Fintechs— from Paytm and BharatPe to ZestMoney— may have run into dark clouds recently, but banks and regulators cannot overlook that they are here to stay and will play a larger role in servicing customers. In our latest edition, we identify fintechs and 'Soonicorns', whose performance has already passed the test and business models that have scaled to a size that cannot be ignored
By: Chaitanya Dinesh Surpur
India’s fintech space is going through a phenomenal change with the rise of fintech startups that are making finance services accessible to people across sections. The opportunities in the space have produced 17 fintech unicorns so far, the third highest in the world. However, there are many promising fintech soonicorns—startups with valuations of over $500 million and less than one billion that might gain the status of a unicorn soon.
The growth of the Indian economy and fintech space is paving the way for these soonicorns. As per Startup India, an initiative by the Ministry of Commerce and Industry to promote startups in the country, the market size of India’s fintech industry is expected to reach $150 billion by 2025.
Mayank Jain, principal investor at Stellaris Venture Partners, says that recent regulatory announcements, such as credit line on UPI, are opening new avenues of growth for fintech startups in India. He says the collaboration of fintech startups with banks has fuelled the growth of fintech startups and the finance ecosystem in India.
While some top fintech unicorns in India, such as Zerodha, Razorpay, Paytm, and Pine Labs, are leading the way, below are the top five soonicorns, offering a diverse range of financial services, that could soon join the league of fintech unicorns.
Choosing an insurance plan is a cumbersome process. Turtlemint offers a hybrid marketplace to provide third-party insurance and connect customers with advisors.