World's leading fintech ecosystems revealed. Where does India stand? - Hindustan Times

World's leading fintech ecosystems revealed. Where does India stand?

By, New Delhi
Oct 26, 2023 04:31 PM IST

While the United States, unsurprisingly, has the world's largest fintech ecosystem, which are the other leading markets?

India is among the leading fintech ecosystems in the world, with as many as 17 fintech ‘unicorns’ in the country, next only to the USA and UK, respectively, a CNBC-Statista report has found.

The export of payment platform UPI has grown significantly. (iStock)
The export of payment platform UPI has grown significantly. (iStock)

Additionally, seven Indian firms are among top 200 fintech companies in the world, as per the study.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

First, what is a ‘unicorn’?

Put simply, it is a venture-backed company with a valuation of $1 billion or more.

Largest fintech ecosystems

According to the report, the United States is home to 134 unicorns, and, therefore, produces the most value in terms of fintech. Of the top 15 highest-valued financial technology firms globally, eight are from the US. The combined valuation of these eight unicorns – which include Visa ($465.13 billion) and MasterCard ($344.57 billion) – is a staggering $1.2 trillion.

China came second, despite being home to only eight unicorns. These, however, include giants such as Tencent ($187.92 billion) and Ant Financial ($151 billion), taking the country's overall financial market capitlisation to $338.92 billion.

The UK, on the other hand, has 27 fintech unicorns, followed by India (17) and China; Brazil, Germany, and France (six each) are next. Mexico and Singapore (five each), and the Netherlands (four), round off the top 10.

Top 200 fintech companies

For this, CNBC-Statista analysed 1500 firms across nine different market segments – neobanking, digital payments, digital assets, digital financial planning, digital wealth management, alternate financing, alternate lending, digital banking solutions, and digital business solutions.

The United States came on top here as well, accounting for 65 companies, while the UK (15) came a distant second. From India, these companies made their way to the list (in alphabetical order):

CompanyHeadquartersListed in category
EncashMumbaiDigital Business Solutions
MobiKwikGurugramDigital Payments
Money ClubNoidaAlternate Lending
PaytmNoidaDigital Payments
PhonePeMumbaiDigital Payments
Property ShareBengaluruAlternate Financing
Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now! Catch all the Latest Technology Mobile, Gadgets,Tech News from India and around the world
Share this article

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Thursday, April 25, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On