5 FinTechs leveraging API-led connectivity for seamless financial services

By Gloria Mathias

The Indian FinTech industry has witnessed a rapid evolution, owing to the emergence of startups leveraging the power of Application Programming Interface (API)-led connectivity.

APIs, which act as digital bridges between different software applications, are transforming the way financial services are delivered, making transactions faster, more secure, and highly convenient. These services are confined to an institution’s channels and operated under tightly regulated infrastructure, thereby increasing customer security.

Through their extensive use of APIs, FinTech companies are playing a crucial role in shaping the future of the FinTech economy. Customers, in turn, actively seek seamless and uninterrupted payment experiences, leading to a growing interest in applications built on APIs. Furthermore, the effectiveness of API has resulted in a notable improvement in the speed and security of data exchange becoming a vital component of contemporary financial transactions.

Below listed are 5 FinTech startups leveraging API to offer seamless financial services:

• FinBox 

FinBox is a Bangalore-based FinTech startup that provides embedded financial infrastructure and digital credit solutions to startups and enterprises around the world. Scaling globally, the company enables end-to-end digital credit infrastructure by providing full-stack APIs and SDKs to embed credit across use cases. FinBox promises to simplify the credit journey from risk mitigation, and underwriting to debt recovery. FinBox has helped lenders such as Home Credit, Udaan, and IIFL make more than 16 million credit decisions to date with its platforms such as DeviceConnect.

• Clear 

Clear (Formerly known as ClearTax) serves 1.5+ Million customers, 20000+ CAs & tax experts & 10000+ businesses across India by simplifying their taxation needs.  ClearTax is India’s SaaS platform and with seamless technology integration, the company has reached about 10% of MSMEs. It acts as an intermediary to facilitate communication between the taxpayer/GSP and the electronic billing system, e.g., GSP-based API integration for electronic billing, costs, and processes, GSP is an acronym for GST Suvidha Provider.

• Fundfina

Fundfina is a B2B embedded finance company that enables businesses to build customized credit products for merchants on its platform based on their cash flow and financial performance. Since its launch, the company has served more than 1 million MSME retailers and merchants in more than 26 Indian states. The company customizes APIs as per customer needs develops intelligent use cases for user acquisition, conversion and retention and helps customers have a hassle-free experience with embedded financial services through APIs.

• SabPaisa 

SabPaisa is a fast-growing FinTech company that has developed an API-driven unified payments platform, a secure and unified payments platform trusted by large enterprises, banks, and government institutions and serving private businesses with seamless payment gateway services. The company’s payment gateway suite streamlines payment collection, and disbursement and comprehensive APIs simplify the payment-related complexities of business houses. It offers solutions from payment collection to disbursements and APIs, all in one place.

• Karvy Fintech

KFintech serves the mission-critical needs of asset managers with clients across mutual funds, AIFs (alternative investments), pensions, asset managers and corporates in India and abroad. The company provides SaaS-based end-to-end transaction management, channel management, compliance solutions, data analytics, and various other digital services to asset managers across segments, as well as outsourcing services to global players. The company’s NPS solution, equipped with the latest technologies, helps governments and public sector organizations automate the management of mandatory NPS processes.