India is among the top developing economies in the world and is moving rapidly towards a cashless economy. There are huge opportunities in Fintech to offer technology and innovation through new products or business models. FIIs, DIIs, and VCs are looking at the Indian Fintech sector to enter through the segments like WealthTech, Payments, Lending, and InsureTech. PayTM, CRED, Acko, Incred, and BharatPe are famous unicorn startups who have evolved through mobile payments and digital wallets to even online-only banks.
If we look at the overall interest in the Fintech sector, a few facts stand out to highlight the growing focus
- Fintech funding amounted is approx 22% of the country’s total start-up funding.
- Top 20 Indian FinTechs raised Rs 12,000+ cr in 2019.
- Indian FinTechs surpassed Chinese FinTechs in raising funds.
- 375+ Payment startups in the country.
- 110+ InsureTech start-ups.
- 340+ Lending start-ups.
- 303+ Wealthtech start-ups.
- India will contribute 2.2% to the world’s digital payments market by 2023 and expected to reach $12.4 trillion globally by 2025.
- Digital payments in India will exceed USD 500 billion by 2020.
- Fintech funding amounted to approx 22% of the country’s total start-up funding.
- ROI in India is at 29% versus a global average of 20% on fintech projects.
- Funding dropped to $6.1B across 404 deals due to Covid-19 in the Mar-Jun Quarter of 2020.
These are the upcoming fintech startups to watch out for in 2020
epiFi – The epicentre of your finance
Website – https://epifi.com/
Type – Digital banking solution
Incorporated – 2019
HQ – Bangalore
Mission – Help customers demystify their finances, optimize their savings, and enable them to make informed financial decisions.
Funding – Raised $13.2M seed funding led by Sequoia, Ribbit & others.
Finly
Website – https://www.finly.io/
Type – Accounts Payable Automation
Incorporated – 2019
HQ – Bangalore
Mission – automates accounts payable for mid and large-sized businesses. Enable Finance Heads with tools & data that give them real-time insights into business spend thereby enabling them to support executives in the decision making process.
Funding – Social Capital, GEMBA Capital, Angellist, Axilor
Award – Top 50 companies in India by NASSCOM-2019.
Mera Cashier
Website – https://www.meracashier.com/
Type – Digital Ledger
Incorporated – 2019
HQ – Noida
Funding – Raised a total of $400K in funding over 2 rounds.
Which exciting FinTech startup is in your watchlist or you want us to cover? Send us your recommendation on contact@booleanidea.com
