Fintech startups have globally impacted financial activities. The statistics of its success has gone to remarkable heights. For example, in 2016 Fintech startups received $17.4 billion in funding. Similar reports showed that there were 39 VC-backed fintech unicorns worth $147.37 billion by the end of 2018. Among all the leading countries, North America possesses the highest position for fintech startups followed closely by Asia.
In Asia, India is a country to look forward to. The large population of people along with rapid internet penetration in the last few years has created an opportunity for Fintech startups in the nation. It is also one of the fastest-growing economies due to which fintech adoption has increased exponentially.
The findings of the “The State of Fintech – India 2019” report stated that the total number of fintech startups in the country is more than 350 which are growing at a faster pace. According to Nasscom, there were around 2000 active fintech companies by the end of 2018. Similarly, according to reports published by YourStory Research, there are over100 fintech startups in India. The number has more than doubled from 2017 when there were 49 Indian Fintech startups.
The Indian fintech market is expected to grow by end of this year, as per the same report mentioned earlier. Also, the fact that the majority of the fintech startups in India are driven by millennial customers and also help customers in everyday use has created a huge demand for fintech in this country. With such promising statistics, we can definitely say that Fintech is booming in India and soon will be one of the leading countries to dominate the global financial market.
There are many successful fintech startups that are known for their profitability and innovative ways of making money. Few are mentioned above. Some of the most active areas of fintech innovation include the following areas:
- Cryptocurrency and digital money are well-known startups in the field of financial innovations. People pay a great deal of attention and find them very convenient and successful ways of earning.
- Smart contracts utilize different computer programs which have the tendency to automatically execute contracts between buyers and sellers.
- Online money transactions systems have made the impossible concept of worldwide trade possible.
- Insurtech is very popular in the insurance industry and aims to use technology to simplify and streamline this field.
- Cybersecurity is another success that is known for handling cybercrime threats to the finance industry.
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