Published 12:22 IST, April 26th 2024

RBETA 2024 celebrates India’s rise as world’s FinTech superpower

RBETA will mark innovation and entrepreneurship that is leading the unprecedented growth trajectory witnessed by India's FinTech sector.

Reported by: Business Desk
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RBETA 2024 | Image: Republic Business

India’s emerging FinTech: In the initial years of the last decade, if someone had said, that digital financial transactions would become a new normal in the country, none of us would have taken it too seriously. Today, a decade later, India is home to the world’s biggest FinTech market with UPI becoming the backbone of our daily financial interactions. More than 330 million Indians use Unified Payment Interface every day and over 40 per cent of all financial transactions done in India are digital. 

According to the insights unveiled in Tracxn's Geo Quarterly India FinTech Report for Q1 2024, India has recorded a 59 per cent surge in total funding received by the Indian FinTech sector in Q1 2024 compared to the preceding quarter of 2023, an unparallel rise in the industry.


To celebrate India's prowess in the world of financial technology, the Republic Business Emerging Tech Awards 2024 (RBETA 2024) is going to underline the nation's remarkable rise as a global FinTech superpower. The event, marking innovation and entrepreneurship in the tech space, will shed light on the unprecedented growth trajectory witnessed by India's FinTech sector, bringing in stakeholders, investors, and market disruptors under a single roof. 

Funding Milestones

Despite the emergence of only two funding rounds exceeding $100 million in Q1 2024, the overall funding FinTecc landscape witnessed strong expansion, consolidating India's standing as a lucrative market for FinTech investment.


According to the Traxn report, FinTech startups in India raised $551 million in Q1 2024, securing the position of third-highest-funded startup ecosystem worldwide. 

Bengaluru spearheaded the funding drive, closely trailed by Mumbai and Hyderabad, showcasing diverse and thriving FinTech hubs across the country. 


Leading investors such as Peak XV Partners, Y Combinator, and LetsVenture emerged as prominent backers, amplifying the sector's growth trajectory and underlining investor confidence in India's FinTech ecosystem.

Segment Growth

According to the reports, the FinTech industry in the country has showcased dynamic evolution with Alternative Lending, RegTech, and Banking Tech coming up as frontrunners in Q1 2024. 


Alternative Lending, in particular, witnessed an astronomical surge, capturing nearly 89 per cent of the total funding and registering a remarkable 290 per cent growth compared to the previous quarter.

Regulatory technology has also gained major traction in the market due to the dire need for safer and more secure FinTech tools. The implementation of RegTech in the Fintech industry in India is still in its early stages. However, it has the potential to change the industry and make it more efficient and effective. The global RegTech market is expected to grow from $5.46 billion in 2019 to 28.33 billion by 2027 at a CAGR of 22.3 per cent. 


The personal loan segment which is enabled by easy-to-use and instant loan apps, grew 21 per cent year-on-year in January 2024. The credit in this segment expanded 26.6 per cent on a YoY basis in January 2023.

Despite the advancements in the insurance tech industry, major opportunities still lie in addressing under-penetration across various products, regions, and customer segments in India. According to the Swiss Re Institute, the insurance market in India is witnessing strong growth propelled by factors such as economic expansion, an increasing middle class, innovation, and supportive regulations. 

Over the upcoming five-year period (2024‒2028), the report expects a real-term premium growth rate of 7.1 per cent. This exceeds the global average of 2.4  per cent, as well as the averages for emerging (5.1  per cent) and advanced (1.7  per cent) markets. Consequently, India is poised to emerge as the G20 country with the most rapid growth in its insurance sector.

Market Expansion

Riding on the waves of technological innovation and digital adoption, India's FinTech industry is set for exponential growth. With the market size projected to reach the mark of $150 billion by 2025, India is positioned as one of the fastest-growing FinTech markets globally, driven by factors such as record-breaking UPI transactions and the widespread adoption of digital banking solutions across urban and rural landscapes.

RBETA 2024 not only celebrates the growing tech adoption in India’s burgeoning finance industry but also the nation's indomitable spirit of innovation and entrepreneurship. As India continues to carve a distinctive niche in the global FinTech landscape, the stage is set for a new era of financial transformation, underpinned by technological ingenuity and visionary leadership.

12:24 IST, April 17th 2024