The FinTech India Report – 2023

India’s tryst with financial technologies is robust and growing since a decade. In India, fintech has improved digital experiences, enhanced financial inclusion and made financial transactions cheaper. In this report, we will take a look at the state of Fintech in India in 2023.

India’s Digital Infrastructure overview2023

Internet Users – 1.08 billion users

61% Internet Penetration

44% spike in Internet Users From 2022

600 million plus Smartphone Users

373 million plus estimated rural internet users in 2022

India’s digital transactions overview2023

$3.2 trillion worth of UPI transactions till Feb

350 million users transacting online 

Fintech Market Opportunity in India Outlook

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$2.1 trillion estimated Size of the Fintech Market by 2030

18% estimated CAGR growth (2022-2030)

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$26 billion collective funding in the fintech sector till first quarter of 2023

Fintech Industry Landscape – 2023

4200 Active FinTech Start ups

660 funded Fintech start ups

$68 billion combined valuation of fintech unicorns

Fintech Sector market size – Outlook

Lending Tech sector – estimated to reach $1.3 trillion by 2030

Fintech SaaS – estimated to reach $31 billion by 2030

Overall FinTech Market Size – as of 2022 – $584 billion, growth 18%, estimated to reach $2.1 trillion in 2030

Payments – estimated to reach $253 billion by 2030

Insurtech – estimated to reach $307 billion by 2030

Neobanking – estimated to reach $183 billion by 2030

Wealthtech – estimated to reach $74 billion by 2030