The reason for this dominance is due to the opportunities of capitalising on the country’s underbanked population.ĭigital payments startups are part of another FinTech industry that is attracting a lot of attention in India. Of that investment, marketplace lending businesses have taken the biggest bite out of the investment cake. FinTech Global’s research has shown that the country’s entrepreneurs have attracted over $13bn since 2014. They are hardly the only investors interested in India’s emerging FinTech ecosystem. Tiger Global is an investment fund that has previously invested in companies like payment unicorn Stripe, cannabis point-of-sale terminal platform Green Bits and robo-advisor Wealthfront. The VC firm’s portfolio includes a wide range of companies, from social media giant Snapchat to PropTech management platform Mynd.
Back in July 2018, it raised its second India-focused fund, which gave it a combined capital pool of $1.8bn. Lightspeed Venture Partners is a venture capital firm that has shown a lot of interest in India’s budding startup scene. So far the FinTech enterprise has grown its clientbase to include over five million active merchants across 2,000 cities in India. The venture will use the money to grow across India, according to TechCrunch. OKCredit is a startup enabling small merchants to digitize their bookkeeping through an app that helps them keep track of their daily custom.
Booming bookkeeping series#
Bangalore-based OKCredit has completed a $67m Series B funding round led by Lightspeed Venture Partners and Tiger Global as the country’s FinTech scene has raised over $13bn since 2014.
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