Digital payments seeing second growth spurt after demonetisation, says fintech report by Matrix Partners India

Matrix Partners India closes its third fund of $300 million

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. 

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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.

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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.

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