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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

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. 
 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. 
 
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. 
 
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. 
 
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." 
 
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. 
 
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. 
 
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. 
 
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. 
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. 
 
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. 
 
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. The platform aims to bridge partnerships between fintechs, investors and partners; and boost investment. “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. 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. “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. This investment platform is powered by PriceWaterhouseCoopers (PwC) and Medici with other partners like Aimcrest, NASSCOM, IVCA (Indian Venture Capital Association), among others. 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. 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. See Also: <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>

Maharashtra Government launches an investment platform for fintech startups

<ul><li>Out of 2035 <keyword id="6613383" type="UNKNOWN" weightage="20" keywordseo="indian-fintech">Indian fintech</keyword> startups, only 58 focus on cybersecurity: India Fintech Report 2019. </li><li>This is a big problem as India currently ranks 15th in a list of world’s least digitally secure countries. </li><li>Lack of awareness and scarcity of talent is a big reason for the absence of cybersecurity companies. </li></ul>Financial technology startups have been a major part of India’s startup growth story, especially after India’s crack down on cash during its demonetisation drive two years ago. But among the 2,035 Indian fintech startups, only 58 work in regulatory technology (a segment of fintech dealing with compliance) and cybersecurity, according to the India Fintech 2019 report released at the recently concluded conclave Fintegrate Zone. Some of the reasons behind the absence of startups dedicated to security is the lack of knowledge and resources, along with the required skills to work on the challenges of these sectors, according to the report. India’s fintech story has been synonymous with leading players like Paytm, Policybazaar etc, with impressive reach on their side. Partly due to their success, and the opportunity in digital financial services, the number of players has since mushroomed. According to the report, India is home to a whopping 375 payment startups and 338 fintech companies. However, given the sheer volume of players and India’s ranking of 15 on a <a href="https://www.indiatoday.in/india/story/india-cybersecurity-privacy-data-breach-crypto-hackers-aadhaar-1450572-2019-02-07">list</a> of the world’s least secure countries with respect to <keyword id="137092" type="PERSON" weightage="20" keywordseo="cyber-security">cyber security</keyword>, only 58 startups dedicated to security may not be enough. Financial services and banking sector fall under “critical infrastructure” for cyber security, <a href="http://www.niti.gov.in/writereaddata/files/document_publication/CyberSecurityConclaveAtVigyanBhavanDelhi_1.pdf">according</a> to government think tank Niti Aayog. Growing threats According to the EY Global Information Security Survey (EY GISS) 2018-19 – India edition, only 19% of Indian companies have a sufficient budget to have the desired level of cyber security. For instance, the WannaCry Ransomware which hit businesses including banks globally in 2017 didn’t spare India, which was the second-worst affected country in the APAC region while holding the fifth-worst affected rank globally. When it comes to fintech, the importance of cybersecurity and regtech only increases further with people entrusting these companies with their payment details. India’s growing number of e-commerce and hyperlocal delivery startups, too, have integrated payment gateways through third party payment apps. Further, fintech companies also gain access to customer spending behaviour and financial information, putting them at risk of cyber attacks. With the growing need for compliance in India, Regtech too becomes an important part of Indian fintech scene. Many players have relied on sensitive personal data such as Aadhaar to meet electronic Know-Your-Customer (e-KYC) requirements. “Our database shows there are 53 startups in India in the RegTech space providing varied solutions like digital onboarding, fraud prevention, ID authentication, ID management, insight generation from structured data, digital signature, etc. RegTech would find increased usage in KYC/AML compliance,” stated the Indian fintech report. See Also: <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">A majority of Indian corporates are unprepared for cyber security challenges: Report</a> <a href="https://www.businessinsider.in/rbi-wary-of-financial-fraud-by-anydesk/articleshow/68043224.cms">India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data</a> <a href="https://www.businessinsider.in/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/articleshow/67148364.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a>

India’s fintech cos are growing but cybersecurity fails to make the mark

<ul><li>Bengaluru needs to turn into a deeptech hub too </li><li>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</li><li>The city is known for its Edtech and Fintech startups but has been facing challenges due to weak environment policy in India.</li></ul> 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. <a href="https://startupgenome.com/gser2019">Startup Genome</a> is an independent research firm that provides data and insights to startups. 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. 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. “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, “Potentially, this might become a significant hindrance in the ecosystem, threatening its future growth,” said the report. The city is also facing challenges due to “quality” of funding. The past growth “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. Edtech and fintech hub 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. 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. 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. “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.

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

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. 
 
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. 
 
"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. 
 
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.

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

New Delhi [India], February 23 (ANI): The Asian Development Bank (ADB) has greenlit a USD 23 million loan to foster the growth of fintech education, research, and innovation at the <keyword id="19906863" type="General" weightage="20" keywordseo="gujarat" source="keywords">Gujarat</keyword> International Finance Tec-City (GIFT) in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services within India. Positioned as the country's premier international financial services center, GIFT has emerged as a burgeoning hub for fostering and nurturing local startups, catalyzing innovation, and propelling economic growth. ADB Economist <keyword id="20688619" type="General" weightage="20" keywordseo="kanupriya-gupta" source="keywords">Kanupriya Gupta</keyword> emphasized the transformative impact of India's fintech industry on business operations, economic prosperity, and future readiness. <keyword id="19983550" type="General" weightage="20" keywordseo="gupta" source="keywords">Gupta</keyword> underscored ADB's commitment to strengthening fintech education to enhance the efficiency and accessibility of digital and financial services across India. Gupta said, "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future. ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future." The ambitious project spearheaded by ADB will see the establishment of an inclusive, sustainable, and climate-resilient International Fintech Institute (<keyword id="20688621" type="General" weightage="20" keywordseo="ifi" source="keywords">IFI</keyword>) within GIFT's premises. The IFI, in collaboration with renowned global institutes and universities, will offer cutting-edge fintech training programs aligned with industry standards and international best practices. A key focus of the institute will be on nurturing innovation and entrepreneurship, with a particular emphasis on supporting women-led startups through tailored incubation and acceleration services. Additionally, the IFI will forge strategic partnerships with industry stakeholders and venture capital funds to facilitate the growth and scalability of fintech startups. In line with ADB's commitment to fostering research and innovation, the program will channel resources towards exploring innovative solutions and technologies in various domains, including climate fintech, regulatory technology, social inclusion, and gender equality in finance. The initiative will also entail the development of a state fintech readiness index to gauge the ecosystem's preparedness and identify areas for improvement. ADB's unwavering dedication to promoting prosperity, inclusivity, resilience, and sustainability in the Asia-Pacific region underscores its broader mission to eradicate extreme poverty and foster sustainable development. With a membership comprising 68 nations, 49 of which are from the region, ADB remains steadfast in its pursuit of catalyzing positive change and driving economic progress across the region. As the fintech ecosystem continues to evolve and expand, ADB's intervention is poised to serve as a catalyst for driving innovation, fostering entrepreneurship, and unlocking new avenues for economic growth and financial inclusion in Gujarat and beyond. (ANI)

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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

India’s fintech cos are growing but cybersecurity fails to make the mark

Sanchita Dash

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

Preeti Soni

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

Saikat Pyne

ADB approves $23 million loan to catalyze fintech development in Gujarat

ANI

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