Payments and lending categories of Fintech attracted the maximum amount of funding, accounting for 85% of capital raised
FinTech BizNews Service
Mumbai, 25 December, 2024: As we are approaching the year-end, Mr. Dilip Modi, Founder & CEO of Spice Money, has shared insightful views around key trends witnessed by the fintech industry in 2024 and expectations from the coming year.
"2024 has been a landmark year for the fintech industry, achieving unprecedented milestones in innovation and financial inclusion. India now boasts 26 fintech unicorns, including one decacorn, with registered startups surging from 2,100 in 2021 to 10,200 in 2024 and a combined valuation of $125 billion. Payments and lending categories attracted the maximum amount of funding, accounting for 85% of capital raised, while UPI surpassed 10 billion transactions in August, underscoring its transformative impact.
Spice Money is proud to contribute to this remarkable growth with offerings like biometric banking through AEPS, assisted bill payments, cash collection, and the rollout of UPI for rural India. Our foray into MSME lending and a robust 14-lakh-strong Adhikari network has extended essential financial services to 95% of rural pin codes and 2.39 lakh villages. In 2024, we impacted over 2.5 crore rural customers monthly, fostering trust, financial accessibility, and economic empowerment across Bharat.
Looking ahead to 2025, India is on track to have approximately 150 fintech unicorns with a combined valuation projected to reach $500 billion by 2030. The industry's future lies in driving scalable and inclusive solutions through collaboration with policymakers and public partners, fostering sustainable and impactful growth for millions across the country.
At Spice Money, we remain committed to advancing Bharat’s financial inclusion through tech-driven solutions, ensuring compliance, and enhancing fraud risk management while prioritizing sustainable and profitable growth. A supportive regulatory framework and robust public-private collaboration are essential to addressing the unique needs of rural India. With rural fintech leading India’s digital revolution, Spice Money aims to build a resilient, inclusive financial ecosystem that uplifts communities and accelerates economic progress."
