Posted on December 31, 2022

Author: Tether



Here’s how 2022 rocked for the fintech ecosystem!

While looking back this year, numerous opportunities, successful collaborations, and milestones were achieved in the fintech landscape. The Indian fintech market size was $50 Bn in 2021 and is projected to reach $150 Bn by 2025. 

Did you know that India is the 3rd largest fintech market in the world?

Let’s look at how 2022 showered fintechs with many opportunities, growth & value! Tether Community decodes the milestones achieved, funding landscape around the country, disruptions in the market, and the new initiatives launched this year. 

Fintech startups that turned unicorn! 

Did you know that 23 Indian companies have joined the billion-dollar club this year? Out of which, 6 companies are from the fintech ecosystem. There are a lot of bootstrapping fintech startups in India now, and many more are on the verge of becoming a unicorn! 

Taking a moment to give a shoutout to the fintech companies that turned as a unicorn this year. You inspire our community members! This includes, 

ElasticRun – A B2B ecommerce platform for rural India that was founded in 2016. The company has raised $300 million in its Series E funding round. 

CredAvenue – Now known as Yubi, the fintech offers corporate debt solutions. The company raised $137 million, making its way to the unicorn club! 

Oxyzo – The fintech offers smart financing for SMEs. Oxyzo has raised $200 million via a Series A funding round. 

Open – A SME-focused neobanking platform founded in 2017. Open has raised $50 million in its Series D funding round. 

LeadSquared – A sales automation platform. The fintech raised $153 million in a Series C funding round to join the unicorn club. 

OneCard – The fintech offers credit cards to consumers and has raised $100 million in a Series D funding round. 

Funding landscape 

The fintech startups in India have raised a total of $815 Mn in Q3 2022 alone. The first half of the year was even more successful showcasing $1.78 Bn each in both Q1 2022 and Q2 2022. However, with the funding winter and the plummeting situation, funding has steadily decreased. But as we all know. In no time, fintechs will bounce back on track for more investments in 2023! 

Top fintech companies  

The fintech companies that topped the list in 2022 include Paytm, Razorpay, Pine Labs, Groww, BharatPe, Policybazaar, and a lot more. There are around 7,000 plus fintech startups in India, and we hope to see many more join the list of the top-performing fintech companies in 2023. 

High-performing verticals 

The Payments, Lending, Wealthtech, Insurtech, Fintech Infrastructure, Digital Assets, Digital Investments, and Neobanking segments are reshaping the future in the Indian fintech landscape this year. They are expected to grow more in the upcoming year 2023.   

Launch of Central Bank Digital Currency (Digital Rupee (e₹)) 

The first pilot for the retail digital Rupee (e₹-R) was launched by the Reserve Bank of India (RBI) this year. India is one among the front runners to launch its own digital currency issued by a central bank. 

With the success of the fintech landscape this year, fintech startups are looking forward to more innovations, investments, market trends, and successful business models that will help generate revenue, increase their consumer base, and help grow their startups. 

And that’s a quick rewind of 2022 in the fintech ecosystem!  

Fintech startups are highly flexible to adapt to trends and disruptions and combat challenges that come their way. As a result, the fintech industry is ever-changing, and there is sure a bright 2023 ahead for us!