Fintech among top 5 sectors for funding in 2016: Deloitte
Indian FinTech is one of top five markets by value of capital funding and investments in the sector with nearly $270 million of funding in 2016, according to a recent report.
The report also noted that in medium-term fintech players will consolidate their position in urban and metro centres and will extend to rural and semi-urban areas over the next three-five years. India remains one of the l rgest markets where the structural enablers to setup and incubate fintech have come together strongly and at an apt time, the joint report by Internet and Mobile Association of India, and Deloitte said.
"Combination of steady economic growth with low penetration of financial services and availability of supporting infrastructure such as internet data access, smartphones along with utility infrastructure including Aadhaar based authentication and India Stack capabilities are likely to provide the required impetus to India's fintech sector," the report noted.