India 3rd largest in fintech funding

Bengaluru: India’s fintech ecosystem achieved a significant milestone in the first half of this year by ranking among the top-three funded globally, alongside the US and the UK, a report showed on Friday.

The domestic fintech sector received funding of $795 million in the first half (H1) of 2024, a decline of 11 per cent from H2 2023, according to the report by Tracxn, a leading market intelligence platform. Perfios was the only unicorn created in 2024, while the fintech sector saw six acquisitions and five IPOs in the January-June period.

Bengaluru emerged as the leader in total fintech funding raised in 2024, followed by Mumbai and Pune, further solidifying the emergence of multiple fintech hubs across the country’s diverse startup ecosystem.

“Despite the global funding slowdown, India’s FinTech ecosystem shows agility and adaptability, supported by robust economic fundamentals,” said Neha Singh, Co-Founder at Tracxn.

The fintech sector remains dynamic, and “we are optimistic that a supportive policy environment and technological advancements will create new opportunities for growth and innovation in the near future,” she added.