- India had 11 new FinTech unicorns in 2021 making it the country with the 3rd most new FinTech unicorns in 2021 after United States and the UK. CRED, a credit card bill reward platform, was the largest new unicorn valued at $4bn in 2021. CRED announced its unicorn status after is newest series E funding round of $251m in April.
- Due to the huge amount of investment in India, regulation has stepped up a gear to support the expansion in a manageable way. The ‘new umbrella entity’ (NUE) is a framework that has been setup to facilitate payment systems and RBI’s regulatory sandbox has also initiated with the first cohort of entities having started testing their mobile and offline payment solutions.
- India’s FinTech ecosystem benefits from high tech adoption rates at 87%, cheap internet, high smartphone penetration and youthful population. Overall it has very good conditions for FinTech growth and is the FinTech market is expected to be worth $150bn by 2025.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global