India’s Leading BFSI & FinTech Companies 2024

India’s Leading BFSI and FinTech Companies 2024 58 I ndian FinTech sector has been evolving since mid- 2000, offering banking correspondent model. This was followed by emergence of various payment start-ups in mobile wallets, e-bill payment, and mobile recharge services. It is after 2010 that multiple FinTech start-ups mushroomed in different segments like lending, personal finance management, and investment management. Between 2014 to 2016, FinTechs gained even more prominence FINTECH SECTOR OVERVIEW as venture capital firms displayed keen interest in the segment as evident by 40% growth in funding activity. FinTech sector picked up further post demonetisation as various new players entered the FinTech landscape. With this, several new FinTech services like digital lending, online KYC, digital insurance, digital micro-finance, and many more emerged. India is currently the world’s third largest FinTech ecosystem in terms of the number of FinTechs operating in India. It is valued at US$ 50 bn in 2021, with more than 6,000 FinTech start-ups offering a wide range of services in the country. The FinTech adoption in India is estimated to be 87% which is significantly higher than the global average of 65% as per the Global FinTech Adoption Index. The sector that has 21 unicorns, is expected to register a 31% CAGR between 2021-2025. Dun & Bradstreet