Value of fintech-led businesses to rise to $400 billion by 2030: report
The sector will tap into a revenue pool of around $70 billion, out of the overall financial services revenue pool of $620 billion by FY2030, according to The Bottomline: Elevation Fintech Report 2023.
With over 9,000 fintech startups, India now has the world’s third largest fintech ecosystem after the US and UK, it added.
The report, published by Elevation Capital and consultancy major McKinsey India on Wednesday, was compiled after interviews with over 20 industry leaders and a survey of more than 70 fintech founders and industry experts.
Elevation Capital, earlier known as Saif Partners, has invested in startups like payment major Paytm, insurtech unicorn Acko, lending startup Axio (previously Capital Float), neobank Fampay, buy now pay later player Uni and others.
Around $70 billion to $80 billion each have been pumped into retail lending and digital payments. SME lending as a sector has attracted around $55 billion while wealth management has brought in $40 billion to $45 billion, the report said.
Between 2018 and 2022, equity infusion has gone up to $6 billion from around $2 billion, the report found.
