About FinTech sector in Sri Lanka
The FinTech sector in Sri Lanka comprises 184 companies, including 15 funded companies having collectively raised $3.09M in venture capital money and private equity. Out of these, 9 are Series A+ funded.
FinTech sector in Sri Lanka has seen 4 acquisitions and 2 IPOs.
This sector includes companies providing tech-enabled financial services and IT infrastructure and software for offering and managing financial services.
FinTech sector is also known as BFSI Tech.
Companies providing tech solutions to provide financial services like lending, banking, fundraising, insurance, etc are included in this sector. Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc are excluded.
Top FinTech Companies in Sri Lanka
There are 184 FinTech startups in Sri Lanka which include Mintpay, People's Pay, Pay&Go, UPay, Payable. Out of these, 15 startups are funded, with 9 having secured Series A+ funding.
2026 has seen the creation of 1 FinTech startup in Sri Lanka. Over the past 10 years, an average of 8 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Imperial College London, University of Cambridge and Harvard Business School.
Here is the list of top FinTech startups in Sri Lanka
1. Mintpay
Online platform offering point-of-sale financing loans for consumers. It allows its users to avail of buy now pay later loans to purchase products online from the platform's partnered stores and repay the loan amount in periodic installments within the partnered network. Its merchant portal enables sellers to sell products with buy now pay later options to the end customers. Its application is available for iOS and Android devices.
Key facts about Mintpay
- Founded Year: 2020
- Location: Colombo (Sri Lanka)
- Stage: Seed
- Total Funding till date: $252K
- Investors: Lankan Angel Network, nVentures and 3 Others
- Latest Funding Round: Seed, Nov 23, 2023, $*****
- Tracxn Score: 59/100 What is this?
- Competitors Rank: 44 of 529 Competitors
2. People's Pay
Wallet-enabled payment solution for consumers. Provides consumers with money transfers, bill payments, QR-code-enabled payment acceptance, bill payments for electricity, mobile recharge, and more. Application is made available on Android, iOS, and AppGallery platforms.
Key facts about People's Pay
- Founded Year: 2021
- Location: Colombo (Sri Lanka)
- Stage: Unfunded
- Tracxn Score: 47/100 What is this?
- Competitors Rank: 1 of 3 Competitors
3. Pay&Go
Provider of online and kiosk-based payment services. This facilitates payments for various utilities, insurance, and other services. The company operates a network of kiosks and offers a mobile application for convenient transactions. It also provides payment processing solutions for businesses through POS terminals and a kiosk network partnership program. The service enables users to pay bills and make other transactions through multiple channels.
Key facts about Pay&Go
- Founded Year: 2011
- Location: Colombo (Sri Lanka)
- Stage: Unfunded
- Tracxn Score: 45/100 What is this?
- Competitors Rank: 28 of 787 Competitors
4. UPay
Upay is an app-based mobile payment platform. Users can link existing bank accounts and cards to the app. Allows users to automate, track and manage payments. Offers UPOS app for merchants to accept online payments. The app is available on Android and iOS platforms.
Key facts about UPay
- Founded Year: 2010
- Location: Colombo (Sri Lanka)
- Stage: Funding Raised
- Investors: Patamar Capital
- Tracxn Score: 43/100 What is this?
- Competitors Rank: 442 of 8,139 Competitors
5. Payable
Payable provides a mobile point of sale solution to the merchant for accepting payments through credit/debit card. It offers a card reader and mobile application. It also offers a swipe machine to accept payments. The merchant can check the sales dashboard, settlements, and transactions.
Key facts about Payable
- Founded Year: 2014
- Location: Dehiwala Mount Lavinia (Sri Lanka)
- Stage: Acquired
- Latest Funding Round: Series A, Aug 17, 2017, $*****
- Tracxn Score: 43/100 What is this?
- Competitors Rank: 3 of 21 Competitors
Companies founded year-on-year in the FinTech sector in Sri Lanka
1 new startup has been founded so far in 2026 in the FinTech sector in Sri Lanka. 16 FinTech startups in Sri Lanka were founded in 2018 - 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 | 1 |
2025 | 3 |
2024 | 7 |
2023 | 4 |
2022 | 9 |
2021 | 9 |
2020 | 11 |
2019 | 10 |
2018 | 16 |
2017 | 12 |
Stage-wise distribution of FinTech sector companies in Sri Lanka
Out of the total 184 FinTech companies in Sri Lanka, 15 have secured funding. Among them, 9 have reached Series A or higher, and 6 to Series B or beyond.
Founded - 184
Funded - 15
Series A+ - 9
Series B+ - 6
Series C+ - 6
Company Stage | No. of companies |
|---|---|
Founded | 184 |
Funded | 15 |
Series A+ | 9 |
Series B+ | 6 |
Series C+ | 6 |
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Funding Trends in the FinTech sector in Sri Lanka
Total funding year-on-year in the FinTech sector in Sri Lanka
The FinTech sector in Sri Lanka saw a total funding of more than $3.09M in the last 10 years. The most amount of funding was in 2021 at more than $1.14M.
- Total Funding
Year | Total Funding |
|---|---|
2024 | $150K |
2023 | - |
2022 | $815K |
2021 | $1.14M |
2019 | $750K |
2018 | - |
2017 | - |
Recent Funding Rounds in FinTech in Sri Lanka
In the year 2024, till December 2024, FinTech companies in Sri Lanka have raised $150K in equity funding across 2 rounds.
In the same period last year (i.e. till November 2023), FinTech companies in Sri Lanka had raised equity funding across 1 round.
Here are some recent, important funding rounds in FinTech companies in Sri Lanka:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 6847 | Dec 16, 2024 | ||
Seed | 7850 | Nov 13, 2024 | ||
Seed | 9829 | Nov 23, 2023 | ||
Series A | 5796 | Aug 24, 2022 | ||
Seed | 8317 | Feb 18, 2022 |
Top Investors in FinTech in Sri Lanka
Patamar Capital is the top investor in FinTech companies in Sri Lanka based on number of companies invested.
Here are some top investors in FinTech companies in Sri Lanka:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Bengaluru (India) | ||
Cologne (Germany) | - | |
Singapore (Singapore) | - | |
Hong Kong (China) | - | |
Singapore (Singapore) | - |
M&A activity in FinTech sector in Sri Lanka
In the year 2026, till June 2026, 1 acquisition happened in FinTech sector in Sri Lanka.
Here are some recent, important acquisitions in FinTech sector in Sri Lanka:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jun 15, 2026 | - | |
Business Acquisition | Apr 07, 2021 | ||
Business Acquisition | Oct 2019 | ||
Acqui-Hired | Dec 29, 2017 |
Acquisition trends in FinTech sector in Sri Lanka
Here are the acquisition trends in FinTech sector in Sri Lanka:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 1 |
2025 | - |
2024 | - |
2023 | - |
2022 | - |
2021 | 1 |
2020 | - |
2019 | 1 |
2018 | - |
2017 | 1 |
Colleges which produce the most FinTech companies in Sri Lanka
Companies founded by alumni from top colleges in the FinTech in Sri Lanka
Most number of FinTech startups in Sri Lanka have been founded by alumni from Imperial College London, University of Cambridge and Harvard Business School.
College | No. of companies |
|---|---|
Imperial College London | 2 |
University of Cambridge | 2 |
Harvard Business School | 1 |
Harvard University | 1 |
IIT Kharagpur | 1 |
Massachusetts Institute of Technology | 1 |
The University of British Columbia | 1 |
University of Manchester | 1 |
Yale University | 1 |
Total funding in FinTech companies founded by alumni from top colleges in Sri Lanka
In the last 10 years, Massachusetts Institute of Technology graduates' FinTech companies in Sri Lanka have raised the most funding among top colleges. Imperial College London and University of Manchester alumni are second.
College | Total Funding |
|---|---|
Massachusetts Institute of Technology | $1.14M |
Imperial College London | $950K |
University of Manchester | $950K |
University of Cambridge | $562K |
Harvard Business School | - |
Harvard University | - |
IIT Kharagpur | - |
The University of British Columbia | - |
Yale University | - |
Top News in FinTech in Sri Lanka
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eZ Cash, Rakuten Viber launch chatbot payments service in Sri LankaTelecompaper•Dec 06, 2021•eZ Cash, Viber
