In a nutshell

India has the highest FinTech adoption rate in the world at 87%. This is significantly higher than the global average rate of 64%. There are around 6,636 FinTech startups in India, and 17 Fintech companies have gained the ‘Unicorn Status’ with a valuation of over USD1 billion, owing in large part to the rising interest of venture capital investors in the sector. The industry received a big fillip during the pandemic, and its market size is estimated to reach ~USD 150 billion by 2025.

The Indian Fintech constitutes various subsegments—Payments, Lending, Wealth Technology (WealthTech), Personal Finance Management, Insurance Technology (InsurTech), Regulation Technology (RegTech), etc. India is home to the highest number of real-time online transactions with 25.5 billion real-time payments transactions in 2020, and the country is ahead of the US, UK, and China combined.

There is growth potential in the transaction value size, which is set to grow at a CAGR of 20% from USD 66 billion in 2019 to USD 138 billion in 2023. As of March 2022, India’s Unified Payments Interface (UPI) has seen the participation of 313 banks and has recorded 5.4 billion monthly transactions worth over USD128 Billion. The sector received funding worth USD8.53 billion in FY22.

There are multiple reasons behind the fintech revolution in India—the rising penetration of the internet and digital literacy in the country, financial inclusion policies like the Jan Dhan Yojana, and IndiaStack, a set of APIs (Application Programming Interface) that allows governments, businesses, startups, and developers to utilise a unique digital Infrastructure to solve India’s problems.

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CAGR of Fintech market size in 2025

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Growth in number of deals from 2021 H1 as compared to 2018 H1

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CAGR in Growth in digital payments transactions from FY19-21

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Highest expected Rolon Fintech projects globally

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At USD 29 billion, Indian fintech sector now has 14% global funding share

According to a new analysis, the Indian fintech market has attracted USD 29 billion in funding across 2,084 agreements to date (January 2017-July 2022), accounting for 14% of worldwide funding and ranking second in terms of deal volume.

According to the 'State of the Fintech Union 2022' report by the Boston Consulting Group (BCG) and Matrix Partners India, India's CAGR in the fintech industry was 20%, which was greater than the US, the UK, and China, which saw CAGRs of 16%, 15%, and 10%, respectively.

According to the report, the India fintech ecosystem has 23 unicorns (out of a total of 106) and has grown to the point where it can build a strong position in the global financial services market and be benchmarked for its speed of innovation, consumer inclusion, and development. Fintech’s have made a significant contribution to the Indian economy, with over USD 800 billion in annual payments transaction value, and play a significant part in the supply of full-fledged financial services to all Indians. The volume of digital investment in the country increased by 100% from 4.5 million in 2021 to 9 million in 2022.