Indias Fintech Industry CAGR At 20% With 23 Unicorns

23 Aug 2022 , 10:38 AM

According to the State of the Fintech Union 2022 report by the Boston Consulting Group (BCG) and Matrix Partners India, Indias CAGR in the fintech industry was 20%, which was greater than the US, the UK, and China, which saw CAGRs of 16%, 15%, and 10%, respectively. With 7,460 fintech companies, India has surpassed the United States (22,290 fintech companies) and China (8,870). According to the report, the India fintech ecosystem has 23 unicorns (out of a total of 106) and has grown to the point where it can build a strong position in the global financial services market and be benchmarked for its speed of innovation, consumer inclusion, and development. Fintechs have made a significant contribution to the Indian economy, with over US$ 800 billion in annual payments transaction value, and play a significant part in the supply of full-fledged financial services to all Indians. It stated that Indias digital payment mission is vital for the US$ 5 trillion Indian economy. The volume of digital investment in the country increased by 100% from 4.5 million in 2021 to 9 million in 2022. At the same time, the volume of neo-banking increased from 2.5 million to 4 million, representing a 60% increase in just one year, according to the report.Powered by Capital Market – Live News