Mumbai has established itself as India’s premier startup hub, and fintech is the sector where the city’s financial legacy translates most directly into startup activity. Its proximity to banks, insurers, NBFCs and the country’s largest pool of institutional capital has made it the natural home for lending, insurance, payments and wealthtech builders. Per Inc42 Datalabs, Mumbai startups raised $3.7 Bn across 175 deals in 2024, a 154% jump from $1.5 Bn in 2023, the year the city overtook Bengaluru to become India’s most-funded startup hub. The median ticket size rose 15% year-on-year to $3.4 Mn.
Fintech remained India’s single most funded sector in 2024, drawing $2.5 Bn+ across 162 deals nationally, and India now has 700+ funded fintech startups. The market opportunity remains substantial, with India’s fintech super-app user base projected to reach 837 Mn by 2028 across digital payments, wealth management and regtech.
The ecosystem has deep institutional support. The Mumbai Fintech Hub, established in 2018, connects startups, financial institutions and regulators, backed by the Maharashtra State Innovation Society (MSInS), while global investors including Blackstone and Amazon Web Services have committed to city infrastructure and the state is launching M-Hub, its first incubator. Mumbai’s fintech roster spans lending, housing finance, payments and crypto, including Piramal Capital & Housing Finance, Vastu Housing Finance, Drip Capital, InCred, Mintifi, BillDesk and CoinDCX. With that, here is the list of the top funded fintech startups in Mumbai, ranked by total funding.
