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  • BIMTECH Pioneers Fintech Innovation with BIMCOIN

    GREATER NOIDA: Birla Institute of Management Technology (BIMTECH), one of India’s leading business schools, proudly introduces its futuristic blockchain-based digital currency, ‘BIMCOIN.’ Specifically designed for BIMTECH’s ecosystem, BIMCOIN facilitates secure, transparent, and instant transactions among students, vendors, and administrators through a permissioned blockchain platform. Following IIT Madras, BIMTECH becomes India’s first business management institute to launch BIMCOIN—ushering fintech innovation in education.  BIMTECH and Kalp Decentra Foundation joined forces to launch a cutting-edge Blockchain Learning Centre on campus.

    Walking on the path towards the Viksit Bharat 2047 initiative draws inspiration from the Central Bank Digital Currency (CBDC) model and the growing need to merge blockchain technology into real-world plots. Unlike traditional systems, BIMCOIN operates on a blockchain, offering decentralization, transparency, and programmable features like smart contracts.

    BIMCOIN streamlines payments promotes transparency, and introduces advanced financial tools, ensuring enhanced security, fraud protection, and ethical practices. More than a payment solution, BIMCOIN serves as an educational tool, providing students with hands-on experience in blockchain technology, digital currencies, and real-world financial systems.

    Dr. Prabina Rajib, Director, Bof IMTECH, said, “BIMCOIN is more than a payment solution, it is an educational instrument that facilitates our students with practical experience in blockchain technology and digital currencies, shaping their readiness for careers in fintech. This is a significant step in nurturing a culture of innovation and preparing future leaders to thrive in a digital economy. Aligning with Digital India Vision, the digital money leverages permissioned technology with advanced encryption, strict access controls, and data privacy protocols, ensuring the highest security standards.”

    The pilot phase was a remarkable success, completing over 1,100 seamless transactions. Challenges, such as technical integration and user onboarding, were addressed through iterative testing and user training. The next phase includes additional rounds of close-net testing before campus-wide implementation. BIMTECH also plans to incorporate this technology into its academic syllabus through courses on blockchain, fintech, and digital innovation, further reinforcing its commitment to advancing education in financial technologies.

    Inspired by its founders Late Basant Kumar Birla and Sarala Birla, BIMTECH pioneered innovative programs like PGDM, PGDM-International Business (IB), PGDM-Retail Management (RM), and PGDM-Insurance Business Management (IBM), nurturing individuals into global leaders. Also, BIMTECH is now AACSB accredited, joining the Ivy League of Top Globally Recognized B-Schools. Fostering a symbiotic relationship, the institute excels in management education, supported by its globally placed robust alumni network of over 8000 individuals.

  • Nasscom Signs MoU with DIFC to Strengthen FinTech and Innovation Collaboration, Enhancing Global Opportunities for Indian Tech Companies – CRN

    Nasscom Signs MoU with DIFC to Strengthen FinTech and Innovation Collaboration, Enhancing Global Opportunities for Indian Tech Companies – CRN

    Nasscom has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region. The MoU was signed in the presence of Rajesh Nambiar, President of Nasscom and Arif Amiri, Chief Executive Officer of DIFC Authority.

    This strategic collaboration seeks to unlock opportunities for Nasscom member companies to actively engage in Dubai’s thriving FinTech and innovation ecosystem, fostering partnerships with cutting-edge organisations driving innovation in financial technology and related domains.

    The MoU focuses on fostering strategic cooperation between Nasscom and DIFC to facilitate the integration of Indian technology companies into DIFC’s vibrant FinTech and innovation ecosystem. Through a series of activities such as webinars, roundtables, roadshows, and networking conferences, the partnership aims to create meaningful platforms for knowledge exchange, business growth, and collaborative innovation. It offers Nasscom member companies unparalleled access to DIFC’s Innovation Hub, Dubai AI Campus and its extensive network of cutting-edge companies driving innovation in the financial sector.

    Key outcomes of the partnership include:
    ⦁ Nasscom and DIFC will actively exchange sectoral insights, development strategies, and best practices to drive mutual growth and success.
    ⦁ Nasscom member companies will gain direct access to DIFC’s AI, FinTech and innovation ecosystem, enabling them to explore opportunities for collaboration, partnerships, and innovation.
    ⦁ Through events such as webinars, roundtables, roadshows, and workshops, the MoU will drive deeper engagement and knowledge sharing between the Indian tech ecosystem and DIFC.

    Speaking at the MoU signing, Rajesh Nambiar, President, Nasscom, said, “This partnership with DIFC underscores our unwavering commitment to empowering Indian technology companies as they expand their global footprint. Through this collaboration, Nasscom member companies gain access to Dubai’s dynamic FinTech ecosystem, opening up opportunities to engage with innovative organisations and network with industry leaders at the forefront of cutting-edge advancements.”

    Commenting on the partnership, Arif Amiri, Chief Executive Officer, DIFC Authority said, “DIFC is committed to nurturing a globally connected ecosystem where innovation thrives. Through this partnership with Nasscom, we aim to attract and engage Indian technology companies in our AI, FinTech and innovation community, fostering groundbreaking advancements that benefit the wider financial services industry.

    This collaboration is set to drive innovation, foster global connections, and position Indian technology companies as key contributors to the FinTech revolution in Dubai and beyond. With DIFC’s world-class infrastructure and Nasscom’s leadership in advancing technology innovation, this partnership sets the stage for new opportunities for growth and collaboration.

  • Fintech firm Lendingkart clocks 6 pc profit drop at Rs 175 crore in FY24

    Fintech firm Lendingkart clocks 6 pc profit drop at Rs 175 crore in FY24

    IANS

    Fintech company Lendingkart has reported almost 6 per cent drop in profit after tax (PAT) at Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23.

    As per its consolidated financials, employee benefit expenses surged 75.70 per cent to Rs 199 crore. The finance cost increased by 16.8 per cent to Rs 293.53 crore last fiscal.

    Meanwhile, the fintech company’s revenue from operations increased 36 per cent to Rs 1,090 crore in FY24 from Rs 798 crore in FY23. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24.

    The Ahmedabad-based company’s total expenses increased 49.4 per cent to Rs 1,022.7 crore from Rs 684.4 crore in FY23.

    Lendingkart

    IANS

    Last month, Lendingkart announced that Fullerton Financial Holdings (FFH), an existing investor through its affiliate, is acquiring a controlling stake in the company. FFH, a wholly-owned independent portfolio company of Singapore-headquartered investment company, Temasek, committed up to a further Rs 252 crore.

    As per its financials, revenue from co-lending surged by 88 per cent to Rs 591 crore last fiscal.

    FFH owned about 38.16 per cent of Lendingkart Technologies Private Limited (LTPL) as of March 2024. Hong Ping Yeo, CEO of FFH, said the investments in Lendingkart are a testament to “our continued belief in the MSME opportunity in India and that well governed, scalable franchises can bring significant value to small businesses.”

    Lendingkart said the capital infusion will enable to deepen its reach in underserved markets and enhance its technology, taking a giant leap towards fulfilling its mission of fostering financial inclusion for small businesses in India.

    The group is financed by reputed international investors like Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around Rs 1,050 Crores of equity till date. The group recently raised Rs 200 crore in debt funding from EvolutionX Debt Capital.

    (With inputs from IANS)

  • WATCH: Salman Khan confronts former Shark and fintech entrepreneur Ashneer Grover on Bigg Boss, calls out his ‘doglapan’

    Actor Salman Khan confronted former Shark Tank India investor and former managing director of BharatPe, Ashneer Grover, on the sets of a reality show over a comment the latter made on the actor a few years ago. The fintech entrepreneur made a cameo in one of the episodes of Bigg Boss 18 Weekend Ka Vaar. It showed Salman confronting Ashneer for his ‘doglapan’ (double standards), a term he made popular while working as one of the Sharks in the Indian version of Shark Tank in 2021. Ashneer also took to social media to share his response about the episode.

    Ashneer Grover (left), Salman Khan. Photo courtesy: Screengrab from X
    Ashneer Grover (left), Salman Khan. Photo courtesy: Screengrab from X

    During the show, Salman asked, “I have heard you speaking about me. You said, ‘We signed him for this much, signed him for that much,’ and all your figures were wrong. So then, what is with the double standards?]”

    For context, in April 2022, while conversing with the students at Lovely Professional University, the entrepreneur recalled how he signed the Bollywood superstar and narrated how the deal was made, quoting figures.

    Referring to Ashneer’s statement, Salman said the figures quoted by the entrepreneur were incorrect.

    When Ashneer said that his statement might not have come across correct, Salman fired back, saying his attitude back then wasn’t the same as it was right now. “But the way you are talking now, and the video I saw of you, this wasn’t your attitude back then,” Salman said.

    Salman also took a jab at Ashneer as the actor said he was unaware of his name until it was announced. “I just got to know that you are coming here. I did not know your name also. Since I had seen your video, I recognised your face. I think you should be careful about how you present yourself,” Salman said.

    In response to the remarks, Ashneer Grover shared a long post on X.

    “I hope you enjoyed the Bigg Boss weekend ka vaar ! I had good fun. And I am sure the particular episode got great TRP / viewership. BTW all of statements below are TRUE:

    Salman is a great host & actor

    Salman knows what works on Bigg Boss

    I’ve always praised Salman for his sense of self and business – not a single thing demeaning said for him ever

    My deal numbers are always correct (bank / auditor verified)

    Met Salman in an exclusive meeting on the brand collab for 3 hours in May 2019 in JW Marriott Juhu – along with the director of ad (it’s ok if he doesn’t remember me – I was not a public figure then – he meets tons of people)

    The invite for coming as guest on Bigg Boss was not ‘unnamed’ – just like the cheque for the same 😉

    And finally I’ve a pic with him – which I didn’t earlier 😉

    Thanks @BeingSalmanKhan. Keep rocking !” Ashneer tweeted.

  • Singapore FinTech Festival 2024 attracts 65,000 participants from 134 countries and regions; makes big plans for 2025

    SFF Meetup
    SFF MeetUp brought outcome-driven meetings to SFF2024, with 65,000+ meeting requests, closed deals, and new partnerships. Photo courtesy: X/@sgfintechfest

    The ninth edition of the Singapore FinTech Festival (SFF), which concluded successfully on 8 November 2024, attracted 65,000 participants from 134 countries and regions. And already, ‘Super early bird’ access passes for the 10th edition in 2025 have been made available.

    A media release issued jointly yesterday by the Monetary Authority of Singapore (MAS), the Global Finance & Technology Network (GFTN), and event curator Constellar, listed the key highlights of SFF 2024:

    ● The invite-only ‘Insights Forum’ brought together more than 2,300 policymakers, regulators, investors, and industry leaders for in-depth discussions across 40 roundtables. Topics ranged from the future of financial infrastructure to pathways for achieving global net-zero goals.

    ● More than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and government organisations participated in the ‘Regulation Zone’. Key discussion areas included Artificial Intelligence (AI) solutions, quantum research and finance, cross-border data flow, and digital asset growth.

    Also read: State Bank of India launches innovation hub at Singapore FinTech Festival to drive digital transformation

    ● The ‘Technology Zone’ featured 64 sessions exploring AI and quantum technologies, blockchain, and e-commerce and payments applications, showcasing real-economy impact across sectors.

    ● At the ‘Founders and Investors Zone’, over 580 meetings between investors and startup founders were hosted during ‘Investor Hours’, catalysing new opportunities and partnerships with meaningful capital.

    ● The ‘Talent Zone’ delivered 180 mentorship sessions and certification programmes in collaboration with academic partners, building a future-ready talent pipeline.

    ● The ‘ESG Zone’ spotlighted Gprnt’s launch of its inaugural Disclosure and Marketplace offerings, tools meant to simplify sustainability reporting for businesses and connect them to an ecosystem of solutions to support their decarbonisation efforts.

    SFF 2025 marks the FinTech Festival’s 10th anniversary. It will be held from 12 to 14 November 2025, and this milestone event will celebrate a decade of growth and innovation in financial technology. The Insights Forum will continue as a two-day event, from 10 to 11 November.

    Shashi Tharoor at SFF
    Left to right: Ravi Menon, former MD of MAS and current chairman of the Global Finance & Technology Network; Shashi Tharoor, Indian politician, writer, and former diplomat, who did two events at SFF 2024; Sopnendu Mohanty, current Chief Fintech Officer of MAS; and Preeti Dawra, adviser to the board of Elevandi, which was a MAS company and host of SFF. Dawra is also Director, Global Marketing & Strategy, in the President’s Office at Nanyang Technological University, Singapore. Elevandi was replaced in end-October 2024 by GFTN. Photo courtesy: X/@ShashiTharoor

    About the Singapore FinTech Festival

    The Singapore FinTech Festival (SFF) is organised by the Monetary Authority of Singapore, the Global Finance & Technology Network and Constellar, in collaboration with The Association of Banks in Singapore (ABS).

    Also read: Singapore FinTech Festival: SBI announces coming launch of ‘Yono Global’ app in Singapore and United States

    Since its inception in 2016, SFF has become the premier platform for the global FinTech community to engage, connect, and collaborate. Last year’s SFF brought together 66,000 participants from 150 countries.

  • Fintech firm Cashfree Payments’ losses increase to Rs 135 cr in FY24

    IANS

    Fintech firm Cashfree Payments has reported Rs 135 crore loss in the financial year (FY24), compared to Rs 133 crore loss in FY23.

    During this period, the company’s income increased by 5 per cent on an annual basis from Rs 613.8 crore to Rs 642.7 crore.

    The marginal increase in the company’s income and increasing losses are attributed to an action taken by the Reserve Bank of India (RBI) on Cashfree, under which the company was banned from onboarding new merchants from December 2022 to December 2023.

    As per its annual financial statements filed with the Registrar of Companies, the company’s total expenses increased by 3.9 per cent to Rs 779.4 crore in FY24, against Rs 750 crore in FY23.

    A major part of the company’s expenses is material cost, which stood at Rs 426.6 crore in FY24. During this period, employee benefits increased by 23 per cent to Rs 245 crore.

    IANS

    Apart from this, other expenses include Merchant Discount Rate (MDR), infrastructure and compliance costs, as per its filing.

    The company did not provide details of its income components in the financial statement. However, its main source of income is sale of services. Apart from this, transaction-related fees etc. also contribute significantly to the company’s income.

    According to reports, the company has not raised any new funding in the last 30 months. In its nearly nine-year corporate history, the company has raised around Rs 320 crore through funding.

    Cashfree’s main competitors are Razorpay, PayU and CCAvenue. Razorpay’s payment gateway business generated revenue of Rs 2,068 crore in the last fiscal and the company made a profit of Rs 34 crore during this period.

    PayU’s revenue grew 11 per cent to $444 million in FY24 and the company incurred a loss during this period.

    (With inputs from IANS)

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  • SentBe Implements Visa Direct’s Card Transfer Service, a First Among Korean Fintech Companies

    SentBe

    [Image Provided By SentBe]

    Seoul, South Korea – October 30, 2024 – SentBe, a global FX total solutions provider in Korea, partnered with Visa, a trusted world leader in digital payment technology, and implemented Visa Direct’s card transfer service, which allows for real-time overseas payment through Visa’s global payment network. SentBe is the first in the Korean fintech industry to implement Visa Direct card transfer service.

    SentBe offers its customers the option of using a Visa card for receiving money, providing a simple, secure, and real-time transfer experience at a cost 90% cheaper than traditional banks, thereby maximizing convenience.

    Through the partnership with Visa, the newly introduced Visa Direct’s card transfer service allows money to be transferred to a recipient’s account linked to their Visa card, whether it’s a credit, debit, or prepaid card, within 30 minutes, by simply entering the recipient’s name and their 16-digit Visa card number. The service is available 365 days a year, supporting real-time, convenient overseas transfers in 40 countries and 26 currencies, including Singapore, China, India, Thailand, Philippines, Spain, France, Germany, United Kingdom, and Australia. SentBe plans to expand the number of recipient countries accessible via Visa card to around 200.

    SentBe’s cross-border money transfer service for individuals not only offers bank transfers, cash pick-ups, and mobile wallets, but also includes direct cash delivery to recipients, with options optimized for each country. Now, by offering globally used Visa cards as a new receiving option, SentBe is providing a more innovative and user-friendly transfer experience to its customers. In April, SentBe achieved the highest level of payment card industry data security standard, PCI-DSS v4.0 Level 1, demonstrating its capability to securely manage and protect customer credit card information and payment data.

    CEO Alex Seong-Ouk Choi commented, “The implementation of Visa Direct’s card transfer service is part of SentBe’s ongoing efforts to remove all inefficiencies in cross-border foreign exchange transactions, supporting easy and quick international transfers for more people. We will continue to strive for the best transfer services for our customers through continuous service innovation and strengthening global partnerships.”

    Patrick Storey, Country Manager of Visa Korea, expressed, “We are very pleased to introduce Visa Direct’s card transfer service which connects the entire world, at SentBe, a promising Korean fintech company. With Visa’s innovative global payment solutions and SentBe’s digital remittance capabilities, we will strive towards continuously providing quick, safe, and convenient real-time global transfer services.”

    Founded in 2015 with the mission of creating “A World Without Financial Borders,” SentBe is a global fintech company based in Korea, providing innovative cross-border remittance and payment services with reasonable fees, fast transfer speeds, and simple procedures to both individuals and businesses. In addition to its headquarters in Korea, SentBe has established a corporation in Singapore, the Asian FX financial hub, and has built a unique business infrastructure in line with global standards through extensive global partnerships and FX management capabilities. SentBe is expanding its influence in the global market beyond Korea and Asia through its cross-border money transfer service for individuals ‘SentBe’ and cross-border payment service for businesses ‘SentBiz’.


    Neel Achary

  • MAS announces finalists for 2024 Global FinTech Hackcelerator and FinTech Excellence Awards

    Payment technology
    Innovative FinTech solutions by corporate firms and individuals are recognised by the SFF FinTech Excellence Awards 2024. Representative photo courtesy: Pixabay/rupixen

    The Monetary Authority of Singapore (MAS) has announced the 42 finalists for the 2024 Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards. The winners will be revealed at the SFF FinTech Excellence Awards 2024 dinner on 7 November 2024.

    Global FinTech Hackcelerator 2024

    The theme for this year’s Global FinTech Hackcelerator is ‘Improving Financial Health’.

    This year’s competition aims to advance the development of suitable financial products and tools that can improve financial health. This can be an important enabler to empower individuals and businesses to manage resources effectively to build financial resilience.

    The 18 finalists, comprising FinTech firms and solution providers from Australia, Bangladesh, China, Hong Kong, India, Indonesia, Kenya, Nigeria, Philippines, Singapore, South Korea, and the United States, submitted proposals with innovative and market-ready solutions that utilise technologies such as Artificial Intelligence (AI) and Distributed Ledger Technology (DLT).

    The finalists will undergo a two-day programme, organised by Elevandi, a not-for-profit entity set up by MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally.

    Under this programme, they will have opportunities to collaborate and network with corporate firms, investors, and industry professionals to further refine their solutions and pitch. They will also work with assigned Corporate Champions, who will provide mentorship.

    They will then pitch their solutions at the Global FinTech Hackcelerator Demo Day at the SFF on 6 November 2024. All finalists will receive an SGD 20,000 cash stipend. The top 3 winners will each receive SGD 50,000 in prize money.

    SFF FinTech Excellence Awards 2024

    The Awards, jointly organised with the Singapore FinTech Association (SFA) and supported by PwC Singapore, seek to recognise innovative FinTech solutions by corporate firms and individuals.

    This year, the award categories were revamped to be more outcome-focused, related to how the solutions have enhanced impact and effectiveness in key areas such as financial inclusion and regulatory compliance. A thematic Corporate category in AI and Quantum was also introduced. More than 200 submissions were received across the six award categories.

    For the five Corporate categories (Emerging FinTech; Financial Inclusivity; Regulatory Leader; Sustainable Innovator; and Thematic – Artificial Intelligence, Quantum Champion), a total of 175 submissions were received, of which 4 finalists were shortlisted for each category.

    For the Individual category, the FinTech Mentor Award, 29 submissions were received, of which 4 finalists were shortlisted.

    Building on last year’s ‘FinTech Gives Back’ initiative, this year saw 12 members of the FinTech community contributing to support the Awards.

    Sopnendu Mohanty, Chief FinTech Officer, MAS
    Sopnendu Mohanty, Chief FinTech Officer, MAS. Photo: LinkedIn

    Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Congratulations to all the finalists announced [on October 28]. Your innovative solutions inspire us and push the boundaries for shaping a more inclusive and dynamic future. It is also heartening to witness the strong support for the ‘FinTech Gives Back’ initiative, which contributes to the continual advancement of our FinTech sector.”

    Wong Wanyi, FinTech Leader, PwC Singapore, said, “This year, quantum computing has gained attention from financial institutions and governments globally. It’s encouraging to see companies investing in quantum technology, underscoring the need to be ready for a quantum-powered future. Alongside AI, these advancements are not just tools, but catalysts for a new era focused on security, efficiency, and customer-centric solutions.”

  • Fintech Slice Merges with NESFB in Landmark Banking Move

    Fintech unicorn Slice

    IANS

    Fintech firm slice and North East Small Finance Bank (NESFB) have successfully completed their merger. This merger, which took place on October 27, 2024, is the first instance of a new-age fintech company merging with a licensed bank. The merger has unified the operations, assets, and brand identities of both entities into a single, integrated banking institution. This move is set to redefine customer experience and risk management in the banking sector.

    The merger was facilitated following the receipt of all necessary shareholder and regulatory approvals. The integration of the two entities reinforces NESFB’s dedication to its core markets, ensuring not only the continuation of services but also a strategic expansion across the region. The merged entity is well-equipped to expand its operations, meet evolving customer needs, and enhance risk management, setting new benchmarks in customer experience.

    The key individuals instrumental in this merger are Rajan Bajaj, the Founder and CEO of slice, who also becomes the Executive Director of the merged entity, and Satish Kumar Kalra, the MD and CEO of NESFB. Both executives played pivotal roles in the strategic and operational integration of the two companies.

    Fintech unicorn Slice

    IANS

    The merger signifies a pivotal shift in the Indian financial landscape, bringing together Slice’s fintech innovation and NESFB’s solid traditional banking foundation. This strategic alliance lays the groundwork for a tech-driven banking model focused on stability, enhanced risk management, and a strong governance framework. With a fortified financial position, the merged entity is poised to expand its operations, meet the dynamic needs of customers, and set new standards for customer experience.

    The merged entity will introduce a range of banking products and services including savings account, fixed deposits, and credit products among others. Notably, customers will continue to enjoy uninterrupted access to the services of NESFB and slice through this transition. In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organisations.

    The merger between slice and NESFB is a significant development in the Indian banking sector, particularly for a financial institution rooted in the North-east. It represents a new chapter not only for the bank but for the nation as a whole. The integration of a cutting-edge fintech company with a traditional bank is expected to redefine banking standards across the nation.

    The merger also signifies a broader trend in the global banking sector, where traditional banks and fintech companies are increasingly collaborating to leverage each other’s strengths. This trend is driven by the need for banks to innovate and adapt to the changing needs of customers, who are increasingly demanding digital, seamless, and personalized banking experiences.

  • India’s fintech startups grow fivefold in last three years

    India's fintech startups grow fivefold in last three years

    India’s fintech startups grow fivefold in last three yearsIANS

    India’s financial sector is growing at a rapid pace as fintech startups have grown by about five times in the past three years, according to a report. The growth has been from 2,100 in 2021 to 10,500 in 2024.

    JM Financial said in a report: “At present time, India has 26 fintech unicorns with an estimated combined market value of $90 billion.”

    India has one decacorn fintech (valuation of over $10 billion) and 25 unicorns, whose valuation ranges between $1 billion to $10 billion and 37 minicorns, with valuations ranging from $100 million to $1 billion.

    There are 87 soonircorn fintech startups in the country, with valuations ranging between $60 million to $100 million.

    The report said that the estimated combined value of all fintech companies in India is around $125 billion. The estimated income of all these companies in FY23 was around $20 billion. This was 5 per cent of the total revenue of all banks, financial services and insurance (BFSI) companies in the country.

    Fintech: How apps like Paypal are reshaping business

    Payment and Lending Firms Lead Funding Surge in India’s Fintech SectorIANS

    In India’s fintech industry, payment and lending companies are getting a large chunk of funding. 85 per cent of the total funding raised by the fintech industry has been raised by these companies. Between 2014 and 2023, Indian fintech startups have raised about $28 billion in 1,486 deals.

    JM Financial said in a report: “Rising consumption, penetration and AI will lead to 150 fintech unicorns and $200 billion in fintech revenue by 2030.”

    Fintech startups in India include merchant payments, wallets, consumer payments, loans, insurance and wealth management companies.

    According to the latest report by Boston Consulting Group (BCG) and Z47 (fka Matrix Partners India), the Indian fintech ecosystem is in its “middle journey.” “The ecosystem is poised for further exponential growth, as seen with incumbents that have created over $600 billion in value over the past 3-5 decades,” it added.

    (With inputs from IANS)