At present, India houses over 2,100 FinTech companies of which 11 firms achieved the Unicorn status in 2021 and has around 15 companies that may acquire the Unicorn status in 2022. The year 2021 witnessed funding of over $9 Bn, which has paved the way for growth in 2022. The uptick in demand to develop financial products to cater to the changing customer needs continues to disrupt the BFSI segments.
Globally, India has the third-largest FinTech ecosystem and is poised to grow at a CAGR of over 24.5% to reach roughly $150 Bn by 2025. The unwavering support from the Government of India through initiatives like Inter-Ministerial Steering Committee (IMSC) on FinTech, GIFT City, Joint Working Groups on FinTech, among others, is likely to spur platform growth and innovation in this sector. Besides, next-gen technologies like AI, ML, Blockchain, automation, etc., to help the FinTech companies meet the needs of the unbanked citizens, is expected to open new revenue streams for the FinTechs.
VCCircle this year presents the 3rd edition of the FinTech Summit.
Themed ‘Renaissance of the Financial Experience’, the event focuses on identifying new-age business models and strategies FinTechs may adopt to not just survive the market, but be able to improve user experience. The event will shed some light on the importance of collaboration for financial inclusion using embedded finance.