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<br />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.<br /><br />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.<br /><br />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.<br /><br /><strong>Here are the top FinTech hubs housing most of India’s startups:</strong><br /><br /><strong>Mumbai<br /><div type="image" title="itzcash" tempid="11549" msid="68882666" hostid="261"></div>

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

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

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

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

</strong><br />

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

As per a recent <keyword id="2325711" type="ORGANIZATION" weightage="20" keywordseo="Nasscomm">NASSCOMM</keyword> report, India continues to harbour the third largest startup base, marginally behind the UK.<br />
<br /> Titled "Indian Startup Ecosystem Maturing - 2016", it states that the ecosystem is poised to grow by 2.2X to reach more than 10,500 <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> by 2020. <br />
<br />
The report released on the sidelines of Nasscom Product Conclave 2016 in Bengaluru on Wednesday predicted continued growth in the number of startups in 2016, with Bengaluru, NCR, and Mumbai continuing to lead as the major startup hub for the nation.<br />
<br />
In terms of vertical growth, investors are looking at domain like Healthtech, Fintech, and Edutech. With a total funding of approximately $4 billion, close to 650 startups were funded signifying an aware and healthy growth of the ecosystem.<br />
<br />
R Chandrashekhar, president, Nasscom, said, "Technology startups are creating a new identity for India and its technological prowess. They are defining the way the world operates making life better and easier for people and businesses alike. Our startup report is a testimony to the potential of the startup landscape and the scope of growth and opportunity that India presents. Nasscom has always been working towards creating a heterogeneous bond between all stakeholders and craft a conducive and innovative environment for start-ups to grow."<br />
<br />
According to the report, the number of tech startups in India is expected to grow by 10-12% to over 4,750 startups by the end of 2016.<br />
<br />
Interestingly, over 1,400 new startups emerged in 2016 denoting that that the ecosystem is becoming prudent with both investors and startup founders focusing on profitability and optimising the overall spend. With this impetus, India will become home to over 10,500 startups by 2020, employing over 210,000 people reveals the report.<br />
<br />
Furthermore, incubators and accelerators are playing a substantial role in strengthening the startup community throughout India. The report highlights the significant rise in number of accelerators to improve startups' outcomes and provide them with a support that they require.<br />
<br />
With impetus from the government and corporates, there is a 40% increase in the number of active incubators and accelerators in 2016 with over 140 active incubators, helping entrepreneurs experiment with new ideas by offering them functional expertise and resources.<br />
Over 30 new academic incubators have been established under the government's 'Startup India Standup India' initiative this year. With the country showing signs of increased interest in entrepreneurship, Tier-II/III cities have established 66% of the new incubators.<br />
<br />
The report reveals an increased interest from student entrepreneurs this year. Growth of 25% has been witnessed in 2016 with over 350 startups founded by young students. Median age of startup founders has reduced marginally from 32 years in 2015 to 31 years in 2016.<br />
<br />
Talking about investments, the report states that investors are increasingly looking at opportunities in startups in areas other than online retailing. The sentiments are high for ventures in verticals like Fintech, Healthtech, Edutech, data analytics, B2B commerce and artificial intelligence.

Welcome to India, The Third Largest Startup Base in the World

<ul><li><keyword id="7772275" type="UNKNOWN" weightage="20" keywordseo="Mumbai-Fintech-Hub">Mumbai Fintech Hub</keyword> has launched an investment platform <keyword id="6384865" type="UNKNOWN" weightage="20" keywordseo="Find">FinD</keyword>. </li><li>India has over 2,000 <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> startups with most of them based out of <keyword id="6358070" type="DEFINITION" weightage="20" keywordseo="mumbai">Mumbai</keyword> and <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>.</li><li><keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> had launched a fintech policy in February 2018. </li></ul>Mumbai Fintech Hub, an initiative of the Maharashtra Government, has announced the launch of an investment platform called FinD. <br /><br />The platform aims to bridge partnerships between fintechs, investors and partners; and boost investment. <br /><br />“FInD is yet another initiative by Mumbai FinTech Hub to foster our vision of making Mumbai a global FinTech Hub. The unique value provided by the programme makes it crucial for all stakeholders involved, and helps unleash the true potential of India’s FinTech ecosystem,” said Suniti Nanda, Chief FinTech Officer, Mumbai FinTech Hub. <br /><br />Mumbai is the financial capital of India, and is home to a host of fintech startups. According to a <a href="https://yourstory.com/2019/03/india-second-biggest-fintech-hub-ld0slui9fn">report </a>in March 2019, India has over 2,000 fintech startups with most of them based out of Mumbai and Bengaluru, making the country the world’s second biggest fintech centre. <br /><br />“Providing access to capital and global or home-grown investors will eventually put us on the world map for fostering next-gen innovation and creating globally competent firms,” said Nanda.<br /><br />This investment platform is powered by PriceWaterhouseCoopers (PwC) and Medici with other partners like Aimcrest, NASSCOM, IVCA (Indian Venture Capital Association), among others. <br /><br />In February 2018, the Maharashtra government <a href="https://www.livemint.com/Politics/hRG81g8w6hvgFBEfCAwCAJ/Maharashtra-government-unveils-financial-technology-policy.html">announced</a> a fintech policy under which the state would facilitate startups with a ₹2 billion fund to be one of the top five fintech hubs in the world. According to the website, it has made way for 500 jobs in fintech sector.<br /><br />The Andhra Pradesh government too but an ecosystem for startups at Fintech Valley Vizag in the coastal city, in December 2016. The state had also held a fintech festival to promote innovation. <br /><br /><strong>See Also:</strong><br /><a href="https://www.businessinsider.in/these-are-the-top-fintech-hubs-in-india-bangalore-mumbai-leads-the-race/articleshow/68882150.cms">These are the top Fintech hubs in India — Bangalore, Mumbai leads the race</a><br />

Maharashtra Government launches an investment platform for fintech startups

<ul class="summary-list"><li>The UK's financial watchdog warned Wednesday <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> Lanistar wasn't authorised to operate.</li><li>Lanistar is gearing up to launch the "world's most secure" <keyword id="6355272" type="UNKNOWN" weightage="60" keywordseo="bank">bank</keyword> card.</li><li>The Financial Conduct Authority (FCA) said Lanistar "is targeting people in the UK," and advised consumers to "be especially wary of dealing with this unauthorised firm."</li><li>Lanistar rejected the FCA's statement, saying: "Legal and regulatory compliance are central to Lanistar's business." It would request that the FCA removes its notice, it said. </li></ul><p>UK fintech <keyword id="138263" type="PERSON" weightage="60" keywordseo="startup">startup</keyword> Lanistar has been warned by the UK's financial services watchdog for operating without its authorisation.</p><p>The UK's Financial Conduct Authority (FCA) said in a <a href="https://www.fca.org.uk/news/warnings/lanistar-limited" target="_blank" rel="noopener">short statement</a> on Wednesday that Lanistar "has been providing financial services or products in the UK without our authorisation." </p><p>The company is targeting millennials, particularly via Instagram ads and promos, with the "world's most secure" bank card — but it could be a <keyword id="41357" type="COMPANY" weightage="60" keywordseo="Scam">scam</keyword>, the watchdog warned.</p><p>The FCA said Lanistar "is targeting people in the UK," and advised consumers to "be especially wary of dealing with this unauthorised firm."</p><p>"Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us," the FCA said. "However, some firms act without our authorisation and some knowingly run investment scams."</p><p>Business Insider has contacted the FCA for further comment.</p><p>In a statement Wednesday, per the <a href="https://www.ft.com/content/31597fd6-4794-4634-8991-bd373b7d8a18">Financial Times</a>, Lanistar said the FCA was wrong, and that it would request the scam notice be taken down.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/how-much-money-nano-influencers-make-instagram-youtube-tiktok-sponsorship-2020-11?r=US&amp;IR=T?r=kd-sub-sub">How much money nano influencers can get paid for brand sponsorships, according to 4 creators</a></em></p><p>"Legal and regulatory compliance are central to Lanistar's business and we confirm that we are not providing financial services or products without the FCA's authorisation," it said.</p><p>"We will be partnering with firms that are authorised by the FCA to provide financial services or products. We are in the process of contacting the FCA to clarify the position and will be requesting that the notice is removed," it added.</p><p>In June, Lanistar <a href="https://newsroom.mastercard.com/eu/press-releases/lanistar-and-mastercard-partner-for-fintech-challengers-product-launch/">partnered</a> with Mastercard, the world's second-largest global payments processor. Mastercard said Lanistar "hopes to tap into the millennial and Generation-Z, 18-35 market, attracting customers who seek aspirational and lifestyle brands to enrich their daily lives," per the Financial Times.</p>

Fintech startup Lanistar was rapped by the UK's financial watchdog

<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><p>Financial services and insurance startups are the crown jewels of European tech right now.</p><p>2021 has been a record year for the industries with a combined $35.1 billion being poured in by investors, per Dealroom data.</p><p>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.</p><p>Both insurance tech and fintech have seen mega deals this year.</p><p>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. </p><p>Below are 22 pitch decks from fast-growing European tech startups in the fintech and insurance spaces. </p><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><p>In 2021, European insurance tech startups raised a collective $3.2 billion. Here are eight notable raises from the past 12 months:</p><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><p>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.</p><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.

Mumbai, Jun 11 () Financial services group IIFL on Wednesday said it has launched an initiative to support fintech startups that are facing funding and growth challenges due to the COVID-19 pandemic. <p> The initiative, named #IIFLDisrupt, will help fintech startups by providing funds, becoming their first client and giving access to mentors. </p><p> "COVID-19 has disrupted the whole world. The post-COVID world will see revolutionary fintech disruptions. We are keen to partner, invest, collaborate with fintech startups passionate to disrupt and change the world of finance," IIFL Group chairman and founder Nirmal Jain said in a release.     </p><p> "We are looking out for fintech startups that can disrupt the existing chain, digitise the process, increase productivity, and boost various aspects of the business," he said. </p><p> Under the initiative, accelerators and incubators across the country are also invited to collaborate for providing assistance to fintech startups.    </p> The Group had raised two seed venture funds of about Rs 1,000 crore each in the last five years and made multiple investments in startups including food delivery services firm Box8, conversational artificial intelligence (AI) startup Uniphore, digital lending platform NeoGrowth and online fashion marketplace Fynd. HV MR MR

IIFL to support fintech startups amid COVID-19 crisis

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Currency Cloud</span></p><p class="caption">Currency Cloud CEO Mike Laven.</p></div><p></p></div></div>Fintech - or financial technology - is one of the hottest areas of technology right now, with money pouring into the sector, startups springing up all over the place, and plenty of column inches devoted to the phenomenon.</p><p>Investors and founders hope that technology can help them revolutionise everything from lending and payments to bond trading, letting them do things faster, better, and cheaper than big banks have traditionally.</p><p>Even Barclays' former CEO Antony Jenkins is on board, <a href="http://uk.businessinsider.com/ex-barclays-boss-anthony-jenkins-on-fintech-and-bankings-uber-moment-2015-11">saying recently that disruption to traditional financial services from fintech startups could lead to an "Uber moment" for banks</a>.</p><p>But at the Fintech Connect Live conference in London on Tuesday, <a href="http://uk.businessinsider.com/currency-cloud-raises-18-million-sapphire-ventures-rakuten-2015-6">Currency Cloud CEO Mike Laven</a> voiced an uncomfortable truth about the sector - it's still a relatively niche concern.</p><p>Asked about how well fintech is doing right now, Laven, whose business is a cloud-based payments platform, told the crowd:</p><p style="padding-left: 30px;">You have to differentiate between mind share and market share. You can add up a lot of the market share of these guys and it would be pretty small. But we've got a lot of mind share with all the press coverage and conferences.</p><p>Laven's point is that the fintech sector is still a minnow swimming in the ocean of financial services, it just appears bigger because of all the hype. Laven joked that if you can't eat out at least once a week at some sort of fintech conference or event, your company isn't doing well.</p><h2>The 'Level39 bubble'</h2><p>On another panel Julian Cork, COO of peer-to-peer buy-to-let mortgage platform Landbay, called the problem the "Level39 bubble" - referring to <a href="http://uk.businessinsider.com/the-15-most-exciting-fintech-startups-in-level39-2015-7">the fintech hub set up in Canary Wharf</a>.</p><p>Within this bubble, the narrative is that plucky startups are on course to beat the banks by offering consumers a better deal. There's a lot of back slapping and navel gazing.</p><p>But the truth is most people in Britain still rely on traditional banks and established financial service players.</p><p>Laven said: "<span>I am not one who believes that if we close our eyes and wish really hard, the banks will go away. They'll still be here 20 years from now.</span></p><p><span>"The only question is how well institutions will respond - can they get there? Banks really have to fear smarter banks, because some will get it and some won't."</span></p><p><span>Banks have to fear banks - not fintech startups. </span>Not only is this bruising to the fintech's ego, it also presents a serious problem for the legion of startups springing up.</p><p>Consumer-facing businesses like payments, peer-to-peer lending, and crowdfunding - three of the hottest areas for fintech startups in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> - depend on ordinary people using them for growth. Awareness and uptake of fintech and alternative finance is crucial.</p><p><a href="http://uk.businessinsider.com/liberums-cormac-leech-on-online-direct-lending-2015-10">A great slide deck on the online lending industry from Cormac Leech</a>, an analyst with investment bank Liberum, highlights the problem many fintech startups have. Leech focuses on peer-to-peer lenders but there's plenty of read across to any other consumer facing business.</p><p>Less than 45% of people in the UK have heard about peer-to-peer and only around 15% would consider lending using it, according to Liberum - far from mainstream. </p><p>Those figures are also pretty flat, Leech says, suggesting that most of the explosive growth in peer-to-peer lending in the UK has come from early adopters increasing the amount they lend over these platforms, not more people signing up.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Liberum</span></p></div><p></p></div></div>Many big platforms are now turning to institutional investors to get cash to fuel their growth, a subtle change to their original proposition. And at the smaller end of the market, <a href="http://uk.businessinsider.com/bovill-says-26-of-p2p-lenders-applying-for-fca-authorisation-have-pulled-the-plug-2015-10">some platforms are simply throwing in the towel</a>.</p><p>In payments, meanwhile, <a href="http://uk.businessinsider.com/transferwise-passes-500-million-monthly-transfers-rival-smallworldfs-warning-money-transfer-2015-6">TransferWise has around 2% of the UK international money transfer market</a>, sending £500 million a month over its platform. That's no mean feat for a four-year-old business.</p><p>But Nick Day, CEO of money transfer business SmallWorldFS, <a href="http://uk.businessinsider.com/transferwise-passes-500-million-monthly-transfers-rival-smallworldfs-warning-money-transfer-2015-6">made the point to me back in June</a> that it's still nowhere near the size of a Western Union or MoneyGram. He told me: "They put out PR about how they grew 200% last year, but it's from peanuts to 3x peanuts."</p><h2>'M<span>indshare changes consumer demand'</span></h2><p>So why do journalists like me wastes so much oxygen on fintech? The main reason is the money going into the sector.</p><p><a href="http://uk.businessinsider.com/william-garrity-associates-global-fintech-heat-map-2015-9">$50 billion has been pumped into fintech startups around the world over the last 5 years</a>, with the amount growing every year. In the UK alone $5.4 billion has been invested between 2010 and 2015.</p><p>These VC backers are betting that fintech will be a game changer, either revolutionising systems within banks or heralding a huge shift in consumer behaviour. They may not be a Facebook or Google today, but one day they might be.</p><p>The worry for fintech startups though is that banks and existing financial service providers also see this changing wind and adopt their own in-house solutions to head off the challenge from plucky fintech startups.</p><p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="Big players like Western Union are investing in digital - and it's paying off." class="zoomin" href="https://static-ssl.businessinsider.com/image/5668000bdd0895965d8b4669-960/unnamed.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p><p class="caption">Big players like Western Union are investing in digital - and it's paying off.</p></div><p></p></div></div>There are already plenty of examples of this: <a href="http://uk.businessinsider.com/5-banks-join-r3-blockchain-banking-project-team-unveiled-2015-11">around 30 banks are exploring potential uses for the blockchain</a>, the software behind bitcoin; <a href="http://www.lendacademy.com/goldman-sachs-is-entering-p2p-lending-first-bank-to-launch-a-platform/">Goldman Sachs is launching its own peer-to-peer lending platform</a>; and investment in digital from Western Union boosted its online revenues by 28% in the third quarter, compared to just 3% growth for revenues overall.</p><p>Laven said: "What you'll see is that mind share changes consumer demand and prices will go down and transparency will increase."</p><p>So where does that leave all the startups? The Funding Circles and TransferWises of the world are likely to be big successes - they've got everything going for them right now. But there's a huge number of fintech companies lower down the food chain who will struggle to make it work and may not really understand just what they're getting into.</p><p>There are over 70 fintech startups exhibiting at Fintech Connect Live this week. It will be interesting to see how many make it to next year.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/frank-perkins-hixon-jr-insider-trading-story-investment-banker-mistress-child-2015-11">How a successful investment banker used insider information to bankroll his mistress and child</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I3cGV5eDpNp-um-fuwDxzHgv3f6qYrGH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

'Banks really have to fear smarter banks' - this CEO nails the dirty secret about fintech startups

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The second quarter of 2016 didn’t see an uptake in dollar value of VC investments into the country’s <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> startups according to Pulse of <keyword id="2461546" type="UNKNOWN" weightage="60" keywordseo="FinTech">Fintech</keyword>, a quarterly global report by KPMG and CB Insight.<br />
<br />
While investments in <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> startups fell by 49%, all is not lost. While there were no mega rounds, the number of deals remained consistent with last year’s figure. Startups in the SME and P2P space based out of Bengaluru and Mumbai clinched the top deals.<br />
<br />
"VC investment in <a href="http://www.businessinsider.in/searchresult.cms?query=fintech&amp;sortorder=effectivedate">fintech</a> remains strong in India. We continue to see investment in key areas such as payments and mobile wallet as well as increased momentum in emerging areas like robo advisory," Neha Punater, Partner and Head of Fintech at <a href="http://www.businessinsider.in/searchresult.cms?query=KPMG+India&amp;sortorder=effectivedate">KPMG India</a> said.<br />
<br />
While India only saw a drop in dollar value, the second quarter saw a drop in both the number of deals and the quantum of deals world over. VC-funded fintech companies raised $2.5 Bn across 195 deals. That’s a solid 12% drop in deal volume compared to Q1 of 2016. The good news is that the report predicts that investments in fintech companies are expected to exceed 2015 results.<br />

VCs didn’t pump as much money into India’s fintech startups as before

Digital payments leader <keyword id="6357940" type="CITY" weightage="100" keywordseo="Paypal">PayPal</keyword>’s fifth edition of the Incubator Challenge is back and the company is inviting application for early-stage financial technology companies, including <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> across the country specializing in loyalty, machine learning, big data and logistics, among others to compete for a spot in the PayPal Incubator.<br />
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The challenge was launched in 2013 in partnership with The Indus Entrepreneurs (TiE).<br />
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“Enabling and co-creating with our ecosystem has been core to PayPal’s presence in India. The PayPal Incubator, with its state-of-the-art facilities backed by our 17 years of global experience and expertise in the sector, will help budding start-ups compete in a very competitive business environment,” said Guru Bhat – GM Technology &amp; Head of Engineering– PayPal.<br />
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Interested startups can apply for the PayPal Incubator at https://www.paypal-incubator.com/india/apply/. Applications will close on January 31, 2017. Successful applicants will be contacted to undergo two rounds of pitching before the final companies are selected by a jury panel. The panel will include senior leaders from PayPal as well as prominent venture capitalists and entrepreneurs in India.<br />
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To date, the PayPal incubator has hosted ten startups and provides access to global mentors, angel investors and venture capitalists.<br />
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(Image: Thinkstock)<br />

Shout out to fintech startups! PayPal incubator challenge is here

<ul><li><strong>Bengaluru needs to turn into a deeptech hub too </strong></li><li><strong>Bengaluru is the only Indian city to be among the top 30 global startup ecosystems of today. It jumped two ranks up in the world’s top 30 startup</strong></li><li><strong>The city is known for its Edtech and Fintech startups but has been facing challenges due to weak environment policy in India.</strong></li></ul><br />Bengaluru might be India’s <keyword id="6357722" type="LOCATION" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> but it is in dire need of a strong framework to develop and commercialise “deep tech” like smart cities, robotics, autonomous systems, <a href="https://startupgenome.com/reports">said</a> the Global Startup Genome Report 2019. <br /><br /><a href="https://startupgenome.com/gser2019">Startup Genome</a> is an independent research firm that provides data and insights to startups.<br /><br />Bengaluru is the only Indian city to be ranked among the top 30 global startup ecosystems ranked by the report. It jumped two ranks this year in the world’s top 30 startup ecosystems list, according to the report. There are 30 global cities that it said have the potential to become the “next” hubs including Bengaluru. <br /><br />Bengaluru is home to a number of unicorns and is known for its edtech and fintech startups. However, it has been facing several structural bottlenecks. <br /><br />“A weak policy environment in India, as well as relatively low levels of research production, means that <keyword id="6355033" type="LOCATION" weightage="20" keywordseo="bangalore">Bangalore</keyword> might face more challenges in deep tech startup sub-sectors — those requiring tangible IP — than it did in Software, the report explained. It further said,<br />“Potentially, this might become a significant hindrance in the ecosystem, threatening its future growth,” said the report. <br /><br />The city is also facing challenges due to “quality” of funding. The past growth <br /><br />“Bengaluru, Sydney, Stockholm, and Berlin stand out for their relatively low levels of Funding Quality, driven by lack of local, experienced VCs compared to other ecosystem”, said the report. <br /><br /><strong>Edtech and fintech hub<br /></strong><br />India has witnessed exponential growth in co-working spaces over the last year which has fueled expansion in fintech and edutech hubs in India, with about 42% of startups based in Bengaluru.<br /><br />A recent India FinTech Report 2019 by global innovation platform MEDICI says that India is the second biggest Fintech Hub after the US with over 2,000 startups nourishing in the zone. <br /><br />Almost every top ecosystem has a strong national regulatory environment that encourages IP commercialization, according to the report.Here, too, Bangalore, along with Beijing and Shanghai was an exception.<br /><br />“Bangalore has all of the ingredients to create a world class tech ecosystem - investors, engineers, clients, experts - and the potential to build high-quality global startups at a fraction of the cost.” <a href="https://startupgenome.com/reports">said</a> Varun Chawla Founder, 91springboard in the report. <br /><br /><br />

Here’s what Bengaluru needs to do in order to keep its crown as a global startup hub

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Credit Benchmark</span></p><p class="caption">Credit Benchmark cofounders Donal Smith, left, and Mark Faulkner.</p></div><p></p></div></div>Financial technology - also known as fintech - is <a href="http://uk.businessinsider.com/these-2-simple-slides-show-just-how-hot-fintech-is-right-now-2015-5">one of the hottest areas of investment at the moment</a> and one of the scariest developments for banks.</p><p>Many lenders are losing business to more innovative and customer-focused startups offering cheaper, quicker, online services.</p><p>London is leading the way in Europe, with two fintech startups there already reaching "unicorn" status - the coveted $1 billion (£650 million) valuation. They are <a href="http://uk.businessinsider.com/transferwise-raises-26-million-from-baillie-gifford-at-11-billion-valuation-2016-5">international money transfer business TransferWise</a> and <a href="http://uk.businessinsider.com/interview-with-funding-circles-samir-desai-and-sam-hodges-2015-10">peer-to-peer business lending firm Funding Circle.</a></p><p>Here are the other fintech startups based in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> that we think are most likely to join the club - ranked by what BI think their odds are.</p><p class="tagline"><div id="categorypromo"><p></p></div></p>

16 hot UK fintech startups that could one day be worth $1 billion

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Lisa Maree Williams/Getty</span></p></div><p></p></div></div></p><p>Everyone likes money.</p><p>But technology that handles money is what's really popular these days. </p><p>The rise of "fintech," or, financial technology, has unleashed a new breed of apps, sites and services designed to help consumers pay for goods, get loans and manage their retirement accounts.</p><p><span>Fintech is a multi-billion dollar industry, with startups in the US raising around $18 billion since 2015, </span><a href="https://pitchbook.com/news/articles/the-11-most-valuable-vc-backed-fintech-companies-in-the-us">according to PitchBook</a> and nearly <span>1,400 venture capitalist-backed deals. </span><span>Two of the most valuable startups in the country - Stripe and SoFi - are in the fintech sector. And there are 11 fintech startups valued at more than $1 billion.</span></p><p><span> To get a sense of why fintech is so hot right now, we took a look at the 11 most valuable VC-funded US fintech startups, <a href="https://pitchbook.com/news/articles/the-11-most-valuable-vc-backed-fintech-companies-in-the-us">as compiled by PitchBook</a>.</span></p><p>Like any fast-growing industry, fintech hasn't been without its bumps. Some companies on the list have had layoffs and scaled back from their initial success. One in particular - SoFi - forced out its CEO over summer following allegations of sexual harassment at the company.</p><p><span>But all 11 startups have made a dent in the space and give credence to venture capital's multi-billion dollar bet that fintech isn't going away anytime soon. Here's why: </span></p><p> </p>

You Searched For "fintech startups" and got 12 results

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

BI India Bureau

Welcome to India, The Third Largest Startup Base in the World

Anushree Singh

Maharashtra Government launches an investment platform for fintech startups

Sanchita Dash

Fintech startup Lanistar was rapped by the UK's financial watchdog

Kate Duffy

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

Callum Burroughs

IIFL to support fintech startups amid COVID-19 crisis

PTI

'Banks really have to fear smarter banks' - this CEO nails the dirty secret about fintech startups

Oscar Williams-Grut

VCs didn’t pump as much money into India’s fintech startups as before

Saikat Pyne

Shout out to fintech startups! PayPal incubator challenge is here

BI India Bureau

Here’s what Bengaluru needs to do in order to keep its crown as a global startup hub

Preeti Soni

16 hot UK fintech startups that could one day be worth $1 billion

Oscar Williams-Grut

These 11 startups are re-inventing how money works and they're worth more than $1 billion

Becky Peterson

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