AWS Fintech Forum 2021: Where the brightest minds discuss the breakthroughs in the sector
According to a KPMG bi-annual report ‘Pulse of Fintech’, the first half of 2021 saw India’s fintech sector draw in $2 billion in investments across VC, PE and venture capital. The market, which is currently valued at USD 31 billion, is expected to grow to USD 84 billion by 2025, at a CAGR of 22 percent. Additionally, the fintech transaction value size is estimated to grow from USD 66 billion, in 2019, to USD 138 billion in 2023, at a CAGR of 20 percent. Numbers like these reflect how the Indian fintech market is one of the fastest growing markets in the world.
In 2021, the fintech sector was also witness to growing deals in diverse subsectors, including wealthtech, crypto, and cybersecurity. Digital banking played a significant role in this growth, with these banks acting primarily as SaaS (Software-as-a-Service), leaving regulatory responsibilities with traditional banks.
India’s mobile payment markets are also forecast to grow by 41 percent annually and estimated to be worth more than $2 billion by 2024, which will fuel more fintech startups to gain unicorn status. Currently, India boasts of over 48 tech unicorns, with a combined valuation of $137 billion. According to a report by GlobalData, out of the nine fintech unicorns in India, six have achieved a valuation of more than 1 billion in the pandemic.
On April 6, CRED declared that it had reached unicorn status, by raising $215 million in a funding round, raising its valuation to $2.2 billion. Bengaluru-based insurtech startup Digit Insurance raised $18 million this year from existing investors and leapt to a valuation of $1.9 billion. And, investment platform Groww also announced its unicorn status when it raised $83 million in a funding round. It doesn’t end there, though. India has a number of soonicorns - soon to be unicorns - who have successfully grown from their nascency to attract valuations of a few hundred millions. Of the 36 soonicorns in India, 12 are fintech. Companies like Acko, BankBazaar, LendingKart, Rupeek and more stand poised to join the unicorn club very soon.
The sector has also borne witness to incredible acquisitions. American-based payments and API company Stripe recently announced that it had acquired Recko, a Bengaluru-based startup which provides payment reconciliation software for online businesses.
Other trends that have emerged this year include hyper personalisation of financial services, rising interest in cryptocurrency and blockchain, new partnership models to expand service offerings and cybersecurity measures to prevent ransomware, cyberattacks and fraud.
Each of these developments highlight why 2021 has been a remarkable year for fintech in India. It is now worth looking at how much the sector has grown, and ways to keep this momentum going. To celebrate, examine and reflect on the fintech sector this year, AWS is hosting the 5th edition of The Fintech Forum 2021 on November 25 - 26. The thought leadership event aims to bring fintech startups, leaders and influencers together on one platform to discuss the latest innovations in fintech. The two-day event will feature case studies, guide startups on how to navigate through the complexities of the fintech ecosystem and provide a platform for networking and strategic partnerships. While Day 1 will focus on business-oriented topics, Day 2 will be targeted towards developers/technical audiences.
What’s in store?
Day 1 starts at 10:00 am, and features insightful and relevant fireside chats and panel discussions, covering everything from leading trends in the fintech space, how fintechs can grow and scale, neobanking, the path to unicorn status and much more. The event will kick off with a Fireside Chat between Puneet Chandok, President, AWS India and South Asia (AISPL) and Shradha Sharma, Founder & CEO at YourStory Media. Day 1 will also feature leaders from Jupiter, Setu and more.
Who should attend: Founders, CXOs, Heads of business
Starting at 09:30 am, the day boasts of more power-packed sessions, keynotes, panel discussions and workshops. Listen in to some of the best practices in fintech, learn about scaling the tech behind fintech, and take workshops in analytics, security and ML fraud. Day 2 features speakers and panelists from AWS, Rupeek, zestmoney, SISA, and more.
Who should attend: CTOs, SA, System Admins, DevOps
What to expect?
• Interact with successful fintech startups
• Learn the Do's and Don'ts of scaling fintech startups
• Hear how startups can leverage AWS to build their businesses
• Connect with the AWS team and have your queries answered
• Network with peers and foster new collaborations