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EXCLUSIVE


STANDALONE FINTECHS WON'T EXIST; LICENSING, COLLABORATION WITH BANKS IS THE WAY
AHEAD: EXPERTS

Can standalone FinTechs exist? Is collaboration with banks and financial
institutions the way ahead for FinTechs? Is the funding winter for real? FinTech
industry stalwarts come under one roof to discuss these and much more at ETBFSI
Converge 2022.

 * Anushka Sengupta
 * ETBFSI
 * December 08, 2022, 08:00 IST

 * 
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Even though there's an uprise in the number of FinTechs, most fintechs are
either partnering with banks or other financial institutions to give the
technology and product support. Very few FinTechs today are standalone FinTechs,
and FinTech experts themselves believe that standalone FinTechs would not exist
going ahead.

"Either you are a licenced player or you are someone providing services to some
bank. A standalone fintech will not exist. So FinTechs can either get a licence
and work or provide services to some bank," said Arpit Ratan, Co-Founder & CBO,
Signzy.



According to chief economic advisor V. Anantha Nageswaran, India is among the
fastest growing fintech markets in the world, with a market size of $31 billion
in 2021 that is expected to reach $1 trillion by 2030.

According to the Tracxn database, as of July 2022, the number of FinTech
startups in India was over 7300, excluding the acquired and the deadpooled
players. Some of these are recently founded players in the early days of
building minimum viable products.

Ketan Patel, CEO, Mswipe highlighted that even banks realised that while they're
good at acquiring customers and cross-selling, even then they need fintechs for
payment services.

"To acquire customers is very expensive. A two way partnership is a win-win for
both banks and fintechs," he added.

Does a 'Funding winter' actually exist?

While there's a drop in funding in the FinTech sector and VC funds have dried
up, FinTech leaders believe there is no funding winter in the sector.

Arpit highlighted that fundraising is now more real, there's more value out
there and it's not that money or funds are not there.

He added that profitability is the new buzz word in the sector and everybody
seems to be focussing on it.

There has been a funding drought in India’s FinTech ecosystem, with a decline by
60% in the funds raised for FinTech startups in Q3 CY22 compared to the previous
quarter and global fintech investments fell to $107.8 billion.



Despite what we call a funding winter the number of fintechs funded this year
uptil October is more than what the industry saw last year.

Siddharth Mehta, MD & CEO, Freecharge believes that the market is still
untapped. "Market is too big, there are many players providing the same
products. There will be many players still surviving in the market as the
population is so huge and the market is still untapped," he said.

In 2021, investment in fintech was quite extraordinary as investors flocked to
make investments in the sector. While investment has dropped back to levels seen
in previous years, the space is expected to remain a strong focus for investors
in H2’22 and into 2023, revealed a report by KPMG.

Speaking on the same lines, Ketan suggested that if fintechs forget about two
bad words, 'downround' and 'flatround', they'll always get money if there's a
good story behind the company.

"Ultimate truth is customer is the king. So unless you have a well
differentiated value proposition, then you'll raise a few rounds and then fizzle
out", Avinash Godkhindi, MD & CEO, Zaggle added in support of Ketan's statement.

Avinash ended beautifully adding three things that the funding winter would
bring out by the end of it.

"With this funding winter, you'll see three things. First you are going to see
consolidation. Second, you will see many companies have their IPO and lastly, a
sense to go after value and not valuation will emerge," he stated.

The speakers were speaking at ETBFSI Converge 2022, held at Sofitel, Mumbai on
24-25 November, 2022.


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EXCLUSIVE


INDIAN FINTECH MARKET TO RECORD ‘10 TIMES’ GROWTH; ACHIEVE $1TN IN AUM, $200BN
IN REVENUE BY 2030

India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022.

 * ETBFSI

Click Here to Read This Story
 * 
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Indian Fintech market is expected to record a 10 times growth to achieve $1Tn in
Assets Under Management (AUM) and $200Bn in revenue, said the report titled ‘$1
Tn India FinTech Opportunity'.

The report released by Chiratae Ventures in collaboration with Ernest and Young
(EY), highlighted that much of the growth will be driven by the digital lending
market, which is expected to grow to $515 Bn in book size by 2030.

The market is expected to reach $1Tn in AUM with contribution from lending to be
highest at 50%+, while from a revenue standpoint payments and lending make 75%+
of the pool, the report highlighted.



India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022. An organic and collaborative
ecosystem is driving this growth, which is being supported by key government
initiatives, such as Digital India, Smart City, the development of UPI, and
other initiatives.

Payments, Digital Lending, WealthTech, InsurTech, and Neo-banking will all be
contributing to growth in the FinTech space with Agri+FinTech and Prop+FinTech
considered to be big bets.

Tailwinds due to favorable demographics, growing technology adoption, higher
disposable incomes, and aware customer are further fuelling this growth.
Fintechs have been innovating in product and delivery to cater to the evolving
needs of the customers.

The report also highlights that Buy Now Pay Later has become mainstream and is
on an accelerated growth trajectory, emerging strong not only in B2C but also in
the B2B payments space.

On the launch of the report Sudhir Sethi, Founder, and Chairperson, Chiratae
Ventures said, “The Indian Fintech market has been a formidable global force,
contributing to the largest share of unicorns in India. We have been a
technology-first investor believing in the power of both data and technology and
hence have backed companies such as EarlySalary, Kristal.ai, PB Fintech, ShopSe,
and Vayana amongst others”



Co-lending to emerge as a preferred model that supports lending partners in
mitigating their risk exposure. New asset classes, Crypto & NFT will also
continue to attract investor interest as fintech continues to solve for
traditionally underserved customers.

Technology-based Innovation on the underwriting side of the insurance value
chain will help deliver solutions for the highly unpenetrated market at
affordable rates.

“FinTechs have innovated for the underserved financial markets through a strong
and supportive ecosystem, which will continue to keep accelerating growth and
penetration of Fintech in India. These include fast-growing digital adoption and
mobile penetration on the back of the cheapest data rates in the world offered
by private telecom players, to enabling regulatory environment coupled with
world-leading digital infrastructure (Aadhar, UPI, BBPS etc.), and structural
reforms and initiatives (GST, TReDSetc.),” said TC Meenakshi Sundaram,
Co-Founder and Vice Chairperson, Chiratae Ventures.

“We also expect FinTechs to continue solving for the substantial and growing
sub-markets with novel solutions,” he added.

With 5X growth in the digital tech talent, India has the opportunity to address
the global digital skill gap and establish itself as the destination of digital
and tech talent.

“India is recognized as a strong FinTech hub globally and is increasingly
becoming a talent destination for fintech businesses. We are glad to partner
with Chiratae Ventures and delve into the emerging trends in regulatory
innovation, technology advancements, new business models, industry convergence,
and inclusive digital financial services in the Indian fintech space,” said
Rajiv Memani, Chairman and Managing Partner, EY India.

The report also highlighted that the regulatory support will enable the industry
further as already established models go international through collaborations.

The actively encouraging innovation through regulatory sandboxes, new
distribution models, and the launch of innovative products has provided a good
regulatory environment.



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