Fintech sector witnesses 33% fall in funding at $1.9 billion in 2024

Though the country's fintech ecosystem is considered one of the top three globally funded sectors in 2024, after the US and the UK, it managed to raise only $1.9 billion in 2024, which is a 33% drop compared to $2.8 billion secured in 2023 and a 66% decline from $5.6 billion raised in 2022, according to data shared by market intelligence platform Tracxn.

- UMA KANNAN

The funding landscape in 2024 saw a significant shift, with only three $100 million-plus funding rounds recorded, marking a 50% decline from the six such rounds in 2023. Some of the notable deals in 2024 included DMI Finance's $334 million funding led by MUFG, and Credit Saison's, an online marketplace for consumer and business loans, $144 million in a Series D funding round.