Fintech Outlook 2019: Addressing the Unbanked Indian
India’s fintech ecosystem got a head start with the surprise move by the government to ban INR 500 and INR 1,000 currency notes in 2016. In a first, the fintech startup ecosystem in India received a much-needed push in 2017 after the announcement of demonetisation by the government in November the previous year. Overall, the report showcases the milestones achieved by fintech startups in India so far and underlines how a proactive approach by the government and build standards to pave way for Indian startups to scale globally.
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Key Highlights
2,707
India has 2,707 fintech startups
26
unicorns in India, out of whic three are fintech companies
399
fintech startups have shut operations to date
73.37%
of total bank accounts opened under the government’s financial inclusion-focussed scheme Jan Dhan have been established by public sector banks