State of the
Fintech Union 2024

The Indian Fintech ecosystem, cumulatively valued at $100Bn+, is in the middle journey with potential to create 2-3X value in the next decade. As the third largest globally, India continues to demonstrate remarkable growth with 3.5x Minicorns, 3x Unicorns, and numerous Soonicorns emerging in just four years. This growth trajectory is driving significant impact on financial inclusion, with Fintech revenues growing approximately 56% from 2022 to 2023 far outpacing the global Fintech growth rate of 13%.

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This report provides an in-depth analysis of the Indian Fintech ecosystem based on our survey of 60+ executives from leading Fintechs, offering strategic insights and frameworks for navigating the complexities of profitability, IPO readiness, and cybersecurity challenges in this rapidly evolving sector.

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Get access to this report to understand:

• Key strategic priorities shifting from growth to profitability, with over 40% of founders and CXOs now prioritizing unit economics alongside market expansion.
• Critical success factors for IPO readiness, including the 5Ps framework Proposition, Profitability, Prudence, Process, and People with insights on why 70% of listed Fintechs see share prices decline within 6 months.
• Cybersecurity imperatives and compliance strategies to address the $20 billion lost to cyber attacks in the past two decades, with approaches to transform compliance from a "fix" to a core "feature".
• The "Phy-gital" revolution blurring lines between online and offline financial services, unlocking value across critical functions including sourcing, underwriting, customer service, and collections.

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