Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14% share of the global funding and No 2 spot on the deal volume, a new report has said.
India‘s Cagr in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16%, 15%, and 105, respectively, according to ‘State of the Fintech Union 2022′ report by the Boston Consulting Group (BCG) and Matrix Partners India.
With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870).
The India fintech ecosystem has 23 unicorns (out of 106 in total) and has reached a scale to establish a strong position in the global financial services market and be benchmarked for its speed of innovation, customer inclusion, and growth, the report noted.
“Clocking over $800 billion annual payments transaction value, fintechs have made a strong contribution to the Indian economy, and play a powerful role in the provision of full-fledged financial services to all Indians. We see this…
