In 2021, Indian FinTechs raised a record funding of USD 9 billion. From supporting payments to neobanks, insurance, and lending, fintech adoption is only gaining more traction. In fact, one of the fastest-growing fintech markets in the world, India’s fintech adoption rate is 87% as opposed to the global average rate of 64%.
With a clear surge in online transactions and digital adoption, there is increasing collaboration between banks and fintechs as well. With fintechs playing a crucial role in enabling multiple modes of access to financial services, 2022 is set to witness a continued boom in this space. This year, the Indian Union Budget promised an increased focus on the digital economy and fintech with the goal of complementing macro-growth with all-inclusive micro welfare.
A surge in the adoption of digital payment facilities to maintain contactless transactions has also significantly contributed to the advancement of the Indian Fintech industry.
In this infographic, we highlight the present state of Fintech in India and emerging developments in 2022.
Through our in-house market research expertise in financial services, we compiled key insights shaping the Indian fintech market. Download this infographic for a deep dive into: