveen Dharamshi, Ramesh Ananthasubramanian
Key ServiceDeep-learning technology for image verification
HyperVerge Details in Table

Also Read: Top 10 LegalTech Startups in India 

7. Digio

Source: digio.in

Overview: Established in 2016 in Bengaluru, Digio provides API-enabled digital KYC and documentation solutions for banks and enterprises, automating digital signing, KYC, and document collection.
Innovation: Digio’s platform leverages Aadhaar-based e-signatures and video in-person verification to streamline the KYC and onboarding processes, ensuring compliance and reducing manual effort.
Impact: With $11.9M in funding, Digio has made the onboarding process more efficient and secure for financial institutions, thereby enhancing customer experience and regulatory compliance.

Founded Year2016
FounderAnkit Vengurlekar, Aditya Anand
Key ServiceAPI-enabled digital KYC and documentation solutions
Digio Details in Table

Also Read: Top 10 GovTech Startups in India 

8. Intello Labs

Source: intellolabs.com

Overview: Founded in 2016 in Gurgaon, Intello Labs specializes in AI-based solutions for agricultural product quality testing, digitizing and automating sorting and packing processes.
Innovation: Intello Labs employs computer vision and AI to assess the quality of fresh produce, improving the efficiency and accuracy of sorting and packing in the supply chain.
Impact: With $16.6M in funding, Intello Labs has revolutionized the agricultural supply chain, reducing waste and ensuring better quality control, which benefits farmers, distributors, and consumers.

Founded Year2016
FounderMilan Sharma, Himani Shah, Nishant Mishra
Key ServiceAI-based agricultural product quality testing
Intello Labs Details in Table

Also Read: Top 10 RetailTech Startups in India 

9. Decentro

Source: decentro.tech

Overview: Launched in 2020 in Singapore, Decentro offers open banking API solutions, enabling banks and financial institutions to implement digital banking features like KYC, AML, digital lending, and payments.
Innovation: Decentro’s platform provides a comprehensive suite of APIs that facilitate seamless integration and management of banking operations, fostering innovation in financial services.
Impact: With $4.7M in funding, Decentro has accelerated the adoption of digital banking solutions, enhancing the efficiency and reach of financial services, particularly in emerging markets.

Founded Year2020
FounderRohit Taneja
Key ServiceOpen banking API solutions
Decentro Details in Table

Also Read: Top 10 PropTech Startups in India 

10. FinBox

Source: finbox.in

Overview: Established in 2015 in Mumbai, FinBox provides API-based solutions for building financial products, including bank account linking and mobile device data integration for customized financial services.
Innovation: FinBox’s APIs enable seamless connection between user data and financial institutions, offering tools like BankConnect and DeviceConnect to enhance financial product offerings.
Impact: With $16.1M in funding, FinBox has facilitated the development of innovative financial products and services, improving financial access and personalization for consumers and businesses.

Founded Year2015
FounderRajat Deshpande, Finbox Team
Key ServiceAPI-based open banking solutions
FinBox Details in Table

Also Read: Top 10 FoodTech Startups in India 

FAQ on Top 10 RegTech Startups in India

Q1. What is RegTech?
RegTech, short for Regulatory Technology, involves using technology to help companies comply with regulations efficiently and cost-effectively. It includes solutions for KYC, AML, fraud detection, and compliance management.

Q2. Which is the leading RegTech startup in India?
IDfy is a leading RegTech startup in India, offering a wide range of verification services including KYC, AML, GDPR compliance, and AI-based fraud detection for various industries.

Q3. What does Signzy offer?
Signzy provides a no-code digital banking infrastructure platform that enables end-to-end onboarding journeys and customizable workflows. It simplifies digital transformation for financial institutions with its marketplace of APIs.

Q4. How does Perfios help financial institutions?
Perfios offers real-time credit-decisioning platforms and data aggregation APIs. It helps financial institutions by automating loan decision processes and providing tools for financial data analysis and SME lending solutions.

Q5. What sets Simility apart in the RegTech space?
Simility specializes in enterprise fraud detection using big data analytics, machine learning, and data visualization. Its cloud-based solution allows for easy integration and customization to meet specific fraud scenarios.

Q6. What services does Electronic Payment and Services provide?
Electronic Payment and Services focuses on ATM and POS outsourcing services, handling everything from site identification and infrastructure setup to transaction processing and maintenance for banking institutions.

Q7. How does HyperVerge contribute to the RegTech industry?
HyperVerge provides deep-learning technology products for image verification, digital KYC, fraud checks, and data verification. Its AI and computer vision technology convert vast data into actionable insights.

Q8. What is unique about Digio’s platform?
Digio offers API-enabled digital KYC and documentation solutions, automating processes like digital signing, document collection, and video in-person verification. It enhances compliance and reduces manual effort for banks and enterprises.

Q9. How does Intello Labs improve agricultural processes?
Intello Labs uses AI and computer vision for agricultural product quality testing. It digitizes and automates sorting and packing processes, improving efficiency and accuracy in the fresh produce supply chain.

Q10. What are Decentro and FinBox known for?
Decentro and FinBox both offer open banking API solutions. Decentro provides APIs for KYC, AML, digital lending, and payments, while FinBox specializes in API-based solutions for connecting user data with financial institutions to build customized financial products.

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