According to reports, Indian fintech firms are expected to clock $200 billion in revenue by 2030.

Funding in Indian fintech startups touched $7.8 billion in 2021 and the industry is expected to handle $1 trillion worth assets by 2030, as per reports.

At present, most of the funding has been skewed towards digital payment firms. Of the total $7.8 billion raised by the sector last year, $3.5 billion went to fintech payment firms.

According to reports, As India’s payment landscape evolves, technologies such as near-field communication (NFC) payments, soft point-of-sale (PoS) penetration, and central bank digital currency (CBDC) use cases are expected to drive new innovations in this space.

TC Meenakshi Sundaram, cofounder and vice chairperson, Chiratae Ventures says, “Fintech models are evolving to be ‘pervasive’ across most sectors, and have found applications across segments such as agriculture, supply chain and ecommerce, among others.”

“Financial services are the plumbing infrastructure. Our belief is that fintech will become more and more horizontal, propping up in the intersection of agri-tech, proptech, and B2B supply chain. The regulatory environment for the sector is also developing and we see a lot more openness from the government and regulator towards fintechs to integrate with the economy,” adds Sundaram.

According to reports, half of the trillion-dollar AUM expected by 2030 will be powered by digital lending fintech firms, with a total of $515 billion worth of assets managed by startups in the space.

“We believe that fintechs will drive $1 trillion in assets under management by 2030, across lending, insurance, wealth management and neo-banking,” says Sundaram.

Almost $1.2 billion was poured into Indian lending fintech firms in 2021, up almost 71 percent from the previous year.

Rajiv Memani, chairman and managing partner, EY India says, “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses.”