Bengaluru India’s fintech ecosystem achieved a significant corner in the first half of this time by ranking among the top three funded encyclopedically, alongside the US and the UK, a report showed on Friday. The domestic fintech sector entered backing of$ 795 million in the first half( H1) of 2024, a decline of 11 percent from H2 2023, according to the report by Tracxn, a leading request intelligence platform.
Perfios was the only unicorn created in 2024, while the fintech sector saw six accessions and five IPOs in the January- June period. Bengaluru surfaced as the leader in total fintech backing raised in 2024, followed by Mumbai and Pune, farther solidifying the emergence of multiple fintech capitals across the country’s different incipiency ecosystem.
“ Despite the global backing retardation, India’s FinTech ecosystem shows dexterity and rigidity, supported by robust profitable fundamentals, ” said Neha Singh, Co-Founder at Tracxn. The fintech sector remains dynamic, and “ we are auspicious that a probative policy terrain and technological advancements will produce new openings for growth and invention in the near future, ” she added.
Late- stage backing in H1 2024 stood at $ 551 million, a 26 percent increase from $ 436 million in H2 2023. Seed- stage backing amounted to$ 65 million, a 7.4 percent rise from $60.5 million in H2 2023, said the report. Peak XV Partners, Y Combinator, and Lets Venture surfaced as the leading investors in the sector.