Page 4 - Top 10 India's Financial Startup 2019

EDITOR’S NOTE

intech Startups : the highly
regulated banking and
Ffinance sector has in recent
times witnessed the constant
metamorphosis of its business models
to stay ahead in disruptive times.
According to the India Fintech
Report 2019, India is now the world’s
second biggest fintech hub with
2,035 startups operating in the sector
(Until 2014, there were only 737
fintech startups in the country). The
Indian fintech sector garnered close
to $2.34 billion in equity funding, a
whopping 300 percent increase from
2016, when total funding stood at
little over half a million ($593 million).
While India’s fintech sector is
still in the early innings, several
macro factors have created a
favorable environment for growth.
In December 2017, there were over
450M internet users in India, a 17
percent increase from the year
prior. Government programs like
India Stack, Startup India Program,
Jan Dhan Yojana, Aadhaar, and
National Payments Council of India
(NPCI) are encouraging startups
and corporations to rethink financial
INDIA IS NOW THE , services technologies. These
programs address issues ranging
WORLD’S SECOND from financial inclusion to KYC to

BIGGEST FINTECH HUB Unified Payments Interface (UPI)
implementation. Even tech giants
WITH 2,035 STARTUPS like Facebook, Google, Amazon,
and Samsung have introduced
OPERATING IN THE SECTOR UPI-based payment apps in India,
and plan to expand into secondary
financial products. The entrance of