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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State Of Indian Fintech Report, Q3 2022

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights

$2.1 Tn

Fintech market opportunity in India by 2030


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

Table Of Contents

  • India’s Digital Economy In A Nutshell
  • Fintech Market In India: A Snapshot
  • India’s Fintech Landscape: Key Players
  • India’s Fintech Opportunity
  • Segment-Specific Fintech Market Size: 2022-2030
  • Key Growth Drivers Of The Indian Fintech Ecosystem
  • India’s Fintech Startup Ecosystem: Investments, M&As And More
  • Top 10 Most-Funded Fintech Startups In India In Q3 2022
  • Fintech In India: Key Market Developments
  • Neobanks In India: The Advent Of Layer 2 Banking
  • A Global Comparison: Neobanking In India Vs The US, The UK And Germany
  • The Neobanking Value Chain: How Layer 2 Banking Works In India
  • Neobanking Opportunity In India: B2B & B2C Neobanking
  • The Funding Ecosystem Of Indian Neobanking Startups: Investments, M&As And More
  • Top 10 Most-Funded Neobanking Startups In India
  • Financial Analysis: Notable Neobanking Startups In India
  • Emerging Trends Of Neobanking In India
  • Key Challenges Of Neobanking In India
  • Public Fintech Startups: Stock Market Performance
  • Fintech Startup IPO Around The Corner: Digit Insurance
  • Emerging Trends Of The Indian Fintech Ecosystem


India’s neobanking startups currently operate in two fundamental areas – the tech stack and the layer 2 banking services. The layer 2 service segment includes B2B and B2C offerings such as digital bank accounts, prepaid cards and digital loans. On the other hand, the tech stack side of the segment covers startups providing SaaS solutions to financial institutions like banks, insurers and NBFCs. In this Q3 2022 fintech report, we have featured details about how neobanking works in India, the key players in the segment and insights into its products and core user base.

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