Metamorphosis of Fintech
- With dynamic and transitioning ecosystem acting as a catalyst, FinTechstart-ups have grown into billion dollar unicorns in the last decade. Global market value of FinTechtransactions is expected to reach USD 7 trillion by 2021.
- India holds the highest rank globally in terms of FinTechadoption rate. Overall Indian market transaction value are projected to hit USD 140 billion by 2023.
- As per NASSCOM projections, Indian software fintech market is set to touch USD 2.4 billion mark with transaction value of sector reaching USD 73 billion in 2020.
- India acquired the position of Asia’s top FinTechMarket with total funding/investments of USD 647.5 million across 33 deals during Q2 2020.
Investments Wave in India
- Razorpayjoined the coveted Unicorn club after a fresh funding round of USD 100 million in 2020. The platform is know to ease operations for MSMEs through accepting, processing and disbursing online payments.
- PineLabs, one of the prominent pay later platforms raised USD 75 – 100 million at USD 2 billion valuation at the end of 2020.
- Paytm’s parent company, One97 Communications raised USD 1.66 billion through two distinct transactions.
- PhonePe, leading digital wallet company and one of the first UPI (Unified Payments Interface), has managed to tap investment worth USD 210 million.
- PolicyBazaarmanaged to raise USD 282 million through two deals and USD 120 million through leading credit card payment services company, CRED.