Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030
- India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.
- Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like
Paytm, Cred, Simpletc.
- Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.
AdvertisementThe Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY.
This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says.
Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion.
“India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’.
Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl,
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According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too.
“These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram.
Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets.
“India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India.
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