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<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> personal loans have grown steadily in the country and contributed to a third of overall active personal loans in September 2023, registering 62 per cent of sanction volumes in the first half (H1) of the current fiscal year (FY24), a new report said on Wednesday. Fintech loan borrowers are younger, with two-thirds coming from the age bracket of less than 35 years. Fintech personal loans have contributed a vital role in financial inclusion, serving unaddressed market segments by sanctioning over Rs 2 lakh crore since April 2018, according to the report by the <keyword id="20190392" type="General" weightage="20" keywordseo="fintech-association" source="keywords">Fintech Association</keyword> for Consumer Empowerment (FACE), an industry body convening digital lenders. "Fintechs, while small in value, are playing a mighty role in furthering financial inclusion. As the digital economy shapes up, fintechs will expand in tandem, playing a pivotal role in customers' access to formal credit - important for their financial health and resilience," said <keyword id="20670247" type="General" weightage="20" keywordseo="sugandh-saxena" source="keywords">Sugandh Saxena</keyword>, CEO of FACE. "The growing economy and digitalisation bring huge opportunities and obligations to the fintechs," <keyword id="19970173" type="General" weightage="20" keywordseo="saxena" source="keywords">Saxena</keyword> added. The report analysed trends from data of 71 fintech NBFCs from April 2018 to September 2023. Fintech loans consistently increased their share in the personal loan market over the years, doubling their share in sanctions since FY18-19, the findings showed. "In loans outstanding, the share of fintech NBFCs is just 5 per cent of the total personal loans outstanding (as of September 2023) but accounts for over a third of active loan volumes," the data showed. In H1 FY 23-24, fintech loans accounted for 10 per cent of the sanction value but 62 per cent of the sanction volume, catering to sizeable, underserved segments with small-value loans. Fintech loans are climbing in ticket sizes, with nearly half of the sanction value coming from borrowers with ticket sizes more than Rs 50,000, the report mentioned. Fintech loans are moving up in the risk chain and distribution of sanctioned value across credit scores shows that the share of mid-low risk borrowers is increasing, from 36 per cent in FY 18-19 to 59 per cent in H1 FY 23-24. Fintech loan borrowers are younger, with two-thirds coming from the age bracket of less than 35 years, said the report.

Fintech personal loans log 62% of sanction volumes in FY24 first half in India: FACE report

New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

As more millenials are foraying into the workforce with digital and tech skills, India has emerged as a strong Science, Technology, Engineering and Mathematics (STEM) talent pool. India has seen exponential growth in coworking spaces over the last 12 months with the top global workspaces established in India, which has fueled the expansion of Fintech hubs in India. According to<a href="https://fintegrate2019.gomedici.com/india-fintech-report-2019"> India FinTech Report 2019</a> by a global innovation platform MEDICI, India is now the world’s second biggest FinTech hub, after the US — with over 2,000 startups nourishing in the zone. As Maharashtra has become the first state in India that announced FinTech policy, Mumbai has emerged as the leading FinTech hub in India — with Mumbai and Bangalore being a home to nearly <a href="https://www.inventiva.co.in/2019/03/04/india-worlds-second-biggest-fintech-hub-with-mumbai-and-bengaluru-leading-the-charge-study/">42%</a> startups. Here are the top FinTech hubs housing most of India’s startups: Mumbai <div type="image" title="itzcash" tempid="11549" msid="68882666" hostid="261"></div>

 Bangalore <div type="image" title="Capitalfloat" msid="68882651" hostid="261"></div>

 Delhi <div type="image" title="paytm" tempid="11593" msid="68882667" hostid="261"></div>

 Gurugram <div type="image" title="MobiKwik" msid="68882652" hostid="261"></div>

 Hyderabad <div type="image" title="paynear" msid="68882653" hostid="261"></div>

These are the top Fintech hubs in India — Bangalore, Mumbai leads the race

Despite being over two centuries old, <a href="https://economictimes.indiatimes.com/markets/stocks/news/why-state-bank-of-india-is-afraid-of-small-but-nimble-fintech-companies/articleshow/61149597.cms">State Bank of India views up and coming FinTech companies as a legitimate threat.</a> With over 24,000 branches and 420 million customers, State Bank of India (SBI) is still not immune to the disruptive effects of FinTech solutions like <a href="https://economictimes.indiatimes.com/topic/Paytm">Paytm</a> and <a href="https://economictimes.indiatimes.com/small-biz/startups/itzcash-parent-ebix-acquires-paul-merchants-for-41-million-in-an-all-cash-deal/articleshow/60784089.cms">ItzCash</a>. SBI chairman Rajnish Kumar openly expressed his concerns last month (20th October) about challenges facing traditional financial institutions from groundbreaking advances in the <a href="https://en.wikipedia.org/wiki/Financial_technology" target="_blank">FinTech</a> industry. His concerns turned out to be valid just a month later, on 8th November 2017, when UK based FinTech start-up Revolut <a href="https://www.cnbc.com/2017/11/08/fintech-startup-revolut-applies-for-european-banking-license.html">announced their plans to become the world’s first app-based global bank.</a> Indian banks are not alone in their concern over <keyword id="5988437" type="UNKNOWN" weightage="20" keywordseo="Fintech-innovations">FinTech innovations</keyword>. A survey by PwC Malaysia conducted in late 2016 reveals that <a href="https://www.pwc.com/my/en/publications/catching-the-fintech-wave.html">82% of financial institutions in Malaysia view FinTech as a threat.</a> While banks and other traditional FIs continue to feel threatened by FinTech, for investors it is an opportunity to acquire generational wealth. Between 2015 and the first half of 2016, US$345 million went into funding FinTech solutions in Southeast Asia, <a href="https://www.pwc.com/my/en/publications/catching-the-fintech-wave.html">which accounts for 11% of total venture capital funding </a>in that region. "There is a threat faced by financial institutions (FIs) from FinTech innovations, however, it can be transformed into an opportunity if banks are quick to adopt FinTech innovations to gain competitive advantage. While Revolut’s vision to become a global app based bank may seem threatening, they are still limited to retail banking and there’s a limit to how much customers can deposit. The real danger still lies with global companies with massive financial resources at their disposal. Giants like Alibaba, Alipay and global telecommunication companies who are increasingly adopting new FinTech innovations to take over the financial services market. They are the real threat to traditional FIs, not us." said <a href="https://endeavor.org/entrepreneur/wai-hun-see/">See Wai Hun</a>, CEO of one of the <a href="http://juristech.net/juristech/">leading FinTech solutions providers in Malaysia</a>. While Indian banks are warily monitoring FinTech start-ups, the rest of the world has already started on the path to embracing this new shift in financial transactions. On 18 October 2017, global banking giant <a href="https://cointelegraph.com/news/jpmorgan-buys-bitcoin-bullish-wepay-in-rare-fintech-move">JP Morgan announced their acquisition of FinTec</a><a href="https://cointelegraph.com/news/jpmorgan-buys-bitcoin-bullish-wepay-in-rare-fintech-move">h startup WePay</a>. The move is aimed towards facilitating faster payment for JP Morgan's 4 million small business customers through <keyword id="880539" type="COMPANY" weightage="20" keywordseo="WePay">WePay</keyword>'s payment network. In the same week, <keyword id="10875" type="CITY" weightage="20" keywordseo="IBM">IBM</keyword> and its payment network KlickEX <a href="https://www.stellar.org/blog/IBM-KlickEx-Partnership/">announced their partnership with Stellar</a> to reduce cross-border transaction costs and dramatically increase international transaction speeds. The <a href="https://www.finextra.com/newsarticle/31229/ontario-sets-up-fintech-strategy-panel">Canadian province of Ontario just set up a FinTech strategy panel</a> on 23 October 2017 to build a strong eco-system with its 140 FinTech companies that can take on FinTech hubs in New York, Silicon salley and Chicago. London has already established itself as the nerve center for the FinTech industry in Europe, with <a href="http://www.independent.co.uk/news/business/news/boom-in-fintech-innovations-drives-record-number-of-trade-mark-applications-by-uk-finance-firms-a8011701.html">investors having pumped £825 million</a> in the UK FinTech industry this year, a record number despite ominous predictions of <keyword id="6355333" type="PERSON" weightage="20" keywordseo="Brexit">Brexit</keyword> potentially jeopardizing the industry. Meanwhile, banks within the <a href="https://en.wikipedia.org/wiki/Gulf_Cooperation_Council" target="_blank">Gulf Cooperation Council (GCC)</a> are expecting big cuts in profit because of FinTech solutions. <a href="http://gulfnews.com/business/sectors/banking/fintech-to-have-greater-impact-on-retail-banking-in-gcc-1.2110407">According to analysts from Standard &amp; Poor's (S&amp;P),</a> FinTech innovations could potentially have a strong negative impact for GCC banks, especially on their money transfer and foreign-currency exchange businesses. This prediction is forcing banks in GCC to rethink their operations, incorporating increased digitisation of business processes, reduction of branch networks, and staff rationalization<a href="http://www.ey.com/Publication/vwLUAssets/EY-banking-in-emerging-markets-gcc-fintech-play-2017/$FILE/EY-banking-in-emerging-markets-gcc-fintech-play-2017.pdf">. According to Ernst &amp; Young's GCC FinTech Play 2017 report</a>, 86% of GCC banks who participated in the EY survey believe in the next five years up to 15% banks' business could be lost to FinTech unless preventive measures taken. In a nutshell, banks and other traditional financial institutions have two viable options to choose from. Either embrace FinTech and partner with FinTech companies to gain competitive advantage or set up an in-house FinTech unit that can speed up and enhance service delivery to customers. Ignoring FinTech altogether is not an option, unless they want to lose a significant chunk of business to unexpected competitors like e-commerce goliaths or telecommunications giants. (The author of this article is Ishtiaque Hossain. Author of <a href="https://www.amazon.com/Wallowing-Dhaka-Ishtiaque-Hossain-ebook/dp/B011F2UE3Y?ie=UTF8&amp;*Version*=1&amp;*entries*=0" target="_blank">Wallowing in Dhaka</a>, Ishtiaque is a writer from Dhaka, Bangladesh currently working in the Malaysian FinTech industry. The opinions expressed in this post are the personal views of the author and do not necessarily reflect the views of Business Insider India)

Groundbreaking FinTech Innovations: Threat for banks or opportunity of a lifetime?

While VC interest in <keyword id="2461546" type="UNKNOWN" weightage="20" keywordseo="FinTech">fintech</keyword> companies stays high around the world, market instability has brought about numerous investors to adopt a conventional strategy in Q3'16. Both the quantity of deals and aggregate estimation of VC investment in fintech dropped in Q3'16 due, in expansive part, due to the absence of $1 billion+ super deals stated a new report Pulse of Fintech (the quarterly report on global fintech VC trends published jointly by <keyword id="50041" type="CITY" weightage="20" keywordseo="KPMG">KPMG</keyword> International and <keyword id="2407682" type="ORGANIZATION" weightage="20" keywordseo="CB-Insights">CB Insights</keyword>). 
 
Even after the global decline in investments in the fintech sector, Asia saw an increase in the same. The reports expressed that Asia is on track for a record-breaking year for VC investment up fintech. Q3'16 was Asia's time to sparkle, with an expansion in VC funding from $800 million last quarter to $1.2 billion in Q3. Chinese fintech companies have done particularly well this quarter. 
 
“It’s interesting to watch global fintech trends and observe the ‘wave’ of investor interest move across the world. Payments were very hot in US and then Europe in 2015. In 2016 we’re seeing significant investment in payments in Asia,” said Anna Scally, Technology, Media and Telecommunications, and Fintech Leader, KPMG in Ireland. 
 
“Unlike in other areas of the world, investment in lending solutions is still going strong in India. A number of fintechs are now partnering with banks, either acting as lead generation for them or offering ‘white label’ platforms so that banks can provide their own services,” quoted Neha Punater, Head of Fintech, KPMG India. 
 
Some highlights from the report 
 
• Global fintech mega-rounds fell to a new low in Q3’16. Asia saw US$50M+ fintech rounds stay level for the fourth straight quarter, while Europe has not registered a single US$50M+ round to a VC- backed fintech company so far in 2016. 
• The median late-stage deal size in fintech globally fell to US$23M in Q3’16. This is significantly smaller than the same quarter last year, when median late-stage fintech deal size hit US$50.2M globally. 
• VC-backed global fintech deal activity fell for the second consecutive quarter, marking its lowest level since Q2’14. At the current run rate, total annual deals are projected to drop from 2015’s peak high. 
• Next-gen payments has attracted US$1.2B+ in 2016 VC-backed funding (year-to-date). The top 20 deals, including Affirm, Mobikwik and One97, raked in 67 percent of the total funding to payments technology companies in the first three quarters. 
 
Corporates in Fintech 
 Corporates participated in 30 percent of global VC-backed fintech deals for the second consecutive quarter in Q3’16, driving a significant amount of fintech deals activity globally. Citigroup, <keyword id="64259" type="CITY" weightage="20" keywordseo="Banco-Santander">Banco Santander</keyword> and Goldman Sachs have made over 20+ fintech investments in total over the past five quarters, while a host of insurers have launched corporate venture arms.

As investments fall sharply in the fintech sector, Asia
becomes the new silver lining

Mumbai, Fintech players should form <keyword id="18684976" type="General" weightage="50" keywordseo="a-self-regulatory-organisation" source="Orion">a self regulatory organisation</keyword> for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said on Wednesday. Addressing the industry at the <keyword id="9621521" type="General" weightage="50" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. "I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process. The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event. Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns. He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders. Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements. Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity. "... to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added. He said that good governance will be key to durable and long term success of any company and in particular, the fintech players. Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner. "Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said. While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector". Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front. The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023. RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said. Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest. "We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray," he told PTI.

RBI Governor asks fintech players to form self regulatory organisation

Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14 per cent share of the global funding and No 2 spot on the deal volume, a new report has said. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="107168" type="General" weightage="20" keywordseo="CAGR" source="Orion">CAGR</keyword> in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to 'State of the <keyword id="14784626" type="General" weightage="50" keywordseo="fintech-union" source="Orion">Fintech Union</keyword> 2022' report by the <keyword id="136162" type="General" weightage="50" keywordseo="boston-consulting-group" source="Orion">Boston Consulting Group</keyword> (BCG) and Matrix Partners India. With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870). The India fintech ecosystem has 23 unicorns (out of 106 in total) and has reached a scale to establish a strong position in the global financial services market and be benchmarked for its speed of innovation, customer inclusion, and growth, the report noted. "Clocking over $800 billion annual payments transaction value, <keyword id="3680498" type="General" weightage="100" keywordseo="fintechs" source="Orion">fintechs</keyword> have made a strong contribution to the Indian economy, and play a powerful role in the provision of full-fledged financial services to all Indians. We see this collective segment to be mission critical for the $5 trillion Indian economy," it mentioned. Many large fintechs had started operations from 2008, with Neobanks being the recent entrants. While the number of fintechs scaled up between 2014 and 2021, funding was low till 2015 after which the sector received a rapid funding boost. Covid further boosted payments space, leading to a 210 per cent spike in funding between CY 2020 and 2021. "With rising funding and valuations, we have seen an acceleration in the rate at which Fintechs have become unicorns vs the past," the report said. The report said that "we have a game changing 5 years ahead of us as the financial services landscape is expected to have many strong actors on the stage, like large Incumbents, niche as well as diversified non-banks, new-age and mature fintechs, aggregators and Financial Service Providers". It, however, mentioned that "more than 70 per cent of respondents believe most Fintechs may not be profitable in the next 2-3 years. While scale is an important driver of profitability, early stage focus on 'unit economics' is a critical orientation needed". The volume of digital investment in the country grew from 4.5 million in 2021 to 9 million in 2022, reporting a growth of 100 per cent. The neo banking volume, at the same time, went up from 2.5 million to 4 million, reporting a 60 per cent growth in just one year, the report noted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-financial-inclusion-index-heres-what-it-means-and-why-it-is-important/articleshow/93606694.cms">RBI Financial Inclusion Index – here’s what it means and why it is important</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/big-actors-take-a-major-chunk-of-bollywood-profits-but-will-recent-flops-prompt-content-and-revenue-correction/articleshow/93712066.cms">Big actors take a major chunk of Bollywood profits, but will recent flops prompt content and revenue correction?</a>

Indian fintechs raised $29 bn this year, that's 14% of the total global funding share: report

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

<ul class="summary-list"><li><keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech" source="Orion">Fintech</keyword> and <keyword id="35450" type="COMPANY" weightage="60" keywordseo="insurance" source="Orion">insurance</keyword> <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> in Europe raised a record $35.1 billion in 2021, according to Dealroom.</li><li>Insider has reported extensively on both sectors as investor appetite soared.</li><li>These pitch decks reveal how 22 different startups pitched their visions and products to investors.</li></ul>Financial services and insurance startups are the crown jewels of European tech right now.2021 has been a record year for the industries with a combined $35.1 billion being poured in by investors, per Dealroom data.Beyond the initial wave of payments disruptors and challenger banks such as Revolut, N26, and Monzo, a set of nuanced solutions to complex consumer and business issues is now emerging across the continent.Both insurance tech and fintech have seen mega deals this year.Swedish buy now, pay later giant <a href="https://www.businessinsider.com/klarna-buy-now-pay-later-softbank-40-billion-2021-5">Klarna raised from SoftBank at a $45.6 billion valuation</a>, cementing its status as Europe's most valuable private fintech company. Similarly, Germany's Wefox <a href="https://www.businessinsider.com/insurance-startup-wefox-raises-650-million-3-billion-valuation-2021-5">hit a $3 billion valuation</a> after raising the continent's largest ever insurance tech round at $650 million. Below are 22 pitch decks from fast-growing European tech startups in the fintech and insurance spaces. <h2>Insurance tech</h2><div type="image" title="Jean Charles Samuelian Werve Voyez Vous (Vinciane Lebrun) 0639" height="1500" width="2000" msid="84295230" hostid="261"></div>In 2021, European insurance tech startups raised a collective $3.2 billion. Here are eight notable raises from the past 12 months:<ul><li><a href="https://www.businessinsider.com/marshmallow-insurance-85-million-hedosophia-unicorn-twin-brothers-2021-9?r=US&amp;IR=T">Check out the pitch deck the Black founders of fintech Marshmallow used to raise $85 million</a></li><li><a href="https://www.businessinsider.com/qover-belgian-insurance-startup-raises-25m-in-fresh-vc-funding-2021-4">We got an exclusive look at the pitch deck Belgian insurance startup Qover used to raise $25 million</a></li><li><a href="https://www.businessinsider.com/alan-insurance-startup-breaks-1-billion-valuation-with-coatue-funds-2021-4">We got an exclusive look at the monster pitch deck French insurance startup Alan used to raise $223 million</a></li><li><a href="https://www.businessinsider.com/pitch-deck-tencent-backs-insurance-startup-clark-85-million-2021-1">Here's the pitch deck finance startup Clark used to persuade Chinese tech giant Tencent to lead its $85 million round</a></li><li><a href="https://www.businessinsider.com/luko-french-insurtech-raises-61m-from-vc-investors-2020-12">Check out the pitch deck that insurance startup Luko used to raise $61 million, bucking a wider slowdown in funding</a></li><li><a href="https://www.businessinsider.com/pitch-deck-insurance-descartes-18-5-million-series-a-2020-9">We got an exclusive look at the pitch deck climate change insurance startup Descartes Underwriting used to raise $18.5 million for its US expansion</a></li><li><a href="https://www.businessinsider.com/getsafe-pitch-deck-insurance-startup-raises-93-million-series-b-2021-10?r=US&amp;IR=T">German insurance startup Getsafe wants to be the Lemonade of Europe. Here's the 20-slide pitch deck it used to raise $93 million</a></li><li><a href="https://www.businessinsider.com/yulife-pitch-deck-insurance-raises-70-million-disrupt-life-insurance-2021-7?r=US&amp;IR=T">Check out the 28-page pitch deck YuLife used to raise $70 million from VCs to disrupt the $2 trillion life insurance market</a></li></ul><h2>Fintech</h2><div type="image" title="Adriaan Ken 1" height="2000" width="2666" msid="84295231" hostid="261"></div>Fintech has been on a growth tear in Europe for a number of years. Everything from anti-money laundering to cloud infrastructure for banking is covered below with a number of unicorn businesses sharing their secrets to investment success.<ul><li><a href="https://www.businessinsider.com/complyadvantage-fintech-raises-funding-extension-from-goldman-sachs-2021-5">This is the pitch deck fintech startup ComplyAdvantage used to persuade Goldman Sachs to back its funding extension</a></li><li><a href="https://www.businessinsider.com/fintechos-uk-startup-raises-60-million-from-draper-esprit-2021-4">We got an exclusive look at the pitch deck UK startup FintechOS used to raise $60 million from Draper Esprit</a></li><li><a href="https://www.businessinsider.com/silverflow-raises-17-million-led-by-coatue-modernize-payment-tech-2021-12?r=US&amp;IR=T">Check out the 13-slide pitch deck Silverflow, a payments startup built by ex-Adyen employees, used to raise $17 million backed by Coatue</a></li><li><a href="https://www.businessinsider.com/payhawk-fintech-startup-raises-112m-from-greenoaks-amid-us-push-2021-11?r=US&amp;IR=T">Check out the 21-slide pitch deck Payhawk, an expense automation fintech, used to raise $112 million from Stripe-backer Greenoaks</a></li><li><a href="https://www.businessinsider.com/juni-pitch-deck-example-fintech-53-million-series-a-extension-2021-10?r=US&amp;IR=T">Check out the 14-slide pitch deck fintech Juni used to raise $52 million to build out banking services solely for e-commerce businesses</a></li><li><a href="https://www.businessinsider.com/libeo-french-fintech-startup-raises-third-vc-funding-round-in-12-months-2021-2">We got an exclusive look at the pitch deck that French fintech Libeo used to raise $24 million from DST Global partners</a></li><li><a href="https://www.businessinsider.com/yapily-pitch-deck-open-banking-51m-sapphire-ventures-2021-7?r=US&amp;IR=T">Yapily removes the middleman in money transfers for Fortune 500 clients. Check out the pitch deck it used to raise $51 million from VCs</a></li><li><a href="https://www.businessinsider.com/pitch-deck-fintech-primarybid-raises-50-million-series-b-2020-10">We got an exclusive look at the pitch deck buzzy fintech PrimaryBid used to raise $50 million</a></li><li><a href="https://www.businessinsider.com/numeral-payments-software-startup-raises-major-seed-funding-round-2021-12?r=US&amp;IR=T">Check out the 15-slide pitch deck Numeral, a fintech trying to automate bank payments, used to raise a $14.6 million seed round</a></li><li><a href="https://www.businessinsider.com/mollie-dutch-payments-unicorn-startup-raises-106m-from-vc-fund-tcv-2020-9">We got an exclusive look at the pitch deck Dutch payments startup Mollie used to raise $106 million to become Europe's latest fintech unicorn</a></li><li><a href="https://www.businessinsider.com/flowx-romanian-fintech-startup-raises-85m-in-seed-funding-2021-11?r=US&amp;IR=T">Check out the 15-slide pitch deck FlowX.ai, a startup digitizing banks hooked on legacy tech, used to raise Romania's largest funding round of 2021</a></li><li><a href="https://www.businessinsider.com/wayflyer-e-commerce-funding-startup-76-million-vc-funds-2021-5">We got an exclusive look at the pitch deck VC disruptor Wayflyer used to raise $76 million from Left Lane Capital</a></li><li><a href="https://www.businessinsider.com/uncapped-london-fintech-startup-raises-fresh-vc-funding-from-lakestar-2021-5">Uncapped is disrupting startup finance. We got an exclusive look at the pitch deck it used to raise a fresh $80 million from Spotify investor Lakestar.</a></li><li><a href="https://www.businessinsider.com/mambu-cloud-banking-fintech-startup-raises-266m-at-55bn-valuation-2021-12?r=US&amp;IR=T">Check out the 10-slide pitch deck Mambu, a cloud banking startup, used to more than double its valuation to $5.5 billion in a round led by EQT Growth</a></li></ul>

Fintech startups in Europe raised $35 billion in 2021. See 22 of the pitch decks they used to land millions from VCs.

<ul><li>European <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> faces an "existential crisis" because the COVID-19 pandemic poses serious challenges for continued funding, according to a report by consultant <keyword id="6372399" type="ORGANIZATION" weightage="60" keywordseo="mckinsey">McKinsey</keyword>.</li><li>Venture capital funding has become more scarce, despite the fintech sector having grown rapidly by over 25% from 2014 onwards.</li><li>The scale of funding dropped by 11% globally and by 30% in <keyword id="28249" type="COMPANY" weightage="60" keywordseo="europe">Europe</keyword> in the first half of 2020, compared to the same time a year ago, McKinsey said.</li><li>The pandemic "has in effect shortened the runway for many fintechs, posing an existential threat to the sector."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>European fintech firms are facing an "existential crisis" as venture-capital funding has dropped from "surplus to scarcity," a <a href="https://www.mckinsey.com/industries/financial-services/our-insights/detour-an-altered-path-to-profit-for-european-fintechs">McKinsey study found</a>. Economies in Europe are expected to contract by 11% in 2020, before returning to pre-virus levels only in 2023. This reality brings forth a larger focus on business-model vulnerabilities and a shift in dynamics, thereby negatively influencing fintech funding, McKinsey said."This has brought the sector's underlying profitability and long-term business model sustainability into sharp focus—to a point where we believe the path to profitable scale for many fintechs has been structurally altered," senior partners at the consultancy wrote in the report.The scale of funding has dropped substantially during the COVID-19 crisis after the sector grew by over 25% every year since 2014. In the first half of 2020, investment into the sector fell by 11% globally, and by 30% in Europe compared to a year-ago, McKinsey found.Even after a slow rebound seen in European economies in July, investment fell even more sharply at 18% globally and 44% in Europe compared to the previous year.Read More:<a href="https://www.businessinsider.com/investing-advice-3-portfolio-moves-to-lower-duration-risk-ms-2020-9"> Morgan Stanley wealth management's head of market research told us a risk to longer-term assets that investors are most overlooking as the economy recovers — and recommends 3 portfolio shifts for sustained gains</a>The report highlighted three likely trends to emerge within fintech funding:<ul><li>At-scale fintechs and some sub-sectors gaining disproportionately</li><li>General downward pressure on valuations (it's a buyers market)</li><li>Increased relevance of incumbent/corporate investors</li></ul><div type="image" title="Screenshot 2020 09 22 at 10.45.02" height="1240" width="1668" msid="78258287" hostid="261"></div>The glaring drop poses a serious challenge for fintechs that are not yet profitable, and have consistent capital needs as they continue to work on the ideation cycle of product discovery. The pandemic "has in effect shortened the runway for many fintechs, posing an existential threat to the sector," the report said.For the second half of the year, as much as 5.7 billion euros ($6.7 billion) will be required to sustain the European fintech sector, McKinsey said, citing data from Dealroom.co. There is no clarity on where these funds might come from.Due to their pre-profit status and typically-high salaries for engineers and other talent in the sector, fintechs are unable to access loan bailout schemes, McKinsey said. The group pointed out that while venture capital will continue to back some companies, most cannot meet the required need without support. <h3><a href="https://www.mckinsey.com/industries/financial-services/our-insights/detour-an-altered-path-to-profit-for-european-fintechs">You can read McKinsey's full report here.</a></h3>Read More:<a href="https://www.businessinsider.com/investing-strategy-top-ideas-from-ex-goldman-trader-tony-greer-2020-9"> Tony Greer made 5 times his money with an early investment in Apple. The macro investor and ex-Goldman Sachs trader provides an inside look into his trading tactics and shares his top 3 ideas right now.</a>

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