According to a report, the value of enterprises in the Indian fintech sector would reach $400 billion by the end of the decade, expanding four times from now.
According to the The Bottomline: Elevation Fintech Report 2023 report, released on Wednesday by early-stage venture investor Elevation Capital and consulting firm McKinsey India, the sector will access a revenue pool of roughly $70 billion out of the overall financial services revenue pool of $620 billion by fiscal 2030.
India has the third-largest fintech ecosystem in the world, behind the US and the UK, with more than 9,000 fintech businesses, according to the report. Over 20 industry professionals were interviewed for the paper, and over 70 fintech founders and specialists were surveyed. Investments of between $70–$80 billion have been made in both retail lending and digital payments.
Compared to wealth management, the SME financing industry has brought in about $55 billion. According to the research, equity injection increased from $2 billion to $6 billion between 2018 and 2022. However, 2023 as a whole has been a weak year for venture funding.
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