Instigated by demonetization and catalyzed by the pandemic, India’s Financial Technology market has made a quantum leap in the last few years. We are now comfortable managing our money and business online. No wonder India has a Fintech adoption rate of 87 percent, which easily trumps the global average of 64 percent. For instance, transactions under the Unified Payments Interface (UPI) crossed the five billion count for the first time in March 2022. According to the data shared by the National Payments Corporation of India (NCPI), UPI recorded 504 crores transactions up to March 29 for a value of Rs 8,88,169 crores.
As per the industry reports, India’s overall fintech market opportunity is estimated to be USD 1.3 Trillion by 2025, growing at a CAGR of 31 percent from 2021 to 2025. Of this, lending tech is likely to account for 47 percent (USD 616 Billion), followed by insurtech at 26 percent (USD 339 Billion) and digital payments at 16 percent (USD 208 Billion). During the pandemic alone, the FinTech market has seen many new startups sprouting up all over the country and global investors pouring in over USD 28 billion. India companies also made waves on the global stage, with four of the top ten fintech deals in the Asia-Pacific region coming from the country.
While India is poised to become one of the largest digital markets in the world, we have come up with a special issue featuring ‘10 Must-Watch Fintech Companies in India – 2022.’ With the help of an expert panel of advisors, we have identified companies with innovative and disruptive techniques in constantly changing business scenarios. On the cover, we feature Newgen Software, a leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. The company has wholly-owned subsidiaries across the United States, Canada, United Kingdom, United Arab Emirates, and Singapore.