Fintech deals in India reached an all-time high in Q1’18. We mapped the landscape of 125+ Indian fintech startups across merchant services, consumer payments, personal finance, and B2B solutions.
Over the last five years, India’s fintech landscape has broadened substantially. Fintech deals in the country climbed from 3 deals in Q1’13 to 39 in Q1’18 as investments flowed into startups across payments and lending to wealth management and insurance.
While India’s fintech sector is still in the early innings, several macro factors have created a favorable environment for growth:
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- Increased internet penetration: In December 2017, there were over 450M internet users in India, a 17% increase from the year prior.
- Regulations cultivate fintech innovation: Government programs like India Stack, Startup India Program, Jan Dhan Yojana, Aadhaar, and National Payments Council of India (NPCI) are encouraging startups and corporations to rethink financial services technologies. These programs address issues ranging from financial inclusion to KYC to Unified Payments Interface (UPI) implementation.
- Tech giants have introduced financial services in India: Tech giants — Facebook, Google, Amazon, Samsung — have introduced UPI-based payment apps in India, and plan to expand into secondary financial products. The entrance of top level competition will expedite financial innovations.
Using CB Insights data, we rounded up 125+ India-based startups leveraging technology in the expansion of financial products and services.