India’s embedded finance market has reached a significant milestone in 2026, valued at approximately twenty-four billion dollars and positioned to grow at a steady compound annual growth rate of nearly nine percent through 2030. This transformation represents a fundamental shift in how Indian consumers and businesses interact with financial services, moving away from standalone banking apps and payment platforms toward seamlessly integrated financial experiences embedded directly within the apps and platforms they already use daily. Think about ordering food on Swiggy and splitting the payment with friends instantly, or purchasing electronics on Flipkart with a buy-now-pay-later option appearing automatically at checkout. These experiences represent embedded finance in action.
The embedded finance revolution is reshaping India’s digital economy by removing the friction that once existed between commerce and finance. Instead of leaving a shopping app to visit a banking app for payment, or applying for a loan through a separate financial institution, users can now access credit, make investments, purchase insurance, and complete transactions without ever leaving their primary platform. This integration creates a more intuitive user experience while opening enormous revenue opportunities for both technology platforms and financial service providers who partner to deliver these embedded solutions.
Understanding which platforms are leading this transformation becomes crucial for businesses seeking to integrate financial services into their offerings, investors evaluating fintech opportunities, and entrepreneurs planning to build in this space. India’s embedded finance landscape combines global technology leaders with homegrown innovators who deeply understand local market dynamics, regulatory requirements, and consumer behaviors. This comprehensive analysis examines the top ten embedded finance platforms shaping India’s financial technology ecosystem in 2026, exploring how they enable businesses to offer banking, payments, lending, insurance, and investment services seamlessly integrated into non-financial applications.
What Makes Embedded Finance Revolutionary
Before exploring specific platforms, understanding what embedded finance actually means helps clarify why this transformation matters so profoundly. Traditional financial services followed a simple pattern where consumers would visit banks, insurance companies, or investment firms to access financial products. The digital age initially just moved these same experiences online, creating banking apps and fintech websites that replicated the branch experience digitally. Embedded finance represents something fundamentally different by bringing financial services to where customers already spend their time rather than requiring them to visit financial platforms.
The technical foundation enabling this transformation relies on application programming interfaces, commonly known as APIs, which allow different software systems to communicate and share data securely. Banking-as-a-Service platforms provide the regulated infrastructure that holds licenses, manages compliance, and connects to the core banking systems, while technology companies build the customer-facing experiences. Through carefully designed APIs, a food delivery app can offer instant credit to customers, an ecommerce platform can provide insurance at checkout, or a ride-sharing service can enable drivers to open savings accounts, all without those platforms becoming regulated financial institutions themselves.
The business model creates compelling value for all participants in the ecosystem. Platforms embedding financial services retain customers within their environment rather than losing them when financial needs arise, while also generating additional revenue through fees and commissions from financial transactions. Financial institutions gain access to new customer segments and distribution channels without the massive marketing costs normally required to acquire customers directly. Most importantly, consumers benefit from dramatically improved convenience, contextual financial products that appear precisely when needed, and reduced friction in completing financial tasks.
1. Pine Labs
Pine Labs stands as one of India’s most established players in the embedded finance ecosystem, having evolved from its origins as a point-of-sale terminal provider into a comprehensive merchant commerce platform. The company’s acquisition of Setu, an API infrastructure provider, in 2022 for approximately seventy to seventy-five million dollars significantly strengthened its embedded finance capabilities and positioned Pine Labs to offer full-stack solutions spanning both offline and online commerce environments.
The platform’s strength lies in its dominant position serving physical retail merchants across India, where it processes transactions through millions of point-of-sale terminals installed in stores ranging from neighborhood shops to large retail chains. Pine Labs monetizes this infrastructure through merchant discount rate fees on card transactions, terminal rental agreements, and increasingly through embedded financial services like instant consumer financing at checkout. When customers purchase expensive electronics or jewelry, Pine Labs enables retailers to offer easy monthly installment options processed instantly at the point of sale, dramatically increasing average transaction values while improving customer affordability.
Through Setu, Pine Labs now offers sophisticated API infrastructure that enables other platforms and businesses to embed financial services without building complex banking integrations from scratch. Setu provides ready-made APIs for bill payments, account aggregation, unified payment interface transactions, and credit services. The company holds an account aggregator license from the Reserve Bank of India, enabling it to facilitate secure financial data sharing with customer consent under India’s open banking framework. This infrastructure plays a crucial role in the broader ecosystem by abstracting the technical complexity and regulatory requirements that would otherwise prevent smaller companies from offering embedded financial services.
Pine Labs completed its initial public offering in 2025, demonstrating the maturity and investor confidence in its business model. The company continues expanding its embedded finance offerings as it consolidates smaller niche players to create comprehensive full-stack solutions that businesses can leverage to offer complete financial journeys rather than just single products.
2. Razorpay
Razorpay represents India’s premier digital-native embedded finance platform, often described as the Stripe of India for its developer-first approach and comprehensive payment infrastructure. Founded in 2013 by Harshil Mathur and Shashank Kumar, both alumni of the prestigious IIT Roorkee, Razorpay began as a payment gateway solving the broken online payment experience that Indian startups faced. The company has since evolved far beyond simple payment acceptance into a complete financial operating system for digital businesses.
The platform’s core payment gateway processes billions of rupees in transactions annually for over one million businesses ranging from small startups to unicorn companies. Razorpay’s developer-friendly APIs make integration remarkably simple, often taking just hours rather than the weeks or months traditional payment systems required. The company monetizes through transaction fees charged on payment processing, typically a small percentage of each transaction value, creating a business model that scales directly with customer success.
RazorpayX, the company’s neobanking platform, extends beyond payments into comprehensive business banking services including current accounts, automated vendor payments, bulk payroll processing, and corporate credit cards. This transformation into a full-stack financial operating system allows businesses to manage their entire financial workflow through a single integrated platform rather than juggling multiple banking relationships and fintech tools. Razorpay Capital provides embedded lending solutions, enabling the company’s merchant customers to access working capital based on their transaction history and business performance.
What particularly distinguishes Razorpay in 2026 is its achievement of profitability, a rare accomplishment among Indian unicorns and testimony to the sustainable unit economics of its business model. The company reported net profit of approximately thirty-three crore rupees alongside remarkable three-year revenue growth exceeding forty-four percent annually. This financial performance positions Razorpay well for its anticipated initial public offering planned for 2026, which would provide public market access to one of India’s most successful fintech stories.
3. M2P Fintech
M2P Fintech operates as a critical infrastructure layer powering embedded finance across India, providing banking-as-a-service APIs that enable fintechs, neobanks, and non-financial platforms to launch financial products rapidly. The company’s infrastructure handles the complex integration between partner platforms and multiple banking partners, regulatory compliance requirements, and technical orchestration needed to deliver financial services at scale.
The platform offers comprehensive API infrastructure spanning card issuance allowing partners to launch co-branded debit and credit cards, digital banking services enabling account opening and management, payment processing for various payment methods, and lending infrastructure supporting different credit products. M2P Fintech essentially provides the entire backend financial infrastructure as a service, allowing partners to focus on customer experience and distribution while M2P handles the regulated, complex financial operations.
The company’s multi-bank approach provides resilience and flexibility by connecting to numerous banking partners simultaneously. If one banking partner experiences downtime or capacity constraints, M2P can automatically route transactions to alternative partners, ensuring high availability and reliability. This infrastructure advantage becomes particularly valuable as embedded finance scales and transaction volumes grow exponentially.
M2P Fintech serves a diverse client base including neobanks using its infrastructure to launch digital banking services, fintech companies building innovative financial products, and non-financial platforms embedding payments or lending into their core offerings. The company’s infrastructure enables many of the consumer-facing embedded finance experiences that Indian users encounter daily, even though M2P itself remains invisible to end consumers.
4. Decentro
Decentro operates as another significant infrastructure provider in India’s embedded finance ecosystem, offering banking-as-a-service APIs that abstract the complexity of integrating with regulated financial institutions. The platform’s focus on developer experience and comprehensive documentation makes it particularly accessible for startups and technology companies seeking to add financial capabilities without deep banking domain expertise.
The company provides modular APIs covering various financial use cases including KYC verification using India’s Aadhaar digital identity system and other verification methods, payment collection and disbursement through unified payment interface and other rails, account opening and management for digital banking products, and credit underwriting infrastructure connecting to lending partners. This modular approach allows businesses to integrate only the specific capabilities they need rather than adopting an entire platform.
Decentro’s API-first architecture aligns well with modern software development practices, enabling rapid prototyping and deployment of embedded finance features. The platform handles the ongoing compliance burden, regulatory reporting, and technical maintenance required to keep financial integrations functioning smoothly, allowing client companies to focus their engineering resources on core product development.
The company serves as a crucial enabler for India’s burgeoning startup ecosystem, particularly for companies in sectors like ecommerce, logistics, and software-as-a-service that want to add financial services to improve customer experience and unlock new revenue streams. By providing standardized APIs that work across multiple banking partners, Decentro accelerates time-to-market for embedded finance use cases from months to weeks.
5. Perfios
Perfios brings a specialized capability to India’s embedded finance infrastructure through its focus on financial data analysis and account aggregation. The company’s platform analyzes bank statements, financial documents, and transaction data to generate insights used primarily for credit underwriting, identity verification, and financial health assessment. This capability becomes essential for embedded lending products where quick credit decisions based on cash flow analysis replace traditional documentation-heavy processes.
The platform uses sophisticated machine learning algorithms to extract and categorize transactions from bank statements, identifying income patterns, expense categories, existing loan obligations, and financial behavior that traditional credit scoring might miss. For the large segment of Indian consumers and small businesses lacking formal credit histories, this cash-flow-based underwriting approach opens access to credit that conventional methods would deny.
Perfios holds an account aggregator license, positioning it within India’s open banking framework where consumers can securely share their financial data across institutions with explicit consent. Account aggregation enables scenarios like applying for a loan where instead of submitting physical bank statements, applicants simply consent to sharing their banking data electronically, dramatically reducing application friction and processing time.
The company’s infrastructure powers embedded lending for numerous platforms across ecommerce, fintech, and specialized lending companies. When ecommerce platforms offer instant credit at checkout or when logistics companies provide working capital to their driver partners, Perfios-type infrastructure often operates behind the scenes, analyzing financial data to make near-instantaneous credit decisions that make these experiences possible.
6. FinBox
FinBox specializes in embedded lending infrastructure, providing the technology and analytics that enable non-financial platforms to offer credit products to their users. The company’s platform addresses critical challenges in India’s digital lending landscape including expensive customer acquisition, limited credit data availability, and the operational complexity of managing small-ticket loans profitably.
The platform leverages alternative data sources beyond traditional credit bureaus, analyzing device data, behavioral patterns, transaction history on partner platforms, and other digital footprints to assess creditworthiness for consumers who might lack formal credit histories. This approach proves particularly valuable in India where hundreds of millions of people remain unserved or underserved by traditional credit systems despite having stable incomes and repayment capacity.
FinBox enables various embedded lending use cases across different platform types. Business-to-business commerce platforms can offer working capital to merchants based on their order volumes and payment history. Logistics aggregators can provide vehicle financing to delivery partners. Salary advance platforms can offer earned wage access to employees. Each of these use cases becomes possible through FinBox’s infrastructure handling everything from credit decisioning to loan management and collections.
The company’s positioning within specific platforms allows credit offers to appear contextually at precisely the moment users need financing rather than requiring them to separately discover and apply for credit products. This contextual positioning combined with platform data for underwriting creates superior conversion rates and user experiences compared to traditional credit discovery and application processes.
7. Cashfree Payments
Cashfree Payments operates as a comprehensive payment orchestration platform enabling businesses to accept payments through multiple methods, manage payouts efficiently, and access embedded banking services. The company’s infrastructure processes substantial transaction volumes across diverse business segments from ecommerce and education to software-as-a-service and logistics.
The platform’s payment gateway supports unified payment interface, cards, wallets, net banking, and international payment methods through a single integration. This unified approach simplifies payment acceptance for businesses while giving customers flexibility to pay using their preferred method. Cashfree’s smart routing capabilities automatically select optimal payment routes to maximize success rates and minimize transaction costs.
Beyond payment collection, Cashfree provides sophisticated payout infrastructure that businesses use for vendor payments, customer refunds, marketplace settlements, and other bulk disbursement needs. The platform’s payout APIs handle reconciliation, compliance, and optimization automatically, solving complex operational challenges that businesses otherwise handle manually. This capability becomes particularly valuable for marketplaces and platforms making thousands of daily payouts to different beneficiaries.
The company has expanded into cross-border remittances, enabling Indian businesses to accept international payments and make global payouts more efficiently. This international expansion addresses the growing needs of Indian software and services exporters while also serving the inbound tourism and international student segments. Cashfree’s move into embedded banking services including business accounts and credit products positions it as another full-stack financial operating system for digital businesses.
8. Zeta
Zeta operates as a banking technology platform providing core infrastructure that powers modern banking experiences, particularly in the credit card, debit card, and corporate expense management domains. While Zeta operates somewhat differently from pure embedded finance platforms by selling directly to banks and financial institutions rather than to non-financial platforms, its infrastructure enables many embedded finance use cases by modernizing the banking backend.
The company’s cloud-native, API-first banking platform allows financial institutions to launch new card programs, customize features, and integrate with partner ecosystems far more rapidly than legacy core banking systems permit. When fintech companies or large consumer platforms want to launch co-branded credit cards with banking partners, Zeta’s infrastructure often enables that partnership by providing the technical foundation for card issuance, transaction processing, and program management.
Zeta’s strength in corporate expense management and employee benefits administration creates natural embedded finance use cases where employers can offer financial wellness programs, instant salary advances, or reward mechanisms directly through payroll systems. The platform’s ability to integrate multiple financial products into unified employee experiences demonstrates embedded finance principles applied in the workplace context.
The company serves major banks, fintech unicorns, and large enterprises across India and expanding international markets. Zeta’s focus on modern, flexible infrastructure positions it well as embedded finance continues growing and requiring banking backends capable of supporting rapid innovation and seamless integrations that legacy systems struggle to deliver.
9. Stripe
Stripe, though headquartered globally, operates significantly in India and serves as a benchmark for embedded finance infrastructure worldwide. The company’s comprehensive payment and financial infrastructure APIs enable businesses to accept payments, manage subscriptions, prevent fraud, handle tax compliance, and access numerous other financial capabilities through elegantly designed developer interfaces.
The platform’s embedded finance capabilities extend well beyond basic payment processing into sophisticated use cases like marketplace payments where platforms can onboard sellers, manage complex payment splits, and handle regulatory compliance automatically. Stripe Connect enables marketplaces and platforms to create sub-accounts for sellers or service providers, facilitating embedded payments and payouts at scale while maintaining compliance.
Stripe’s treasury and banking-as-a-service products allow platforms to offer banking features to their users without becoming banks themselves. A software platform could enable its customers to hold balances, receive payments, and make transfers all without leaving the platform, creating sticky financial relationships while generating additional revenue through embedded finance.
For international businesses operating in India or Indian companies with global customers, Stripe provides crucial cross-border payment capabilities, multi-currency support, and localized payment methods. The platform’s reliability, comprehensive documentation, and continuous innovation make it a preferred choice for technology-forward companies building embedded finance experiences, even though its premium pricing positions it primarily for mid-market and enterprise segments.
10. Jupiter
Jupiter represents the consumer-facing manifestation of embedded finance principles, operating as a neobank that partners with traditional banks to offer a modern digital banking experience. While Jupiter primarily serves as a direct-to-consumer financial app rather than infrastructure for other platforms, its approach to embedded services and its technology platform position it as an important player in India’s embedded finance ecosystem.
The platform provides comprehensive financial services including savings accounts with competitive interest rates, payment capabilities through unified payment interface, budgeting and expense tracking tools, and access to credit products. What distinguishes Jupiter is its use of data and artificial intelligence to create contextual financial experiences, recommending products and actions based on individual user behavior and needs.
Jupiter’s infrastructure and experience in building regulated, consumer-friendly financial products position it to potentially offer banking-as-a-service capabilities to other platforms seeking to embed financial services. The company’s deep understanding of Indian consumer preferences, regulatory navigation, and product design could enable partnerships where Jupiter provides the banking infrastructure and compliance while partner platforms deliver the distribution and customer relationships.
The neobank’s focus on younger, digitally-native consumers creates a demographic that increasingly expects financial services to be embedded seamlessly within the platforms and experiences they use daily. Jupiter’s growth and product evolution provide insights into consumer preferences that will shape embedded finance development across India’s fintech ecosystem.
Understanding India’s Embedded Finance Growth Drivers
Several interconnected factors propel India’s embedded finance market toward the projected thirty-four billion dollars by 2030. The country’s digital public infrastructure including unified payment interface processing over fourteen billion monthly transactions, Aadhaar providing digital identity for over a billion people, and the account aggregator framework enabling secure financial data sharing creates an unparalleled foundation for embedded finance innovation. These government-led initiatives reduced the infrastructure barriers that might otherwise prevent embedded finance scaling.
Regulatory frameworks from the Reserve Bank of India increasingly accommodate embedded finance models while maintaining necessary consumer protections and financial stability safeguards. Guidelines around digital lending, account aggregation, and payments orchestration provide clarity that enables innovation within defined boundaries. The evolution from restrictive regulations toward enabling frameworks signals regulatory recognition of embedded finance’s value in expanding financial inclusion.
Consumer behavior in India has shifted decisively toward digital-first experiences, accelerated by the COVID-19 pandemic’s impact on ecommerce adoption, digital payments normalization, and comfort with mobile-based financial services. Younger demographics expect seamless, instant financial experiences integrated into their daily digital activities rather than visiting separate banking apps or physical branches. This behavioral shift creates demand that embedded finance addresses perfectly.
Platform economics favor embedded finance models where retention, engagement, and revenue per user all improve when financial services integrate naturally into core experiences. Platforms can monetize customer relationships more effectively, customers receive more convenient services, and financial institutions access distribution at lower acquisition costs compared to traditional marketing. These aligned incentives accelerate adoption across the ecosystem.
Choosing the Right Embedded Finance Platform
Businesses evaluating embedded finance platforms should consider several critical factors aligned with their specific needs and circumstances. The platform’s regulatory compliance and licenses determine which financial services can legally be offered, with account aggregator licenses, payment aggregator licenses, and lending partnerships each enabling different capabilities. Ensuring chosen platforms maintain appropriate regulatory standing prevents future compliance issues.
Integration complexity and developer experience significantly impact how quickly businesses can launch embedded finance features. Platforms offering comprehensive documentation, sandbox environments for testing, and responsive technical support reduce development timelines from months to weeks. For businesses without deep technical teams, platforms providing more turnkey solutions may prove preferable to highly flexible but complex infrastructure requiring significant engineering investment.
Pricing structures vary substantially across platforms, with some charging transaction-based fees that scale with usage, others requiring fixed platform fees, and many combining both approaches. Understanding total cost of ownership including direct fees, integration costs, and ongoing maintenance helps ensure embedded finance initiatives remain profitable rather than becoming cost centers that erode margins.
Bank and financial institution partnerships underlying each platform influence reliability, capacity, and the range of financial products available. Platforms with multiple banking partners provide redundancy and flexibility, while those dependent on single relationships face concentration risk. Evaluating partnership quality and depth ensures the platform can scale alongside business growth without hitting capacity constraints.
The Future of Embedded Finance in India
India’s embedded finance landscape will likely see significant evolution through the coming years as the market matures and regulatory frameworks develop. Consolidation among infrastructure providers appears inevitable, with larger players like Pine Labs and Razorpay acquiring specialized capabilities to offer comprehensive full-stack solutions rather than requiring businesses to integrate multiple vendors. This consolidation benefits customers through simplified vendor management while creating challenges for smaller specialized players.
The expansion beyond payments and credit into insurance, investments, and wealth management represents the next frontier for embedded finance in India. While embedded payments and lending have achieved meaningful scale, insurance and investment products remain largely underembedded despite obvious opportunities. Platforms will increasingly offer holistic financial journeys covering multiple product categories rather than single-point solutions.
Artificial intelligence and machine learning will play growing roles in credit decisioning, fraud prevention, personalization, and operational efficiency. The platforms that effectively leverage AI to improve outcomes while managing risks will gain competitive advantages. Regulatory frameworks around algorithmic lending and automated decision-making will need to evolve alongside technological capabilities.
Cross-border embedded finance capabilities will expand as Indian businesses increasingly operate globally and international commerce grows. Platforms enabling seamless international payments, multi-currency accounts, and global financial services within familiar domestic interfaces will serve the next generation of Indian entrepreneurs building worldwide businesses.
Conclusion
India’s embedded finance ecosystem in 2026 showcases remarkable diversity spanning global infrastructure leaders like Stripe, homegrown champions like Pine Labs and Razorpay building comprehensive platforms, and specialized infrastructure providers like M2P Fintech, Decentro, and Perfios enabling the technical foundation. Together, these platforms are transforming how hundreds of millions of Indians access financial services by bringing banking, payments, credit, and other capabilities directly into the apps and platforms they use for commerce, work, education, and daily life.
The embedded finance revolution represents more than technological innovation, embodying a fundamental reimagining of financial services delivery that prioritizes convenience, context, and integration over standalone products and separate platforms. As India’s digital economy continues its explosive growth, embedded finance infrastructure will increasingly become invisible yet essential, powering financial experiences that feel natural and effortless to consumers while creating enormous value for platforms, financial institutions, and the broader economy. The platforms examined here are not just building technology but shaping the future of how India engages with money, credit, savings, and financial well-being in an increasingly digital world.
