India attracted $2.7 billion in fintech investment in 2020: KPMG

‘Payments remained the hottest area of investment, followed by insurtech and wealthtech’

India attracted $2.7 billion in fintech investment in 2020, the second-highest amount ever after 2019’s record $3.5 billion, according to the Pulse of Fintech H2’20, a bi-annual report on global fintech investment trends published by KPMG.

While the majority of fintech investment was seen early on in the year, merchant platform Pine Labs and Razorpay each raised $100 million in H2 2020.

“Payments remained the hottest area of investment, followed by insurtech and wealthtech,” says the report.

Fintech investors also adjusted their strategies in the second half of the year, shifting focus more to profitability. Investors moved away from both early-stage companies and lending-based businesses and towards later-stage companies, according to the report.

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Source: India attracted $2.7 billion in fintech investment in 2020: KPMG – The Hindu BusinessLine