India’s Leading BFSI and FinTech Companies 2021

51 US UK India France Canada Germany Brazil Sweden China Singapore Australia Indonesia Nigeria 38 20 8 7 7 6 4 3 3 2 2 2 136 Top 250 Most Pomising Fintech Companies in the world Interestingly, between the calendar year 2014 and the first half of 2020, India’s FinTech startups raised more than US$ 10 bn, involving about 692 transactions. Also, it is worth knowing that as many as 20 Indian FinTechs featured in CB Insights’ 2020 list of 250 most promising fintech companies in the world. FinTechs and other digital players in India have the potential of functioning as the fourth segment of the domestic financial system, working in tandem with large and mid-sized banks including niche banks, small finance banks, regional, rural as well as co-operative banks. Widespread penetration and usage of Internet in India along with rapidly improving technology has gradually led to a change in the design and delivery of banking services. Today, complex financial actions like sending or receiving money, bill payments, purchase of goods and services, insurance, stock market trading, opening of new bank accounts, applying for personal loans all of this can be done using a smartphone without having to visit the bank or even interact with a bank employee. With internet and mobile banking, self-service has become a key delivery channel. Even before the outbreak of the pandemic, FinTech had already begun playing a pivotal role in the context of Indian financial services. COVID-19 has only accelerated that process and has led to a more serious and long-term attitude towards digital adoption and the incorporation of new strategies and remote capabilities. During the pandemic, FinTechs – especially in the payments and lending space – not only helped Indians execute payment-related transactions, but also helped fill the funding gaps for individuals and businesses. Many FinTechs experienced a surge in demand amid the pandemic due to changes in working practices and customer banking habits. One example of the impact of the advent of digital financial services has been the creation of faster, more efficient and typically cheaper banking as compared to traditional financial services. Likewise, there have been benefits in several other aspects within the realm of financial services. Digital Payments - A Key Enabler Digital payments continue to be biggest drivers of the growth in Indian FinTechs, which recorded 34.4 bn digital payments amounting to ` 1,623.1 trillion during fiscal 2020. The RBI-regulated Unified Payments Interface (UPI), which was piloted in April 2016, is one of the key platforms virtualizing accounts and facilitating customers to undertake merchant payments and fund transfers. The interface had gained relevance in November 2016 on the heels of the demonetisation of high- value currency notes. Dun & Bradstreet