August 19, 2019
India’s evolution as a progressive FinTech nation is no miracle. It happened on the back of executing a four-point approach: 1. Solving for identity in the form of Aadhaar for formalization; 2. Getting everyone a bank account or equivalents (PMJDY) to store money; 3. Building scalable platforms to move money (IMPS, UPI, etc.); 4. Allowing banks, FinTechs, and wealth/insurance/lending players as well to access platforms like UPI to innovate. This framework has led India to a FinTech revolution. How do we know this?
Until 2014, the US had the maximum number of startups, i.e., 1788, followed by India with a distant 737, and the UK (432). However, there was a major uptick in 2015, where more FinTech startups were being incorporated in India than any other country except China. This was the first time India overtook the United States and started making its mark as one of the fastest-growing ecosystems.
FinTech in India is thriving on the basis of massive untapped markets, easier access to capital, and rising customer expectations of getting an Uber-like experience from financial services. The active participation of regulatory and government bodies in combination with favorable situations is leading India towards its evolution into a significantly large FinTech ecosystem. Regulators and government bodies, such as the Mumbai FinTech Hub (MFH), are serving as the enablers of its maturity on the global FinTech map.
In an initiative to help scale FinTech startups across India, the Mumbai FinTech Hub, PWC, and MEDICI, along with a host of other partners, have come together to launch a new initiative called FInD (FinTech Investment and Deals Program).
Mumbai FinTech Hub announced that FInD would not only catalyze exposure to capital but also aid to forge partnerships between FinTech startups, investors and partners from around the globe. FinTech Investments and Deals (FInD) is a platform to democratize investments, strategic partnerships, and global outreach for FinTech startups. This program is supported by the industry, ecosystem players, and the Mumbai FinTech Hub. It seeks to catalyze funding access and strategic partnerships between FinTechs, investors, and partners in India. The objective of this initiative is to unlock major opportunities for startups by facilitating investment and boosting entrepreneurship across the FinTech ecosystem.
For startups, FInD provides a digital platform that enables quicker connection, increasing the potential to close deals, while providing real-time connectivity with investors for investments. It also provides strategic partners with a channel to grow their capability makes for a quick and transparent matchmaking process guided by experts. Other benefits for startups include high-quality masterclass sessions by PwC to prepare a bulletproof B-plan, and assistance from MEDICI’s design studio and services to sharpen their pitches. Registered investors can cut through the clutter and access curated, high-quality FinTech startups, and avail of reliable information in the right form to decide on investing.
FinTech startups, corporates, and investors are invited to become a part of the fast-moving FinTech ecosystem bandwagon by registering on the MFH FInD platform through this link: http://mfhfind.com or get in touch at support.FinTech@maharashtra.gov.in. Please note that registration is free.