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Home » Indian fintech startups secure $778 million in Q3, second in the world after the US.
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Indian fintech startups secure $778 million in Q3, second in the world after the US.

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Home » General » Business » Indian fintech startups secure $778 million in Q3, second in the world after the US.

Indian fintech startups secure $778 million in Q3, second in the world after the US.

Bengaluru, Oct 15 (SocialNews.XYZ) India’s fintech startup ecosystem secured $778 million in funding during the July-September period, reaching second place globally after the US in terms of fintech funding raised in the third quarter, according to a report released Tuesday. .

This growth can be attributed to government initiatives such as the promotion of digital payments through UPI, with over 14 billion transactions processed in May, the JAM-Trinity initiative integrating Aadhaar with bank accounts and mobile numbers, and the allocation of Rs 2,600 crore in incentives. to support fintech startups.




This also represents a 66 percent increase from the $471 million raised in the third quarter of last year and an impressive 165 percent increase from the $293 million raised in the second quarter of this year, according to the report from Tracxn, a SaaS-based business intelligence platform.

The third quarter also saw two startups achieve IPO status and one company become a unicorn.

“The resurgence of funding for the Indian fintech industry marks a pivotal moment in our journey to becoming a global fintech hub,” said Neha Singh, co-founder, Tracxn.

“With increasing digital adoption and supportive government policies, we are positioned for sustainable growth,” she added.

According to the report, India now ranks fourth in terms of all-time funding for the fintech sector, after the US, China and the UK.

The best performing sectors included alternative lending, investment technology and payments. The alternative lending segment raised $517 million, an increase of 49% from $348 million in Q3 2023 and 199% growth from $173 million in Q2 2024.

Technology investment secured $109 million in Q3 2024, reflecting a 58% decline from $257 million in Q3 2023, but a significant 356% increase from $23.9 million in dollars of the second quarter of 2024.

In September, loan management platform Moneyview achieved unicorn status. Peak XV Partners, Y Combinator and Lets Venture have become major investors in the fintech space.

Source: IANS

Indian fintech startups secure $778 million in Q3, second in the world after the US.

About Gopi

Gopi Adusumilli is a programmer. He is the Editor-in-Chief of SocialNews.XYZ and Chairman of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current affairs from various authenticated news sources.

When it comes to writing, he enjoys writing about current world politics and Indian films. His future plans include developing SocialNews.XYZ into a news website with no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

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