Top 10 RegTech Startups in India
Regulatory Technology (RegTech) has emerged as a vital sector in India, addressing the complex regulatory landscape with innovative technological solutions. In India, leading RegTech startups like Signzy, IDfy, Crediwatch, and KYC Hub are revolutionizing regulatory compliance with AI-driven solutions for KYC, AML, and risk management. Others such as Tookitaki, Fintellix (Verisk Financial | G2), and Simility (now PayPal) enhance fraud prevention and regulatory reporting using advanced analytics. Finbox focuses on credit risk assessment, while GIEOM provides software for operational risk management and compliance. These startups are pivotal in enabling businesses to navigate regulatory challenges efficiently and securely through innovative technological solutions.
1. Signzy
Signzy is a pioneering Indian RegTech startup that offers AI-powered digital onboarding solutions for financial institutions. Founded in 2015 by Ankit Ratan, Arpit Ratan, and Ankur Pandey, Signzy focuses on providing seamless Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance through its innovative technology platform. The company’s solutions leverage advanced machine learning, blockchain, and biometric technologies to automate and secure verification processes, making regulatory compliance more efficient and less error-prone. Signzy’s cutting-edge technology helps banks, NBFCs, and other financial entities to enhance their customer onboarding experience while ensuring stringent adherence to regulatory requirements.
| Aspect | Details |
|---|---|
| Founded | 2015 |
| Founders | Ankit Ratan, Arpit Ratan, and Ankur Pandey |
| Headquarters | Bangalore, India |
| Overview | Signzy offers AI-powered digital onboarding solutions for financial institutions, enabling seamless KYC and AML compliance. The platform leverages machine learning, blockchain, and biometrics to automate and secure the verification processes. |
2. IDfy
IDfy is a leading Indian RegTech startup that specializes in identity verification and fraud prevention solutions. Founded in 2011 by Ashok Hariharan, IDfy aims to help businesses comply with regulatory requirements and mitigate risk through its comprehensive suite of services. The company provides end-to-end identity verification, background checks, document verification, and facial recognition solutions, enabling businesses to prevent fraud and streamline their onboarding processes. IDfy’s platform leverages advanced technologies such as AI and machine learning to deliver accurate and reliable verification results, ensuring compliance with KYC, AML, and other regulatory standards.
| Aspect | Details |
|---|---|
| Founded | 2011 |
| Founders | Ashok Hariharan |
| Headquarters | Mumbai, India |
| Overview | IDfy provides comprehensive identity verification solutions that help businesses prevent fraud and stay compliant with KYC, AML, and other regulations. Their services include background checks, document verification, and facial recognition. |
3. Crediwatch
Crediwatch is a prominent Indian RegTech startup specializing in providing data intelligence and analytics solutions for financial institutions. Founded in 2016 by Kallol Borah and Satyam Kumar, Crediwatch leverages advanced technologies to offer real-time insights into credit risk, regulatory compliance, and business health. The company focuses on transforming how financial decisions are made by automating data collection, analysis, and interpretation processes. Crediwatch’s platform integrates AI, machine learning, and natural language processing to monitor and assess business entities, helping organizations mitigate risks and ensure regulatory compliance effectively
| Aspect | Details |
|---|---|
| Founded | 2016 |
| Founders | Kallol Borah, Satyam Kumar |
| Headquarters | Bangalore, India |
| Overview | Crediwatch offers data intelligence solutions to financial institutions, helping them assess credit risk and ensure regulatory compliance. The platform uses AI and machine learning to analyze and interpret vast amounts of data from various sources. |
4. Quagmire Consulting
Quagmire Consulting is a specialized consulting firm based in Pune, India, focusing on regulatory compliance and risk management solutions for financial institutions. Founded with a commitment to providing expert advisory services in 2017 by Apurva Joshi, Quagmire Consulting assists organizations in navigating complex regulatory frameworks effectively. The firm offers a comprehensive range of services, including regulatory reporting, compliance audits, and risk assessment, tailored to meet the specific needs of its clients.
| Aspect | Details |
|---|---|
| Founded | 2017 |
| Founders | Apurva Joshi |
| Headquarters | Pune, India |
| Overview | Quagmire Consulting specializes in compliance and risk management solutions for financial institutions. They offer services like regulatory reporting, compliance audits, and risk assessment to ensure adherence to local and global regulations. |
5. KYC Hub
KYC Hub is a leading Indian RegTech startup specializing in Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance solutions. Founded in 2018 by Nidan Goel and Rohit Maheshwari, KYC Hub aims to streamline the customer onboarding process for financial institutions through advanced technology. The company’s platform integrates AI and big data analytics to automate and enhance KYC processes, ensuring regulatory compliance while improving operational efficiency and customer experience.
| Aspect | Details |
|---|---|
| Founded | 2018 |
| Founders | Nidan Goel, Rohit Maheshwari |
| Headquarters | Gurgaon, India |
| Overview | KYC Hub provides a comprehensive platform for managing customer due diligence, anti-money laundering, and KYC compliance. Their solution integrates AI and big data analytics to streamline compliance processes and enhance risk management. |
6. Tookitaki
Tookitaki is a pioneering Indian RegTech startup that specializes in creating AI-powered regulatory compliance solutions for financial institutions. Founded in 2014 by Abhishek Chatterjee and Jeeta Bandopadhyay, Tookitaki focuses on revolutionizing how banks and financial services firms manage their compliance processes. The company’s platform leverages machine learning and advanced analytics to enhance regulatory compliance in areas such as Anti-Money Laundering (AML), reconciliation, and audit management. Tookitaki’s technology enables proactive detection of anomalies and suspicious activities, helping institutions reduce risks and improve operational efficiency.
| Aspect | Details |
|---|---|
| Founded | 2014 |
| Founders | Abhishek Chatterjee, Jeeta Bandopadhyay |
| Headquarters | Bangalore, India |
| Overview | Tookitaki offers AI-powered regulatory compliance solutions for financial institutions. Their platform focuses on AML, reconciliation, and audit compliance, using machine learning to detect anomalies and improve compliance workflows. |
7. Fintellix (formerly iCreate)
Fintellix, now known as Verisk Financial | G2, is a leading provider of regulatory reporting, risk, and compliance solutions for financial institutions. Founded in 2006, the company focuses on helping banks and financial organizations automate and streamline their regulatory reporting processes, manage risk effectively, and ensure compliance with local and global regulations. Fintellix’s platform integrates data aggregation, analytics, and reporting capabilities to provide actionable insights that enable informed decision-making and regulatory adherence.
| Aspect | Details |
|---|---|
| Founded | 2006 |
| Founders | Ramanan SV, Balaji Raghunathan, Sreenivasa Rao Chada |
| Headquarters | Bangalore, India |
| Overview | Fintellix provides regulatory reporting, risk management, and compliance solutions for banks and financial institutions. Their platform automates data aggregation, regulatory reporting, and risk analytics to ensure compliance with local and global regulations. |
8. Finbox
Finbox is a dynamic Indian startup that specializes in providing credit risk assessment and compliance solutions tailored for lenders and financial institutions. Founded in 2017 by Rajat Deshpande, Surajit Das, and Prateek Agarwal, Finbox aims to transform financial decision-making processes by leveraging advanced data analytics and AI-driven insights. The company’s platform offers comprehensive tools for assessing credit risk, detecting fraud, and ensuring regulatory compliance, thereby empowering financial organizations to make informed lending decisions efficiently.
| Aspect | Details |
|---|---|
| Founded | 2017 |
| Founders | Rajat Deshpande, Surajit Das, Prateek Agarwal |
| Headquarters | Bangalore, India |
| Overview | Finbox offers credit risk and compliance solutions for lenders and financial institutions. Their platform leverages data analytics and AI to provide insights into credit risk, fraud detection, and regulatory compliance. |
9. Simility (acquired by PayPal)
Simility, now a part of PayPal, is a global leader in fraud prevention and risk management solutions, with significant operations in India. Founded in 2014 by Rahul Pangam, Kedar Samant, and Ramesh Gopinath, Simility offers advanced technology solutions to detect and prevent fraud across various industries. The company’s platform combines machine learning, device fingerprinting, and behavioral analytics to identify and mitigate fraudulent activities in real-time, helping businesses enhance security and protect against financial crimes.
| Aspect | Details |
|---|---|
| Founded | 2014 |
| Founders | Rahul Pangam, Kedar Samant, Ramesh Gopinath |
| Headquarters | Palo Alto, USA, with significant operations in India |
| Overview | Simility, now a part of PayPal, provides fraud detection and risk management solutions using machine learning. Their platform helps businesses detect and prevent fraud, ensuring compliance with AML and other regulations. |
10. GIEOM
GIEOM (Governance, Integrity, Efficiency, Optimization, and Monitoring) is a prominent Indian startup that specializes in providing software solutions for regulatory compliance, operational risk management, and process automation. Founded in 2008 by Santosh Shetty, GIEOM focuses on helping financial institutions and organizations in other sectors enhance their operational efficiency and regulatory compliance. The company’s platform integrates advanced analytics, visualization tools, and process automation capabilities to streamline operations, improve decision-making, and ensure adherence to regulatory standards.
| Aspect | Details |
|---|---|
| Founded | 2008 |
| Founders | Santosh Shetty |
| Headquarters | Bangalore, India |
| Overview | GIEOM offers a suite of software solutions for regulatory compliance, operational risk management, and process automation. Their platform uses advanced analytics and visualization tools to help financial institutions manage compliance and improve operational efficiency. |
In conclusion, India’s top RegTech startups are at the forefront of transforming regulatory compliance and risk management practices across various sectors. By leveraging advanced technologies such as artificial intelligence, machine learning, and big data analytics, these companies are not only enhancing operational efficiencies but also ensuring robust adherence to regulatory standards like KYC, AML, and fraud prevention. As these startups continue to innovate and expand their capabilities, they play a crucial role in supporting businesses to navigate regulatory complexities effectively, thereby fostering a more secure and compliant business environment in India and globally.
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