In accordance with a report launched by the organisation, a complete of seven fintechs raised a sum of $60 million in Chennai in 2020. Additional, two of those startups had been women-led. Chennai additionally had the best variety of early-stage startups being funded, with 70% of them being funded a median quantity of $1 million.
Pant mentioned Chennai has a strategic benefit of being the go-to location for banks that established their again places of work within the metropolis round 25 years in the past. Within the mid-2000s, he mentioned, Chennai had a few of the banks working their digital banking worth chains out of right here and gained quite a lot of favour among the many monetary providers corporations with many world again places of work of banks and world worth chains establishing within the metropolis.
Coupled with the thriving SaaS ecosystem, Pant mentioned Chennai was ripe for a brand new kind of SaaS – SaaS+Fin.
Yatra conversed with over 20 early-stage fintechs from Chennai throughout this lockdown, and seen it ranks first within the ratio of Reside Product: Beta Stage Startups with over 80% of the startups having dwell merchandise.
He mentioned there are round 85 startups within the Chennai ecosystem from within the Fintech area. Nonetheless, he expressed concern over the truth that regardless of having the bottom infrastructure price, finest tech, banking and SaaS expertise, town nonetheless ranked fifth within the nation on this area.
“Chennai is just not in a position to construct on all these items to create a fintech worth chain,” he mentioned. “Chennai ranks under Hyderabad and Pune when actually not one of the cities, besides Bombay, have as many positives. Chennai has the utmost variety of monetary establishments headquartered within the metropolis and if Chennai will get its act collectively, there’s a huge alternative within the area to be capitalised on.”
Curiously, the report discovered that whereas 2020 was a troublesome yr for many industries, the fintech area noticed a soar to find by virtually 24%. Pant mentioned that whereas in 2019 as many as 127 offers had been inked, the quantity went as much as 167 offers occurring in 2020.
Going ahead, he sees that the creation of API infrastructure would be the subsequent huge pattern. He mentioned that there are quite a few monetary establishments with legacy infrastructure and defined that it was essential to align an answer worth chain that it’s a plug and play worth proposition however not a worth proposition that’s created for anyone and supplied to anyone else simply to save lots of price.
“What API infrastructure payers are doing is creating an API layer for all the retail banking and funds options area and making it out there to smaller monetary establishments and startups to create higher merchandise and worth propositions within the merchandise and knowledge construction that they want,” he mentioned.
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