India world's second biggest fintech hub; Mumbai and Bengaluru leading the charge
There are more than 2,000 fintech startups in India right now, with 42 percent of them in these two cities. Both central and state governments are being lauded for driving fintech growth in the country.
- India is now the world's second biggest fintech hub (trailing only the US) with 2,035 startups operating in the sector, according to the India Fintech Report 2019.
- (Until 2014, there were only 737 fintech startups in the country.)The inaugural edition of the report is a joint effort by MEDICI (a global innovation and insights platform for fintech), Zone Startups India (a Mumbai-based startup accelerator), and was unveiled at Fintegrate Zone 2019 - India's largest fintech conclave supported by Paisabazaar.com, and Government of Maharashtra.
- Payments constitute the largest share of fintech startups in India.
- In one year, immense progress has been made by Mumbai Fintech Hub in catalysing the growth of fintech startups.