The top 10 Indian companies building the infrastructure for digital finance are transforming the fintech landscape by providing the essential APIs, payment rails, and verification tools that power modern banking. India’s financial technology ecosystem is no longer being built only by consumer-facing fintech apps. Behind digital payments, online lending, embedded banking, account verification, and financial data products is a growing layer of digital finance infrastructure that connects banks, businesses, developers, and consumers.
India’s public digital rails have created a strong foundation for this ecosystem. UPI, for example, allows users to connect multiple bank accounts through a single payment interface, while the Account Aggregator framework enables consent-based sharing of financial information through APIs.
That infrastructure creates opportunities for companies that solve the less visible but highly technical problems behind financial products: payment processing, banking APIs, identity verification, credit decisioning, card issuing, financial data analysis, and compliance.
This article looks at 10 Indian companies building digital finance infrastructure across these layers. The list is curated rather than strictly ranked, with a focus on established, technically relevant companies that have meaningful positions in India’s fintech ecosystem without relying on the biggest global technology names.
Why Digital Finance Infrastructure Matters in India
The visible side of fintech is usually the app consumers interact with, which often benefits from strong UI design. The less visible side is the infrastructure underneath it.
A digital lender needs to verify a customer’s identity, retrieve financial information, assess creditworthiness, connect to payment rails, manage repayments, and maintain regulatory records. A marketplace may need to onboard thousands of sellers, collect payments, split settlements, and make payouts. A neobank needs banking infrastructure without necessarily building an entire banking stack from scratch.
This is where digital finance infrastructure companies become important.
Rather than competing directly for consumers, infrastructure companies typically sell APIs, software platforms, processing systems, verification tools, or data products to banks, fintechs, lenders, marketplaces and other businesses.
The opportunity is particularly relevant in India because the country’s financial ecosystem combines large-scale public infrastructure with a rapidly growing private technology layer. UPI provides interoperable payment infrastructure, while frameworks such as Account Aggregator create standardized ways for financial data to move with customer consent.
Top 10 Indian companies building the infrastructure for digital finance
1. M2P Fintech — Building the Technology Layer Behind Modern Banking
M2P Fintech is one of the more infrastructure-heavy companies in India’s fintech ecosystem.
Founded in Chennai, M2P has built its business around providing technology infrastructure for banking, lending and payments rather than operating primarily as a consumer fintech brand. Its current platform includes core banking, cards, lending, payments, fraud management, compliance and other financial technology components.
One of M2P’s key areas is its API-first core banking infrastructure. Its Turing platform is designed to support deposits, accounts and ledger processing, while its broader stack covers card issuance, payment processing and lending.
This makes M2P particularly relevant to banks and fintechs that need to modernize legacy financial systems without rebuilding every component internally.
Its lending infrastructure also extends into loan origination, loan management and collections. M2P says its lending platform supports integrations with more than 150 third-party services, including KYC, AML, credit bureaus and payment rails.
Infrastructure focus: Core banking, card issuing, lending, payments and compliance.
Why it matters: M2P operates closer to the technological foundation of financial institutions than many consumer-facing fintech companies.
2. Juspay — The Payment Orchestration Layer
Juspay occupies a different part of the financial infrastructure stack.
Instead of being simply a payment gateway, Juspay focuses heavily on payment orchestration — the software layer that connects merchants with multiple payment processors and optimizes how transactions move between them.
Its platform supports dynamic payment routing, checkout, reconciliation, authentication and UPI infrastructure. Juspay says its orchestration platform connects businesses to more than 300 PSPs and local payment methods globally.
In India, the company has also developed infrastructure specifically around UPI. Its UPI stack includes solutions for merchants, TPAPs, PPIs and banks.
Another interesting part of Juspay’s infrastructure strategy is Hyperswitch, its open-source payments orchestration project. In 2025, Juspay open-sourced its payment routing engine, allowing merchants to self-host the technology and connect their preferred payment providers.
That approach positions Juspay not simply as another payment service, but as a technology layer that can sit between merchants, banks and payment providers.
Infrastructure focus: Payment orchestration, UPI, checkout, routing and reconciliation.
Why it matters: As businesses use multiple payment providers, orchestration becomes increasingly important for reliability, routing and operational visibility.
3. Cashfree Payments — Payments, Payouts and Cross-Border Infrastructure
Cashfree Payments is one of the most established companies on this list, but it still fits the infrastructure-focused category.
Cashfree provides businesses with technology for payment collection, payouts, verification and international payments. The company says its platform serves more than 1 million businesses and processes more than $80 billion annually.
Its infrastructure covers both sides of money movement.
On the incoming side, businesses can accept payments through UPI, cards, net banking, wallets and other payment methods. On the outgoing side, its Payouts APIs allow businesses to send money to bank accounts, UPI IDs and other supported destinations.
Cashfree has also expanded into cross-border payments. The company holds an RBI-authorized Payment Aggregator Cross-Border license and provides international payment solutions supporting multiple currencies.
Another part of its infrastructure is SecureID, which provides identity verification and KYC capabilities alongside its payments products. Cashfree reports more than 1 billion identity and user verifications through the platform.
Infrastructure focus: Payment gateway, payouts, UPI, cross-border payments and identity verification.
Why it matters: Cashfree connects payment acceptance, money movement and verification into a broader financial infrastructure stack.
4. Setu — APIs Connecting Businesses to India’s Financial Rails
Setu is one of the clearest examples of an API-first company building digital finance infrastructure around India’s public financial rails.
Setu describes itself as a fintech infrastructure company focused on helping businesses access financial services through APIs. Its product portfolio covers Account Aggregator, KYC, eSign, UPI and Bharat Bill Payment System infrastructure.
Its Account Aggregator infrastructure is particularly important because it provides a way for businesses to access financial information with customer consent.
Setu also provides APIs for UPI collections, mandates, bill payments and KYC. Its developer documentation includes UPI, BBPS, Account Aggregator and identity-related APIs.
This makes Setu relevant for businesses that want to embed financial functionality without independently integrating with every underlying financial system.
For example, a lending platform could use financial data APIs during underwriting, while another company could use UPI APIs to collect payments or automate recurring transactions.
Infrastructure focus: Account Aggregator, UPI, BBPS, KYC and financial data APIs.
Why it matters: Setu acts as a connective layer between businesses and India’s digital financial infrastructure.
5. Decentro — Modular Banking and Financial APIs
Decentro takes the API-first approach further by bringing multiple financial capabilities into a modular platform.
The company provides APIs covering areas such as payments, banking, KYC, bank-account verification, recurring payments and payouts. Its infrastructure is designed for businesses that want to integrate financial capabilities directly into their own products.
One of Decentro’s distinguishing characteristics is the breadth of financial workflows it tries to connect.
A company building a digital lending product, for example, may need identity verification, bank-account validation, UPI mandates, payouts and repayment infrastructure. Decentro’s platform is designed to bring several of those components under a single API layer.
The company has also expanded into areas such as merchant onboarding and cross-border payments. Its merchant onboarding infrastructure uses APIs to help banks, payment service providers and marketplaces assess and classify merchants.
Its 2026 product development also reflects the changing regulatory environment in India, including the transition toward more API-driven KYC infrastructure.
Infrastructure focus: Banking APIs, payments, KYC, payouts, mandates and merchant onboarding.
Why it matters: Decentro is targeting the integration complexity that businesses face when assembling multiple financial services into one product.
6. Perfios — Turning Financial Data Into Decisioning Infrastructure
Perfios sits further up the financial data and credit infrastructure layer.
The company works primarily with banks, NBFCs and other financial institutions, helping automate processes such as origination, onboarding, underwriting, decisioning and monitoring. Perfios currently reports more than 1,000 customers, operations across 18+ countries and more than 8.2 billion data points processed annually.
One of its major areas is financial data analysis.
Perfios can ingest financial information, enrich it and transform raw data into insights that financial institutions can use for lending and other decisions. Its products include bank statement analysis and financial profile analysis, including transaction categorization and merchant identification.
This is particularly relevant for digital lending.
Instead of relying entirely on manual review, lenders can use structured financial data to understand cash flows, income patterns, expenses and other indicators.
Perfios has also developed a broad API-based onboarding and verification stack. Its TotalKYC platform, for example, brings together multiple verification capabilities for financial institutions.
Infrastructure focus: Financial data, underwriting, credit decisioning, onboarding and risk analytics.
Why it matters: Digital finance requires not only moving money and verifying identities, but also turning financial data into usable decisions.
7. Signzy — Digital Identity Infrastructure for Financial Services
Signzy focuses on one of the most critical parts of digital finance: establishing that customers and businesses are who they claim to be.
Its platform provides digital onboarding, KYC, KYB, AML and identity verification capabilities for financial institutions and other regulated businesses. Signzy says its platform provides access to more than 240 APIs and supports onboarding across multiple markets.
The company’s infrastructure includes document verification, facial recognition, video KYC and configurable onboarding workflows.
In 2026, Signzy launched One-Touch KYC, a product designed to let businesses configure KYC flows with components suchs as OCR and liveness detection. The product supports onboarding across more than 180 countries, according to the company.
Signzy is particularly relevant because identity infrastructure sits at the intersection of growth and compliance.
A financial institution needs onboarding to be fast enough that customers do not abandon the process, but rigorous enough to satisfy KYC and anti-fraud requirements.
Infrastructure focus: KYC, KYB, AML, digital onboarding, biometrics and identity verification.
Why it matters: Every digital financial product needs a reliable identity layer before money or financial data can safely move through the system.
8. HyperVerge — AI-Powered Identity and Risk Infrastructure
HyperVerge is another company operating in the identity and risk layer, but with a strong emphasis on AI-powered verification.
Its platform includes identity verification, video KYC, OCR, face authentication, liveness detection, KYB, AML screening and bank-account verification.
HyperVerge also extends beyond basic identity verification into financial risk workflows. Its current platform includes bank statement analysis, underwriting tools, document intelligence, financial-data triangulation and Account Aggregator-based income validation.
That broader approach is important because identity is increasingly becoming only one part of digital risk management.
For example, a lender may need to establish:
- Whether the applicant is a real person
- Whether the submitted documents are authentic
- Whether the bank account belongs to that person
- Whether the applicant has suspicious financial activity
- Whether the applicant can reasonably repay a loan
HyperVerge’s infrastructure addresses several of those questions through a combination of identity, financial data and AI-driven risk tools.
The company reports more than 2 billion identity verifications processed and more than 500 enterprise customers globally.
Infrastructure focus: Identity verification, liveness, fraud prevention, financial data and underwriting.
Why it matters: Modern financial infrastructure increasingly combines identity, compliance and risk rather than treating them as isolated systems.
9. Yubi — Building Infrastructure for Digital Credit
Yubi is building infrastructure for one of the most important parts of India’s digital finance ecosystem: credit.
Founded in 2020, Yubi provides technology that connects banks, NBFCs, fintech companies and other participants across the lending ecosystem. Its platform covers areas such as co-lending, debt marketplaces, collections, underwriting and digital lending workflows. In 2026, Yubi said its platforms had facilitated more than ₹3.2 lakh crore in credit and 3.5 crore transactions, serving more than 17,000 enterprises and 6,200 investors and lenders.
One of Yubi’s key infrastructure products is Yubi Co.Lend, which allows lenders to discover partners and collaborate through a single technology integration. The platform is designed to streamline co-lending workflows between banks, NBFCs and fintech companies.
This infrastructure becomes particularly useful in a fragmented lending market where different financial institutions may have their own underwriting processes, technology systems and lending requirements.
Yubi also operates infrastructure for digital lending and partnership-based credit. Its platforms can support processes involving borrower onboarding, credit operations, data exchange and compliance, helping financial institutions reduce the amount of manual coordination required between multiple parties.
The company’s technology infrastructure has also been designed to operate at significant transaction volumes. In 2025, Yubi announced that it was adopting CockroachDB as part of its unified Lending Operating System architecture to support higher transaction volumes while maintaining resilience and regulatory requirements.
More recently, Yubi expanded its ecosystem with Pye, a multi-lender platform launched in September 2026 that connects borrowers with a network of lending partners. The company said the platform can connect borrowers with roughly 80% of India’s top lending institutions through a single integration.
Infrastructure focus: Digital lending, co-lending, credit marketplaces, underwriting, collections and lending APIs.
Why it matters: Yubi is building the technology layer that helps banks, NBFCs and fintechs collaborate more efficiently across India’s increasingly digital credit ecosystem.
10. FinBox — Infrastructure for Embedded Lending
FinBox focuses primarily on the lending side of digital finance infrastructure.
Its platform provides technology that allows digital businesses and financial institutions to integrate lending journeys, credit decisioning and financial data into their products.
FinBox’s embedded lending infrastructure can be integrated through APIs and SDKs, while its lending stack connects capabilities such as credit bureau data, KYC, payments, e-mandates and e-sign.
The company also provides BankConnect, which allows financial institutions and lending platforms to obtain and process bank-statement data through Account Aggregator, net banking or manual uploads.
Its APIs can also be used for eligibility, credit-line management and lending workflows.
This puts FinBox in an important part of the infrastructure stack: the layer between financial data and the actual lending decision.
Instead of building an entire credit infrastructure system internally, platforms can integrate components that support customer onboarding, financial-data analysis, eligibility and loan journeys.
Infrastructure focus: Embedded lending, credit decisioning, financial data, underwriting and lending APIs.
Why it matters: As more financial products become embedded into non-financial platforms, lending infrastructure becomes a critical part of digital finance.
What Makes India’s Digital Finance Infrastructure Market Different?
India’s fintech infrastructure market is interesting because it is not simply a copy of the US or European fintech ecosystem.
The country has developed a significant set of digital public infrastructure rails, including UPI and Account Aggregator. UPI provides interoperable payment functionality, while Account Aggregator allows financial information to be shared with explicit customer consent.
That changes the role of private infrastructure companies.
Instead of having to create an entirely new payment network, companies can build products on top of existing rails. Their competitive advantage can therefore come from:
- Better APIs
- Faster integrations
- Higher reliability
- Better developer experience
- Fraud prevention
- Compliance automation
- Data enrichment
- Payment orchestration
- Credit decisioning
- Reconciliation
The result is an ecosystem where infrastructure companies can become important without necessarily becoming household consumer brands.
The Future of Digital Finance Infrastructure in India
The next phase of India’s fintech development may be less about creating another consumer payment app and more about improving the infrastructure underneath financial services.
UPI continues to expand the role of real-time payments, while frameworks such as Account Aggregator create new possibilities for consent-based financial data sharing. Meanwhile, companies are building additional layers around identity, credit, fraud prevention, reconciliation and embedded finance.
There is also a growing push toward AI-enabled financial infrastructure. NPCI announced in 2026 that it was working with NVIDIA on sovereign AI capabilities for India’s payments ecosystem, highlighting the increasing importance of AI, resilience and cloud security in population-scale payment infrastructure.
That creates a market where infrastructure companies do not necessarily need to own the customer relationship.
They can instead become the technology layer that allows thousands of other businesses to build financial products.
That is arguably the most interesting part of India’s digital finance infrastructure story: much of the innovation is happening beneath the surface.
Frequently Asked Questions
1. What is digital finance infrastructure?
Digital finance infrastructure refers to the technology, APIs, platforms and systems that enable financial services to operate digitally. It can include payment processing, banking APIs, financial data, identity verification, lending infrastructure, card issuing, compliance and fraud prevention.
2. Which companies are building digital finance infrastructure in India?
Companies operating across this space include M2P Fintech, Juspay, Cashfree Payments, Setu, Decentro, Perfios, Signzy, HyperVerge, OPEN and FinBox.
These companies operate at different layers, from payment processing and banking infrastructure to identity verification and credit decisioning.
3. Why is India important for digital finance infrastructure?
India has developed large-scale digital financial rails such as UPI and the Account Aggregator framework. These systems provide infrastructure that private companies can build products and services on top of.
4. What is payment orchestration?
Payment orchestration is a software layer that connects merchants to multiple payment providers and helps manage routing, authorization, reconciliation and other payment operations. Juspay is one Indian company focused heavily on this area.
For those looking to understand the broader market, exploring top fintech companies in 2026 provides insight into how these infrastructure players are disrupting finance. Additionally, businesses seeking to scale should evaluate their partners using a digital marketing agency for saas companies or check for best user experience companies to ensure their product reaches the right audience. If you are building your own solution, consider how to idea dapp build strategies to stay ahead.
5. What is API banking?
API banking allows software applications to communicate with banking systems programmatically. Businesses can use banking APIs to retrieve financial information, initiate payments, automate workflows and connect banking functionality to their own products.
