Flashback 2018 - Fintech Segment Continues To Enjoy The Purple Patch

12/31/2018 Flashback 2018: Fintech segment continues to enjoy the purple patch
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Flashback 2018: Fintech segment POL

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continues to enjoy the purple patch

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PITCHIAH) | Kavya Kothiyal (HTTPS://TECHCIRCLE.VCCIRCLE.COM/AUTHOR/KAVYA-
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India's nascent but fast-growing fintech sector
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mini=true&url=https%3A%2F%2Ftechcircle.vccircle.com%2F2018%2F12%2F31%2Fflashback- 
recorded another year of success in terms of funding
2018 2018 2018 and entrepreneurial activity but 2018 will also be
https://techcircle.vccircle.com/2018/12/31/flashback-2018-fintech-segment-continues-to-enjoy-the-purple-patch 1/18
2018- 2018- 2018- and entrepreneurial activity, but 2018 will also be
fintech-fintech-fintech- remembered for a number of policy changes that will
impact the way companies in the segment do
segment-
segment-
segment-
business for years.
continues-
continues-
continues-
to- to- to- The sector was witness to several reforms by the
Reserve Bank of India: Guidelines on the maximum
TECHNOLOGY
enjoy- enjoy- enjoy- (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/TECHNOL
merchant discount rate that can be levied on debit
the- the- the-
card transactions, stricter norms for mobile wallets,
purple-purple-purple- allowing interoperability through the Unified
Payments
patch) Interface (UPI) as well as issuing rules for peer-to-peer lending platforms.
patch&p[title]=Flashback+2018%3A+Fintech+segment+continues+to+enjoy+the+purple+patch)
patch&title=Flashback+2018%3A+Fintech+segment+continues+to+enjoy+the+purple+patch&source=te
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According to Sangram Singh, chief executive of mobile wallet firm Freecharge,
customer adoption has been one of the most important factors that led to multiple
players entering the fintech sector, thereby expanding the scope of the financial
ANALYSIS
ecosystem. (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/ANALYSIS)
Consequently, internet and smartphone penetration will continue to be a P
significant driver for growth in the fintech domain.
“There is a huge potential in lending and investment segments for financial services
penetration,
OPINION considering this is still an under-served space. Evolving customer
(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/OPINION)
behaviour and increase in demand by end-users have impelled players to undergo
rapid digital transformation and focus on delivery of new customer-focused technology
efficiently,” Singh added.
Deals snapshot
Notwithstanding the positive macro-economic factors, the fintech sector recorded a

decline in the total funding amount and the number of deals.
According to provisional data available with VCCEdge (http://www.VCCEdge.com), the

research arm of VCCircle, investors ploughed around $683 million into this sector this
year, less than the $1.83 billion last year. The number of deals fell to 65 from 75.
However, last year's numbers are skewed because of the $1.4 billion secured by
Paytm. Excluding that Paytm deal, the fintech sector secured raised more money with
fewer deals.
Also, it is quite likely that some deals have not been disclosed. Besides, the cut-off
date for the deal data is 15 December. Hence, the actual funding numbers could be
even more.
Some of the most active investors in terms of the number of deals include Kae Capital,
India Quotient, Matrix Partners, M&S Partners and Blume Ventures. Some of the

largest deals by ticket size during the year include the $238 million round secured by
PolicyBazaar, $87 million by Lendingkart, $54 million by ClearTax, $45 million each by
Digit Infoworks Services Pvt. Ltd and InstaReM, and $30 million by INDwealth.
Industry observers, by and large, agree that funding is is not a problem for this sector.
The investment thesis is, however, restricted and the holistic picture is missing.
“The challenge is
TECHNOLOGY that startups build a very pointed piece of solution, but when that
(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/TECHNOL
solution is implemented, it becomes difficult to accept it. So the adaptability of
enterprise in fintech is a big challenge,” said Manish Jain, partner for digital and fintech
at audit firm KPMG.
Fintech landscape
According to industry experts, the Indian fintech sector is about a decade old and
started with the likes of PolicyBazaar and BankBazaar being the early entrants in
ANALYSIS (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/ANALYSIS)
offering Indian customers a digital channel for financial services. However, the sector P
attained maturity over the last five years, with around 80% of the fintech companies
having formed during the period.
India, like(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/OPINION)
OPINION any other evolving market, is exhibiting a similar trend as far as the
proposition and impact of the fintech sector goes, industry executives say.
“Indian fintech startups have been focused on offering digital channels, improving the
product access to customers (forming online marketplaces and becoming aggregators,
etc.) and providing multiple services under one umbrella,” said Manav Deep Sachdev,
principal analyst for banking, financial services and insurance at research firm Gartner.
Over the past few years, fintech companies have played an instrumental part in adding
value to the customer experience. A lot of these companies have been able to extend
the reach and umbrella of the not-so-complex products in retail banking, which include
credit cards, loans and insurance.
Besides the advent of UPI, the mushrooming of online lenders has provided a much-
needed boost to the payments and lending sector. The country is also being seen as a
test bed for new-age fintech innovations by companies such as Amazon, which have
developed many India-centric solutions.
Vibrant sub-sectors, innovations
Some of the sub-sectors disrupted by recent tech innovations include digital payments,
online lending and the ones that are beginning to see the offshoots of digital disruption
include insurance-tech and blockchain.
According to Vinod Murali, managing partner at Alteria Capital Advisors, fintech has
multiple segments that have different drivers such as credit, payments and distribution
of different products
of different products.
While 2016 was pretty much the year of digital payments, 2017 belonged to online
lending players (https://www.vccircle.com/flashback-2017-fin-tech-gains-from-
innovations-digital-push/).
VCCEdge data show 2018 online lending and personal finance platforms signed the
most number of deals at 43 (45 deals in 2017) and raised a total of $565 million.
In the personal loan segment, credit scoring and credit assessment have undergone a
big change with the adoption of alternative assessment parameters and new-age
MONEY like artificial intelligence and machine learning and re-inforcement + POL
(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/MONEY)
technologies
learning (RL).
Thanks to the changes, the processing time has shortened as companines evaluate
creditworthiness
ANALYSIS on parameters that include social media presence and do not ask for
(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/ANALYSIS) P
bank statements. However, these changes haven't taken place in the processing of
business loans.
“In comparison to traditional scorecards approach, RL provides a robust and faster

solution. This doesn’t require any strategy shift as you have to just plug out the
traditional methods and plug in the RL- and AI-based solutions,” Abhishek Agarwal, co-
founder and CEO of alternative credit scoring and assessment platform CreditVidya,
told TechCircle.
Given the lower cost and shorter turnaround times, many lenders are building newer
products to provide short-term loans to the bottom-of-the-pyramid segment, Agarwal
added.
UPI, which has been one of the most-defining moments of the Indian fintech history in
recent times, has brought about a spurt in the growth of payments platforms, with the
influx of global majors like Google, WhatsApp and Xiaomi, which is testing the beta
version of its UPI-based payments platform
(https://techcircle.vccircle.com/2018/12/21/xiaomi-launches-payments-service-mi-pay).
Industry experts feel a lot of fintech companies are also now reaching beyond Tier-II
cities. “There's opportunity available in the entire country. If we see China, their top
three to four successful companies have covered the entire market,” said KPMG’s Jain.
Challenges
The sector does have its fair share of challenges that include scaling up, burn rate, and
inherent defects and flaws in some models like digital payments and online lending.
“As and when new regulations come in, business models will keep changing. If digital
lending comes into consent-based architecture, the institutions have to then change
g g
accordingly, which is again a challenge,” Jain added.
According to Murali, in the online lending platforms, which can broadly be classified into
aggregation and balance sheet, the perception is the challenge.
“The traditional NBFCs are suddenly choking on their credit lines. So the new entities
TECHNOLOGY
would also face(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/TECHNOL
difficulty in raising capital on the debt side because bank cap is shut for
now. So there’s going to be some squeeze for some time at least. In credit, a lot
depends on trust and perception, which are very negative right now for NBFCs,” Murali
said.
Regulatory environment
While there has largely been a positive push in reforms, the sector also has seen some
controversial rulings. To give a perspective, the likes of PolicyBazaar and BankBazaar
ANALYSIS
did not have (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/ANALYSIS)
the support of the Insurance Regulatory and Development Authority during P
their initial years, says Gartner's Sachdev.
Industry experts feel that the Indian financial services sector is one of the most
OPINION
regulated(HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/OPINION)
in the world. However, the regulators have a hazy understanding of
technology-led innovation in this sector, say experts. This is perhaps one reason why
the regulators are still not able to frame encompassing guidelines and regulations for
the sector.
“Insurance firms are more risk-averse while banks have that playground to come up
with new innovations. Going forward, I think there will be explicit regulations around
data collection, data analysis and the kind of data the customer would like to share with
the company,” said Gartner’s Sachdev.
During the year, the sector also saw developments that were seen as setbacks by the
fintech companies.
In September, the Supreme Court upheld the constitutional validity of the Aadhaar Act
but restricted the use of Aadhaar by private parties including banks, telecom operators
and fintech companies (https://techcircle.vccircle.com/2018/09/26/digital-wallets-
cannot-demand-aadhaar-details-for-kyc-says-india-s-top-court), apart from those
providing Aadhaar-based verification services for eKYC.
This decision hit lending companies, telecom operators and banks hard, which looked
for alternatives to Aadhaar-based verification
(https://techcircle.vccircle.com/2018/10/18/with-aadhaar-based-ekyc-off-the-table-firms-
are-finding-workarounds).
However, earlier this month, the Union Cabinet reportedly okayed changes to laws in a

bid to allow optional Aadhaar-based KYC
(https://techcircle.vccircle.com/2018/12/18/govt-to-change-laws-to-allow-optional-
aadhaar-based-kyc).
In April, the Reserve Bank (HTTPS://TECHCIRCLE.VCCIRCLE.COM)
of India mandated that all payment system operators will be
required to store payment-related data (https://techcircle.vccircle.com/2018/04/05/rbi-
cracks-down-on-cryptocurrency-use-asks-payment-firms-to-store-all-data-in-india) only
in India within six months.
This deterred the launch of a payments platform by Apple while Facebook-owned
WhatsApp, which had rolled out the beta version of its payments feature in February,
has been in a state of suspension as National Payments Corporation of India sought
clarity from
MONEY the company on its compliance with the data-storage norms.
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Promising areas
While the funding outlook is expected to be the same over the next few years, certain
areas are likely to see more disruption and receive more investor attention, according
to industry experts. These include insurance tech and blockchain-based payment
solutions.
OPINION
Some of (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/OPINION)
the biggest deals this year were sealed by insurance tech companies
PolicyBazaar and Digit. The next wave of innovations could likely come from this
sector, particularly non-life and health insurance while life insurance will probably be a
little late to the party.
“Retail banking, non-life insurance and health insurance are some areas that can see a
lot of disruption and innovation. Likewise, if telemedicine and virtual medicine take off,
the next wave is expected to happen in healthcare insurance with a major emphasis on
population management,” said Gartner’s Sachdev.
Blockchain-based payment solutions is another area that holds a lot of promise,

according to experts. Already, organisations like ICICI Bank and Infosys have
introduced or explored blockchain-based financial solutions, as per multiple media
reports.
“The challenge here is that this is a point-based solution and it will just be between two
parties. The robustness of this tech comes to the fore only when multiple parties are
involved or a third party comes in,” added Sachdev.
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31 DECEMBER, 2018
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Mark Zuckerberg-led social network Facebook has started outsourcing processes
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content moderation and analytics to Indian infotech (IT) service providers such
as HCL
engages- Technologies,
engages-
engages- Wipro and Tech Mahindra, in order to curtail fake news, The
Economic
indian- indian-Times
indian- reported.
TECHNOLOGY
it- it-
According
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toit-the report, which cites people in the know, the Menlo Park-headquartered
company,
firms- firms- which
firms- is already under pressure from the government over fake news, has
also
to- initiated
to- to-talks with other tech service providers such as Accenture and Genpact.
stop- stop- stop-

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the persons in the report said that the total value of the contracts Facebook POL
fake- fake-
offering fake-
to all companies could be $400 million and is likely to increase. Facebook had
earlier adopted
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humans
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its- report
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speak about the new development. A Wipro spokesperson told the newspaper that the
platform&p[title]=Facebook+engages+Indian+IT+firms+to+stop+fake+news+on+its+platform)
platform)
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company had entered its silent period due to its upcoming third-quarter results.
Furthermore, Facebook-owned instant messaging platform WhatsApp has come under
flak from the government for fake news. The government has asked the app to run
campaigns and adverts that discourage the spread of false news.
In October, Infibeam Avenues, the listed parent of e-commerce company Infibeam, had
made a formal complaint to the country’s IT minister and capital markets regulator that
a rumour circulated on WhatsApp was responsible for the fall in the company’s share
price.
In August, following a spate of mob lynching incidents triggered by rumours on

WhatsApp, IT minister Ravi Shankar Prasad met WhatsApp chief executive Chris
Daniels and asked him to take remedial measures.
These included appointing a grievance officer to check lewd messages and

inflammatory content. The government had also asked WhatsApp to ensure traceability
of messages being circulated at a mass level in an area at a particular point in time.
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Flashback 2018 - Fintech Segment Continues To Enjoy The Purple Patch

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12/31/2018 Flashback 2018: Fintech segment continues to enjoy the purple patch

Flashback 2018: Fintech segment POL

continues to enjoy the purple patch

Photo Credit: Thinkstock

Vijayakumar Pitchiah (HTTPS://TECHCIRCLE.VCCIRCLE.COM/AUTHOR/VIJAYAKUMAR-

Notwithstanding the positive macro-economic factors, the fintech sector recorded a

According to provisional data available with VCCEdge (http://www.VCCEdge.com), the

MONEY (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/MONEY) + POL

Vibrant sub-sectors, innovations

“In comparison to traditional scorecards approach, RL provides a robust and faster

Blockchain-based payment solutions is another area that holds a lot of promise,

Flashback 2018 (https://techcircle.vccircle.com/tag/flashback-2018)

digital payments (https://techcircle.vccircle.com/tag/digital-payments)

online lenders (https://techcircle.vccircle.com/tag/online-lenders)

Google Pay (https://techcircle.vccircle.com/tag/google-pay)

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to- to- to-

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the- the- the-

Will Amazon, Flipkart be

MONEY (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/MONEY) + POL

NEWS FROM VCCIRCLE

(/) TECHNOLOGY (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/TECHNOL

MONEY (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/MONEY) + POL

Facebook engages Indian IT firms

to stop fake news on its platform

Mark Zuckerberg Photo Credit: Reuters

Anirban Ghoshal (HTTPS://TECHCIRCLE.VCCIRCLE.COM/AUTHOR/ANIRBAN-GHOSHAL) |

stop- stop- stop-

In August, following a spate of mob lynching incidents triggered by rumours on

These included appointing a grievance officer to check lewd messages and

fake news (https://techcircle.vccircle.com/tag/fake-news) IT (https://techcircle.vccircle.com/tag/it)

information technology (https://techcircle.vccircle.com/tag/information-technology)

HCL Technologies (https://techcircle.vccircle.com/company/hcl-technologies)

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on- on- on-

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Will Amazon, Flipkart be

Flashback 2018: How AI and

IRCTC launches online

#Flashback2018: Deep-tech B2B space finally

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NEWS FROM VCCIRCLE

IL&FS puts six properties on

Reliance to buy majority

MONEY (HTTPS://TECHCIRCLE.VCCIRCLE.COM/CATEGORY/MONEY) + POL

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