Fintech deals are a growing business in India

Friday 6 March 2020 11:58 CET | News

India has become the third most preferred global destination for fintech investments, according to a joint report by Accenture and CB Insights.

In 2019 this kind of funding doubled to USD 3.7 billion, USD 1.8 billion more than in 2018. On top of the funding choices were payments companies with USD 2.1 billion investments in 2019 and insurtech, who climbed 74% to USD 510 million between 2018 and 2019.

Thus, most funds raised in 2019 in India went into payments startups (58%), while insurtech companies raked in 13.7% of the investments. Fintechs in lending accounted for 10.8% of the total, the data showed. There was a number of 198 deals, five more than in 2018.

One97 Communications, the parent company of Paytm, raised USD 1.66 billion in two separate transactions, while PhonePe tapped investors for about USD 210 million also in two separate deals and Razorpay raised USD 75 million, according to Indian Economic Times.

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Keywords: fintech, insurtech, investments, India, banking, Paytm, Razorpay, study, Accenture
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech

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