Here are 5 startups that revolutionising fintech

Mumbai: Since its inception in 2005, US based accelerator YCombinator has been incubating and supporting startups. With over 3000 successful companies, like AirBnB, DropBox, and many more, under its portfolio, YCombinator works intensively with the companies for months, shapingand refining their pitches and helping them connect with stakeholdersworldwide. Each year they are known to organise 2 cohorts, SummerCohort and Winter Cohort, in which they invest $500k per company.

As India aims to become the world's startup capital, India already hasover 190 startups that have received funding from YCombinator. We havecompiled a list of five fintech startups - which were selected by YCombinator - that are revolutionising thefintech space in India.

Gullak

Gullak is a mobile app that automates savings and invests them in gold.The app makes it extremely easy for users to save small amountsregularly. With Gullak, users can get started with auto saving just Rs10 per day. India is a nation of savers, but the way the majority ofIndia saves is non-smart & does not create wealth. There are 200 millionIndians who save manually in bank deposits, the returns from theseinstruments do not even beat India's inflation. Through Gullak, userswho automate their savings can save 5X more than they previously did.

Talking to Bizz Buzz, Naimisha Rao, Co-founder, Gullak, says: "We areexcited to have been selected from the huge list of great companiesthat had applied to YCombinator - the world's number-1 startup accelerator. Sixty days of Hustle during YC took us to $350K monthly GTV and 40Ktransacting users, and we are excited to keep building what our userswant. We will lead with our strong tech expertise, highly scalable andsustainable business model, and differentiated product experience tohit our 1 million transacting users milestone in the next few months."

Our purpose has always been to make wealth creation accessible to thenext million Indians & we are thankful for being a part of YC -accelerating our journey towards our vision, she added.

AlgoTest

AlgoTest is an investment tech startup that allows retail traders to do back test their trading strategies for free. In retail investment, back testing allows users to access historical data to gauge profitability and risk before investing any actual capital.Users can also execute their trading strategies in the real market with AlgoTest by buying credits to do the same.

EthosX

EthosX is a decentralised finance (DeFi) platform that creates end-to-end financial derivatives on the blockchain. The startup has started with crypto currencies as the basis of its financialderivatives and allows users to buy derivatives from the platform without the need for an exchange or counterparty.

Shelf

Shelf is the first neo bank in India focused on young professionals. It gives them easy banking and payment services and makes it effortless to pay bills together with friends. Through shelf, users can create wallets with a group and make payments through it, eliminating the need for you to ever track, split or ask for your money back. Based out of Bengaluru, it allows groups of users to manage their money using only one platform. The app offers group wallets, tracking expenses as a group and a debit card for the group

PayCrunch

In India, more than 150 million people have difficulties getting access to formal credit either due to a lack of financial data or low credit scores. PayCrunch was built to cater to this gap. Using alternative credit scoring models, the startup offers credit through UPI and aims to make financial management easier by helping track transactions. The buy now, pay later app currently has over 10,000 users and aims to make financial management easier by helping track transactions.