8 December 2022

Bengaluru : Indian fintech will touch $ 1 trillion in assets under management ( AUM ) and $ 200 billion in revenue by 2030, according to estimates by VC firm Chiratae Ventures and EY. A report by the two firms said the growth will be driven by the digital lending space which is expected to grow to $ 515 billion by 2030.

It said payments, digital lending, wealth tech, insurance, and neo-banking will all contribute to growth in the fintech space. India is the world’s third-largest fintech market, behind the US and China. Around 1,000 fintech firms have been funded with a cumulative $ 18 billion in funding in the last five years. India has over 21 fintech unicorns.

$ 200bn in revenue by 2030: Report
$ 200bn in revenue by 2030: Report

TC Meenakshi Sunda ram, co-founder and vice-chairman of Chiratae Ventures said retail business and SMBS are not funded by the banking channel because there was no accurate date available. This is where fintech is making a mark. ” It’s a high data play where fintech players are able to put multiple data points together and possibly come up with better underwriting capabilities. SMEs cannot afford the high cost of capital and fintech players have a better way of underwriting and low-cost delivery. We expect $ 500 – billion fintech – facilitated lending to be a large play, while the wealth, insurance and neo banking will make up for $ 500 billion, ” he said. Peer-to-peer ( P2P ) lending, SME financing, and short-term credit models are gaining momentum.

Sundaram said digital lending startups will continue to service SMEs, consumer lending will be driven with small ticket unsecured products via P2P lending, BNPL ( buy now, pay later ), co-lending, and other avenues.

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