RBETA 2024 celebrates India’s rise as world’s FinTech superpower

India’s emerging FinTech: In initial years of last dece, if someone h said, that digital financial transactions would become a new normal in country, none of us would have taken it too seriously. Today, a dece later, India is home to world’s biggest FinTech market with UPI becoming backbone of our daily financial interactions. More than 330 million Indians use Unified Payment Interface every day and over 40 per cent of all financial transactions done in India are digital. 

According to insights unveiled in Tracxn's Geo Quarterly India FinTech Report for Q1 2024, India has recorded a 59 per cent surge in total funding received by Indian FinTech sector in Q1 2024 compared to preceding quarter of 2023, an unparallel rise in industry.

To celebrate India's prowess in world of financial technology, Republic Business Emerging Tech Awards 2024 (RBETA 2024) is going to underline nation's remarkable rise as a global FinTech superpower. event, marking innovation and entrepreneurship in tech space, will shed light on unprecedented growth trajectory witnessed by India's FinTech sector, bringing in stakeholders, investors, and market disruptors under a single roof. 

Funding Milestones

Despite emergence of only two funding rounds exceeding $100 million in Q1 2024, overall funding FinTecc landscape witnessed strong expansion, consolidating India's standing as a lucrative market for FinTech investment.

According to Traxn report, FinTech startups in India raised $551 million in Q1 2024, securing position of third-highest-funded startup ecosystem worldwide. 

Bengaluru spearheed funding drive, closely trailed by Mumbai and Hyderab, showcasing diverse and thriving FinTech hubs across country. 

Leing investors such as Peak XV Partners, Y Combinator, and LetsVenture emerged as prominent backers, amplifying sector's growth trajectory and underlining investor confidence in India's FinTech ecosystem.

Segment Growth

According to reports, FinTech industry in country has showcased dynamic evolution with Alternative Lending, RegTech, and Banking Tech coming up as frontrunners in Q1 2024. 

Alternative Lending, in particular, witnessed an astronomical surge, capturing nearly 89 per cent of total funding and registering a remarkable 290 per cent growth compared to previous quarter.

Regulatory technology has also gained major traction in market due to dire need for safer and more secure FinTech tools. implementation of RegTech in Fintech industry in India is still in its early stages. However, it has potential to change industry and make it more efficient and effective. global RegTech market is expected to grow from $5.46 billion in 2019 to 28.33 billion by 2027 at a CAGR of 22.3 per cent. 

personal loan segment which is enabled by easy-to-use and instant loan apps, grew 21 per cent year-on-year in January 2024. credit in this segment expanded 26.6 per cent on a YoY basis in January 2023.

Despite vancements in insurance tech industry, major opportunities still lie in dressing under-penetration across various products, regions, and customer segments in India. According to Swiss Re Institute, insurance market in India is witnessing strong growth propelled by factors such as economic expansion, an increasing middle class, innovation, and supportive regulations. 

Over upcoming five-year period (2024‒2028), report expects a real-term premium growth rate of 7.1 per cent. This exceeds global average of 2.4  per cent, as well as averages for emerging (5.1  per cent) and vanced (1.7  per cent) markets. Consequently, India is poised to emerge as G20 country with most rapid growth in its insurance sector.

Market Expansion

Riding on waves of technological innovation and digital option, India's FinTech industry is set for exponential growth. With market size projected to reach mark of $150 billion by 2025, India is positioned as one of fastest-growing FinTech markets globally, driven by factors such as record-breaking UPI transactions and widespre option of digital banking solutions across urban and rural landscapes.

RBETA 2024 not only celebrates growing tech option in India’s burgeoning finance industry but also nation's indomitable spirit of innovation and entrepreneurship. As India continues to carve a distinctive niche in global FinTech landscape, stage is set for a new era of financial transformation, underpinned by technological ingenuity and visionary leership.