Digital payments seeing second growth spurt after demonetisation, says fintech report by Matrix Partners India
Matrix Partners India along with McKinsey & Company, released a survey report that outlines the impact of the COVID-19 pandemic on the financial services and fintech sectors, and the recovery mechanisms being implemented by various players.
In a report titled ‘State of India Fin+Tech’ by Matrix Partners India, with McKinsey & Company as the knowledge partner, the investment firm highlighted that fintech startups still have a ray of hope. While lending may have been severely impacted, wealth management and insurance tech recorded growth.
The report includes results from a survey of approximately 70 fintech founders and CXOs, and insights from a series of virtual fireside chats held with industry thought leaders in August 2020.
In a press statement shared by Matrix Partners India, Vikram Vaidyanathan, Managing Director of Matrix India, said, “With this initiative we’re trying to answer the question – how are other fintechs doing and what can I learn from other founders/CEOs? We’re truly grateful for the responses from and in-depth interviews with all stakeholders in the ecosystem.”
“It’s inspiring to see how young companies have tackled a once-in-a-lifetime crisis with swift decisive actions and speaks to the resilience of the fintech ecosystem. Over the last year, we have seen an acceleration towards fintech products and we’re long-term believers,” he added.
Rajat Agarwal, Managing Director Matrix India in a conversation with YourStory added that despite the negative impact lending startups saw during the six month-long moratorium which was extended, he believes the space will nevertheless see some tailwinds in the near future.
“Indian fintech industry has proven to be highly resilient and managed the COVID-19 crisis much better than what most people anticipated. While near-term confidence in the sector did take a beating, there are clear signs of recovery and long term potential of the sector continues to be attractive,” said Rajat.
Read full article here
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
GFA Attract, GFA Weekly Recap & Application Portal For Funding
| GFA Weekly Round Up In this episode of GFA-Attract (VC Edition) we discuss with Jonathan Berman, Managing Partner of African Innovation Partners (AIP), a venture capital/asset management company with $500m in assets under management. Watch Here | GFA Weekly Round- up In this week’s weekly round up podcast, Nichole discussed about the funding activity between September 21- 25 Listen Here | Apply For Funding GetFundedAfrica provides equity capital from $1,000 to $50,000. For larger amounts (Above $50,000) we organize syndicated funding rounds of up to $500,000. Apply Here |
Follow Us
“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill.
