India's FinTech sector surged to INR 68 trillion in FY24, with Lending Tech (INR 34T) driven by alternative credit models, Payments Tech (INR 29T) fueled by the rise of digital payments, and Neo-Banking (INR 5.6T) expanding through mobile-first solutions, according to a report by 1Lattice.
Amongst various FinTech segments, Lending Tech contributed INR 34 trillion, Payments Tech reached INR 29 trillion, and Neo- Banking accounted for INR 5.6 trillion, exceeding INR 68 trillion in FY25 in total, according to a report by 1Lattice.
Factors like the adoption of alternative credit scoring models, the rise of digital payment systems like UPI, and the growing demand for mobile- first, personalized banking services have driven the growth of India's FinTech sectors. Enhanced digital infrastructure, increased financial inclusion, and strategic partnerships between traditional banks and fintech firms have further fueled this transformation.