Neobanks in India
These 12 are headquartered in India — parsed from the registered base of each company, so the count is complete. Availability is a different and much harder question: it is verified for 7 products in India so far, out of 368 tracked, so a neobank missing from the second table below has not been ruled out — it has not been checked. Corrections are welcome on GitHub.
The 12 based in India
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| PhonePe | traditional | Bengaluru, IN | Custodial | RBI PPI wallet (e-money issuer) + payment aggregator licence (2025); IRDAI insurance broking | 200M MAU (2025) |
| Airtel Payments Bank | traditional | Delhi, IN | Custodial | Payments bank licence (RBI) | — |
| FamPay | traditional | Bengaluru, IN | Custodial | Partner bank (IDFC FIRST Bank) — co-branded RBI prepaid payment instruments; RuPay/Visa cards | — |
| Freo | traditional | Bengaluru, IN | Custodial | In-house RBI-licensed NBFC; savings and accounts via partner banks (Equitas, Yes Bank) | — |
| Jio Payments Bank | traditional | Mumbai, IN | Custodial | Payments bank licence (RBI) | — |
| Jupiter | traditional | Mumbai, IN | Custodial | Partner bank (Federal Bank); RBI PPI licence via parent Amica Financial Technologies | — |
| Mahila Money | traditional | Delhi, IN | Custodial | No own licence; lends on RBI-licensed NBFC partners' rails (Capital Trade Links, RupeeCircle) | — |
| Niyo | traditional | Bengaluru, IN | Custodial | Partner banks (SBM Bank India, DCB Bank) — RBI-regulated issuers; no own licence | — |
| Open | traditional | Bengaluru, IN | Custodial | Partner banks (ICICI, Axis, Yes Bank +); RBI-licensed payment aggregator | — |
| Paytm | traditional | Noida, IN | Custodial | UPI TPAP riding on partner banks (Axis, Yes Bank, SBI, HDFC); wallet wound down with bank unit | — |
| RazorpayX | traditional | Bengaluru, IN | Custodial | Partner banks (RBL, ICICI, Yes, Axis, IDFC First); Razorpay holds RBI payment aggregator licence | — |
| slice | traditional | Bengaluru, IN | Custodial | Small finance bank (via NESFB merger) | — |
Also verified as available in India
5 more products are verified as available to customers in India without being based there. This list is as complete as the availability field, which is to say partial.
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| Zolve | traditional | New York/Bengaluru | Custodial | Partner bank (Community Federal Savings Bank); deposits, debit and credit cards | — |
| Tide | traditional | London, UK | Custodial | E-money; deposits via ClearBank | — |
| Wise | traditional | London, UK | Custodial | E-money/payment licences globally | 19M customers (FY26) |
| Revolut | hybrid | London, UK | Custodial | UK banking licence (2024); EU licence (Lithuania) | 50M customers (2025) |
| Deel | hybrid | San Francisco, US | Custodial | MSB + US state money-transmitter licences (DPayments); US wallet via Alviere/CFSB; DLUSD via Bridge | — |
Common questions
Neobanks in India: how many are there?
12 of the 368 neobanks tracked here are headquartered in India. Every entry is verified active and listed on this page with its custody model, licence detail and the regions it serves.
Which neobanks in India are the largest?
Not answerable from public data: only 1 of these 12 disclose a user figure at all. The list below is therefore not a ranking, and anyone presenting one for this category is guessing.
How is this list of neobanks in India built?
These 12 are headquartered in India — parsed from the registered base of each company, so the count is complete. Availability is a different and much harder question: it is verified for 7 products in India so far, out of 368 tracked, so a neobank missing from the second table below has not been ruled out — it has not been checked. Corrections are welcome on GitHub.
Related
Neobanks in United States (63) · Neobanks in United Kingdom (29) · Neobanks in Germany (8) · Neobanks in France (11) · Neobanks in Brazil (10) · Neobanks in Argentina (9) · Neobanks in Mexico (11) · Neobanks in Colombia (7)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.