Bengaluru, Jan 13 (IANS) The Indian fintech sector raised $1.9 billion in 2024, keeping its position as one of the top three globally-funded fintech ecosystems last year, behind the US and the UK, a report showed on Monday.
The third quarter (Q3) stood out as the highest-funded quarter of the year, with $805 million raised — a 61 per cent increase compared to Q3 2023, according to the report by Tracxn, a leading market intelligence platform.
Additionally, 59 per cent of the total funding was secured during the second half of the year, indicating a late-year recovery. August emerged as the most robust month for funding, contributing $434 million to the annual total.
“Despite the global funding slowdown, India’s fintech ecosystem continues to demonstrate remarkable resilience and adaptability. The emergence of two new unicorns and a record eight IPOs in 2024 underscore the sector’s ability to thrive amid challenges,” said Neha Singh, Co-founder at Tracxn.
The year saw 26 acquisitions along with eight IPOs and two unicorns.
“As we look to the future, the sector is poised to build on these successes, driving financial inclusion and innovation while solidifying its position as a global leader in the fintech space,” said Singh.
The funding landscape in 2024 saw a significant shift, with three $100 million-plus funding rounds recorded.
Digital lending solutions accounted for 64 per cent of the total funding raised during the year. The investment tech segment garnered $320 million in funding.
Bengaluru maintained its leadership as the top hub for fintech funding in 2024, followed by Mumbai and Delhi.
Regulatory developments have also played a critical role in shaping the fintech landscape this year.
In August, the Reserve Bank of India (RBI) granted Self-Regulatory Organisation (SRO) status to the Fintech Association for Consumer Empowerment (FACE), an industry body representing approximately 80 per cent of digital lending volumes in the country.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
