Job opportunities are expected to rise by 7.5 per cent in the Indian fintech industry, spurred by the widespread embrace of digital payments, blockchain innovations and the growth of open banking systems, according to a report on Thursday.
Fintech funding has slowed down significantly since its boom in 2021, after they collected a whopping USD 8.4 billion. This year we might be on our way to see that growth again, with a total capital raised of USD 3627 till November 2024, as per data by 1Lattice.
“Shield”, BharatPe’s new service shall offer protection and coverage against risks such as computer fraud, phishing attacks, and unauthorized transactions due to phone loss.
The RBI has emphasized that this update aims to further streamline digital payment solutions while ensuring security and ease of use for consumers.
Fintech lenders in India anticipate rising bad loans as regulatory scrutiny tightens on unsecured lending. The RBI has unofficially urged these companies to limit growth to 20%, impacting new-to-credit customers and pushing lenders towards larger, longer-term loans. This shift, coupled with increased borrowing costs, is expected to stress asset quality and squeeze margins.
The company’s growth was supported by a 25% YoY increase in total payment volume, or 27% in local currency, primarily driven by the financial services, government, and e-commerce sectors.
Fintech company MODIFI, headquartered in New Delhi and Amsterdam, aims to finance over 5,000 SMEs in India within the next 2-3 years. With USD 3 billion facilitated in global trade, MODIFI plans to invest its recent USD 15 million Series C funding to enhance local operations, including workforce expansion and deeper partnerships.
Global fintechs see a slight fall in funding, with majority of the funds going to the top players. Ocorian raises $1 Bln, they raised more this month than the combined total of the top four fintechs from the previous month, as per data by 1Lattice.
India’s FinTech funding is declining on a monthly basis. Last month in November, Indian FinTechs raised USD 130.4 million from USD 199.4 million in October. Surprisingly, there were only three funding deals that took place in November, according to 1Lattice data. This funding slump reflects global investor caution and adds to the sector’s recent volatility.
Prosus is planning more IPOs in India, with five companies from its portfolio, including Meesho, Bluestone, and PayU, having potential to go public within 18 months. The Dutch technology investor has invested over $8 billion in India and made significant gains from Swiggy’s recent listing.
