Indian Economy News

Enterprise fintech industry set to surge, aiming for US$ 20 billion market by 2030

  • IBEF
  • February 7, 2024

Major banks are heavily investing in technology, prompting small and mid-sized banks to follow suit, creating vast opportunities for enterprise fintech firms. Projections from the 2024 FinTech Sector report by Chiratae Ventures and The Digital Fifth suggest that enterprise fintechs are on track to reach a market size of US$ 20 billion by 2030. Fintechs are collaborating with banks to drive customer engagement, extending into complex banking avenues such as trade finance and treasury. Mr. Sameer Singh Jaini, CEO of The Digital Fifth, underscored the influx of funds into enterprise fintechs over the past decade, highlighting the sector's untapped potential.

The report focuses on enterprise fintechs' role in reforming product delivery and enhancing efficiency across six crucial BFSI sectors: bankingtech, lendingtech, paytech, regtech, insurtech, and wealthtech. Mr. Sudhir Sethi, founder of Chiratae Ventures, emphasized the industry's transformative journey, with technology now viewed as a profit driver rather than a cost center. Investments in technology across financial segments are projected to surge in the next decade, supported by infrastructural innovations like India Stack and regulatory frameworks such as the Digital Personal Data Protection Act of 2023.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.