India’s fintech ecosystem is expected to reach an annual revenue scale of $70 billion by FY30: The Bottomline: Elevation Fintech Report 2023

According to The Bottomline: Elevation Fintech Report 2023, published by Elevation Capital with McKinsey & Company as a Knowledge Partner, India’s fintech ecosystem, which accounts for 18-20% of the addressable financial services revenue pool, is expected to reach an annual revenue scale of $70 billion by FY30. The report provides a macro view of fintechs in India and their impact on the financial services ecosystem.

The report outlines $400 billion in value creation in fintech by 2030, with 4X growth from current levels. India has the third-highest number of fintechs globally, with fintech funding doubling since 2018 and capturing a 14% share of startup funding in 2022, it added. The report captures insights from a comprehensive survey of 70+ industry experts and conversations with 20+ industry leaders from prominent fintechs and financial services.

SME Lending, Retail Lending, Fintech SaaS, and Wealth (advisory & brokerage) are the areas that will experience the most fintech development and innovation, according to 84% of survey respondents anticipate that fintech will play a large or dominant role in the future. Fintechs will need to overcome a few obstacles, according to industry participants, to continue growing, including creating sustainable profitability, assuring a regulatory-compliant business model, and maintaining risk and security requirements.

The full report can be viewed and accessed at bottomline.elevationcapital.com