State Of The Indian Fintech Report Q2 2023

The cross-border payments market holds immense potential for Indian fintech players, offering a significant revenue opportunity. While the market is…

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State Of The Indian Fintech Report Q2 2023

Quoted & Trusted By

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

Key Highlights

$65 Bn

Cross-border payment market opportunity by 2030


Funded startups in cross-border payments

$100 Bn

Total inward remittance sent to India in FY22

$2 Bn

Total funding raised by fintech startups in Q2 2023

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
  • India Vs China Vs USA: Fintech Startup Ecosystem Comparison
  • Fintech Funding Trends
  • Mega Deal Trends
  • Average Ticket Size
  • Top 10 Biggest Fintech Startup Funding Rounds In 2023
  • Fintech M&As Trends
  • Top Indian Fintech Subsectors In 2023
  • Top Indian Fintech Startup Hubs In 2023
  • Notable Fintech Startup Investors In 2023
  • InFocus: Cross-Border Payments
  • Global Comparison: How India Stacks Up Against The USA & China
  • Value Chain Of Cross-Border Payments In India
  • Cross Border Payment Ecosystem In India
  • Cross Border Payment Startup Ecosystem In India: Key Statistics
  • Segment Wise Split of Funded Startups
  • Landscape Of Fintech Startups Operating In Cross Border Payments
  • List Of Notable Fintech Startups Operating In Cross Border Payment Segment
  • Notable Investors Backing Indian Cross Border Payment Startups
  • Fintech Unicorns: Financial Analysis
  • Listed Fintech Startups’ Stock Performance
  • Fintech In India: Key Developments 2023


Fintech players in India have multiple avenues to enter the cross-border payments market. One strategy is to target specific verticals such as travel, e-commerce, or remittances, where cross-border payments are prevalent and the demand for efficient payment solutions is on the rise. India, being a thriving hub for cross-border transactions, witnessed a transaction value of over $100 Bn in personal remittances and recorded global trade worth over $1.4 Tn in FY22. In the Indian market, the cross-border payments sector is expected to reach a value of $43 Bn in 2023, with a projected growth rate of 51% over the next seven years to $65 Bn. This presents a lucrative opportunity for fintech players to tap into this market and cater to the increasing demands of customers.

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