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Indian Fintech Ecosystem: Four Eras of Growth and Contraction

Before 2010:
The initial stage of development of digital marketplaces focused on generating leads for loans and insurance business

2010 – 2014:
Like every other ecosystem in the world, Indian Payment ecosystem grew immensely across wallets, pre-paid cards, point of sale platforms, payment gateway platforms

2015 – 2018:
Introduction of Indiastack (Aadhaar / eKYC / UPI / eSign etc) simplified as well as disrupted Payment, Lending, Insurance and Wealth business. While wallets collapsed due to UPI, Lending Fintechs/Insuretech prospered. Wealth business went through challenges due to Direct plans of Mutual Funds.

2019 till date:
Indiastack continues to positively impact Fintechs with newer services. NeoBanks have emerged as a segment of choice for investors. Neo-Entrants are introducing “Fintech as a service line” in their current business models by either developing it organically or buying out Fintechs. Lending startups are going through the evolution phase. Complex areas like Trade Finance and B2B startups are getting support in the new wave.


  1. hello!! I think you guys never heard about A.treds(Invoicemart)which is subsidiary of Axis Bank.Even this companies are the new era of Fintech.Which you must consider and look into..where bill discounting for MSME is been done in a new way.
    • Hi Devishree, This is a representation of the eco-system. There will be some misses. But thanks for writing to us. If you are connected with A.treds in any way share the deck, we will check on them.

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