A wide gamut of fintech sub-sectors have emerged and have been adopted by key players of the financial sector globally. The Indian financial services sector has embarked upon its digital journey and is catching up fast with its global peers in terms of adoption. Multiple fintech hubs have evolved across the globe ―the U.S., the U.K., Israel, Singapore, Hong Kong and Sydney to name a few ―which may well serve as a yardstick of fintech evolution for the emerging markets.
This report from KPMG in India and NASSCOM 10000 Startups intends to highlight leading practices and serve as a guide to strengthen India’s position in the global fintech landscape. The report outlines the Indian fintech ecosystem with its stakeholders, growth levers and their impact, against global benchmarks, key insights & actionable recommendations.
The Indian fintech software market is expected to double from current $1.2 billion to $2.4 billion in 2020.
Rising customer expectations, e-commerce and smartphone penetration are key drivers for growth.
Number of angel deals increased from 370 in 2014, to 691 in 2015, while overall investments increased multi-fold from $247 million in 2014, to more than $1.5 billion in 2015.
Investments are concentrated towards hi-tech cities in 2015, with Bengaluru witnessing 11 VC-backed investment deals of $57 million, followed by Mumbai and Gurugram with nine and six deals respectively.
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FinTech has become the buzzword in the financial services space and represents technologies that are disrupting traditional financial services, including mobile payments, money…
