State Of Indian Fintech Report, Q3 2022
Fintech startups in India have evolved fast from early-day mobile wallets and the ubiquitous payment gateways. The country is now home to more than 4,800 players offering a diverse range of innovative products and services.
Together, they represent a near-revolution of convenience and cutting-edge technologies, upending the traditional world of finance. New-age fintechs have forayed into every segment, from payments, lending and insurance to complex wealth management solutions, challenging the incumbents like banks and financial institutions (FIs).
Among the most promising new segments is neobanking, or digital-only banking, but its scope has been limited to a layer 2 operative built on the country’s existing financial infrastructure. Even then, neobanking in India is estimated to reach a total addressable market (TAM) worth $183 Bn by 2030, nearly a 4x jump from the current $48 Bn.
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Key Highlights
$2.1 Tn
Fintech market opportunity in India by 2030
22
Number of fintech unicorns in India
$48 Bn
Neobanking market opportunity in India in 2022
B2C neobanking
The segment with the highest venture capital inflow