Bengaluru: India’s fintech ecosystem achieved a significant milestone in the first half of this year by ranking among the top three funded globally, alongside the US and the UK, a report showed Friday.
The domestic fintech sector received funding of $795 million in the first half (H1) of 2024, a decline of 11 per cent from H2 2023, according to the report by Tracxn, a leading market intelligence platform.
Perfios was the only unicorn created in 2024, while the fintech sector saw six acquisitions and five IPOs in the January-June period.
Bengaluru emerged as the leader in total fintech funding raised in 2024, followed by Mumbai and Pune, further solidifying the emergence of multiple fintech hubs across the country’s diverse startup ecosystem.
“Despite the global funding slowdown, India’s FinTech ecosystem shows agility and adaptability, supported by robust economic fundamentals,” said Neha Singh, Co-Founder at Tracxn.
The fintech sector remains dynamic, and “we are optimistic that a supportive policy environment and technological advancements will create new opportunities for growth and innovation in the near future,” she added.
Late-stage funding in H1 2024 stood at $551 million, a 26 per cent increase from $436 million in H2 2023.
Seed-stage funding amounted to $65 million, a 7.4 per cent rise from $60.5 million in H2 2023, said the report.
Peak XV Partners, Y Combinator, and LetsVenture emerged as the leading investors in the sector.
IANS