About FinTech SaaS sector in Mumbai, India
The FinTech SaaS sector in Mumbai, India comprises 206 companies, including 48 funded companies having collectively raised $378M in venture capital money and private equity. Out of these, 21 are Series A+ funded.
FinTech SaaS sector in Mumbai, India has seen 8 acquisitions.
This sector includes companies that provide SaaS-based Financial Services solutions.
FinTech SaaS sector is also known as FinTech SaaSTech, FinTech SaaS-Tech, Digital FinTech SaaS or FinTech SaaS Technology Solutions.
Companies that provide SaaS-based Financial Services solutions to institutions are included in this sector. Companies that provide Non-SaaS based Financial Service solutions and Non-Financial Services solutions are excluded.
Top FinTech SaaS Companies in Mumbai, India
There are 206 FinTech SaaS startups in Mumbai, India which include Idfy, AdvaRisk, Riskcovry, Knight FinTech, Coverstack. Out of these, 48 startups are funded, with 21 having secured Series A+ funding.
2026 has seen the creation of 10 FinTech SaaS startups in Mumbai, India. Over the past 10 years, an average of 9 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIM Calcutta, IIT Bombay and IIM Bangalore.
Here is the list of top FinTech SaaS startups in Mumbai, India
1. Idfy
Provider of a platform for identity verification and risk management. The platform offers tools for customer and workforce governance throughout their lifecycle. It focuses on frictionless onboarding, verifiable identities, and faster revenue generation. The platform aims to reduce onboarding friction, prevent fraud, and accelerate time-to-revenue. It helps detect and mitigate risk in real time, reducing financial and operational losses. The platform also transforms compliance into a growth engine through centralized automation.
Key facts about Idfy
- Founded Year: 2011
- Location: Mumbai (India)
- Stage: Series F
- Total Funding till date: $85.4M
- Investors: Blume Venture, New Enterprise Associates and 41 Others
- Latest Funding Round: Series F, Jun 22, 2026, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 6 of 293 Competitors
2. AdvaRisk
Provider of platform for real estate collateral management and risk assessment. The platform offers solutions for property onboarding, due diligence, monitoring, and recovery. It integrates data sources and algorithms to identify insights for financial institutions. The platform helps digitize the discovery, onboarding, and monitoring of real estate collaterals.
Key facts about AdvaRisk
- Founded Year: 2016
- Location: Mumbai (India)
- Stage: Series A
- Total Funding till date: $7.89M
- Investors: ICICI Bank, Seafund and 27 Others
- Latest Funding Round: Series A, Jun 13, 2026, $*****
- Tracxn Score: 62/100 What is this?
- Competitors Rank: 2 of 46 Competitors
3. Riskcovry
Provider of a platform for digital insurance distribution and management. The platform offers tools for managing the insurance lifecycle, including purchase, management, and claims. It provides a unified application programming interface for integrating with multiple insurers and products. The platform supports assisted, embedded, and direct insurance distribution channels.
Key facts about Riskcovry
- Founded Year: 2018
- Location: Mumbai (India)
- Stage: Series A
- Total Funding till date: $14.4M
- Investors: Morphosis Venture Capital, 360 One and 38 Others
- Latest Funding Round: Series A, Jan 03, 2024, $*****
- Tracxn Score: 62/100 What is this?
- Competitors Rank: 6 of 101 Competitors
A digital banking technology company that provides full-stack banking solutions for lending, treasury management, and supply chain finance. It is a technology company that provides full-stack banking solutions for lending and treasury management. The company's platform enables financial institutions to streamline their operations, maange efficiency, and customer experience.
Key facts about Knight FinTech
- Founded Year: 2019
- Location: Mumbai (India)
- Stage: Series A
- Total Funding till date: $32.8M
- Investors: 3one4 Capital, Trifecta Capital and 13 Others
- Latest Funding Round: Series A, Jan 02, 2026, $*****
- Tracxn Score: 62/100 What is this?
- Competitors Rank: 7 of 129 Competitors
5. Coverstack
Insurtech platform providing no-code, plug-and-play insurance infrastructure solutions. The platform helps non-banking financial institutions digitize their services, supports BFSI companies, aids companies in resource acquisition and transportation, provides tech support etc
Key facts about Coverstack
- Founded Year: 2010
- Location: Mumbai (India)
- Stage: Series A
- Total Funding till date: $55.8M
- Investors: Accel, SAIF Partners and 12 Others
- Latest Funding Round: Angel, Dec 12, 2019, $*****
- Tracxn Score: 62/100 What is this?
- Competitors Rank: 4 of 792 Competitors
Companies founded year-on-year in the FinTech SaaS sector in Mumbai
10 new startups have been founded so far in 2026 in the FinTech SaaS sector in Mumbai. 17 FinTech SaaS startups in Mumbai were founded in 2019 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 10 |
2025 | 13 |
2024 | 7 |
2023 | 4 |
2022 | 4 |
2021 | 14 |
2020 | 10 |
2019 | 17 |
2018 | 6 |
2017 | 8 |
Stage-wise distribution of FinTech SaaS sector companies in Mumbai
Out of the total 206 FinTech SaaS companies in Mumbai, 48 have secured funding. Among them, 21 have reached Series A or higher, and 12 to Series B or beyond.
Founded - 206
Funded - 48
Series A+ - 21
Series B+ - 12
Series C+ - 10
Company Stage | No. of companies |
|---|---|
Founded | 206 |
Funded | 48 |
Series A+ | 21 |
Series B+ | 12 |
Series C+ | 10 |
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Funding Trends in the FinTech SaaS sector in Mumbai
Total funding year-on-year in the FinTech SaaS sector in Mumbai
The FinTech SaaS sector in Mumbai saw a total funding of more than $324M in the last 10 years. The most amount of funding has been in 2026 at more than $75.5M till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $75.5M |
2025 | $33.2M |
2024 | $42.7M |
2023 | $28M |
2022 | $23.5M |
2021 | $37.6M |
2020 | $13.2M |
2019 | $4.11M |
2018 | $58.8M |
2017 | $7.34M |
Recent Funding Rounds in FinTech SaaS in Mumbai
In the year 2026, till July 2026, FinTech SaaS companies in Mumbai have raised $75.5M in equity funding across 6 rounds.
In the same period last year (i.e. till April 2025), FinTech SaaS companies in Mumbai had raised $8.12M across 5 rounds.
So, 2026 has seen a 829.11% rise in funding in FinTech SaaS companies in Mumbai as compared to 2025.
Here are some recent, important funding rounds in FinTech SaaS companies in Mumbai:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 2349 | Jul 29, 2026 | ||
Seed | 9116 | Jun 30, 2026 | ||
Series F | 3547 | Jun 22, 2026 | - | |
Series A | 5188 | Jun 13, 2026 | ||
Series F | 7702 | Feb 13, 2026 |
Top Investors in FinTech SaaS in Mumbai
Lightspeed Venture Partners is the top investor in FinTech SaaS companies in Mumbai based on number of companies invested.
Here are some top investors in FinTech SaaS companies in Mumbai:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Menlo Park (United States) | - | |
Mumbai (India) | ||
Mumbai (India) | ||
New York City (United States) | - | |
Boston (United States) | - |
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M&A activity in FinTech SaaS sector in Mumbai
In the year 2025, till November 2025, 1 acquisition happened in FinTech SaaS sector in Mumbai.
Here are some recent, important acquisitions in FinTech SaaS sector in Mumbai:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 07, 2025 | ||
Business Acquisition | Mar 05, 2023 | ||
Business Acquisition | Feb 25, 2022 | ||
Acqui-Hired | Feb 16, 2022 | ||
Business Acquisition | Nov 11, 2021 |
Acquisition trends in FinTech SaaS sector in Mumbai
Here are the acquisition trends in FinTech SaaS sector in Mumbai:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 1 |
2024 | - |
2023 | 1 |
2022 | 2 |
2021 | 2 |
2020 | - |
2019 | 1 |
2018 | - |
2017 | 1 |
Colleges which produce the most FinTech SaaS companies in Mumbai
Companies founded by alumni from top colleges in the FinTech SaaS in Mumbai
Most number of FinTech SaaS startups in Mumbai have been founded by alumni from IIM Calcutta, IIT Bombay and IIM Bangalore.
College | No. of companies |
|---|---|
IIM Calcutta | 4 |
IIT Bombay | 4 |
IIM Bangalore | 3 |
IIT Madras | 3 |
IIT Roorkee | 3 |
IIM Ahmedabad | 2 |
IIT Kanpur | 2 |
IIT Kharagpur | 2 |
BITS Pilani | 1 |
Booth School of Business | 1 |
Total funding in FinTech SaaS companies founded by alumni from top colleges in Mumbai
In the last 10 years, IIT Roorkee graduates' FinTech SaaS companies in Mumbai have raised the most funding among top colleges. IIT Madras alumni are second, and IIM Calcutta alumni are third.
College | Total Funding |
|---|---|
IIT Roorkee | $43.4M |
IIT Madras | $31.2M |
IIM Calcutta | $30.5M |
Nanyang Technological University (NTU) | $14.4M |
University of California (Berkeley) | $14.4M |
University of Warwick | $14.4M |
Warwick Business School | $14.4M |
IIT Kanpur | $10.7M |
Harvard Business School | $6.65M |
Faculty of Management Studies | $5.77M |
Top News in FinTech SaaS in Mumbai
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86400 and Vegapay power the Next Leap in UPI Innovation.The Wire•Oct 01, 2025•Mobileware Tech, Vegapay
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TransUnion CIBIL and FACE Collaborate to Launch Consumer Education InitiativeMedia Bulletins•Mar 13, 2025•TransUnion CIBIL, FACE
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IDfy Completes SOC 2 Type II Attestation, Strengthening Data Security and Operational ExcellenceAsian News International•Feb 28, 2025•Idfy
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CredAble & Chekk boost global working capital programs via secure digital KYC/KYB & AML solutions.Fintech Finance•Feb 24, 2025•CredAble, Chekk
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Palawan Group of Companies seals partnership with trusted identity verification platform IDfybusinessmirror.com.ph•Feb 17, 2025•Idfy, PalawanPay
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CredAble’s NBFC Joins SIDBI’s CGTMSE as Member Lending Institution to Boost MSME GrowthBusinessnewsthisweek•Feb 12, 2025•CredAble, SIDBI, Cgtmse
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DSCI collaborates with Privy to launch PriView, a DPDP-focused privacy notice generatorAsian News International•Dec 23, 2024•Idfy, DSCI
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DSCI collaborates with Privy to launch PriView, a DPDP-focused privacy notice generatorExpress Computer•Dec 16, 2024•DSCI, Privy, Idfy
•
Transuni CIBIL Appointed Bhavesh Jainism Managing Director & CEOBusinessnewsthisweek•Dec 14, 2024•TransUnion CIBIL
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TransUnion CIBIL appoints Bhavesh Jain as Managing Director and CEOPeople Matters•Dec 12, 2024•TransUnion CIBIL
