Fintech firms flourish

Financial technology services — fintech firms — have witnessed a boom over the last three-four years, amid the government’s push towards digitisation.

India now has the second largest number of fintech start-ups in the world after the US — at 2,035 from around 737 in 2014.

According to a report from Medici, a global fintech insights platform, and Zone Startups, a start-up accelerator, till 2014, the US had the maximum number of startups — 1,788, followed by India with a distant 737 and the UK at 432.

However, there has been a major growth since 2015 with more fintech startups being incorporated in India than elsewhere with the exception of China. The report said this was the first time India overtook the US.