Alok Kumar Agarwal Alankit: The Growth of FinTech industry in India

Alok Kumar Agarwal Alankit: The Growth of FinTech industry in India

We have come to a point where we refer to time as Pre-Covid and Post-Covid. It has been one factor that has recently set the ball rolling in many sectors. Some Industries barely survived, while others thrived. FinTech is one such industry that has seen multi-fold growth Post-Covid. We don’t need to stand in bank queues to deposit or withdraw money, nor do we go to banks to invest in a particular scheme or investment plan! Just a click, and we are done! FinTech has disrupted the traditional methods of payment and the way we handle money.

FinTech encompasses a wide range of technologies and services used to improve and automate financial services, making them more accessible, efficient, and cost-effective for consumers and businesses. “The FinTech industry in India has seen this growth owing to the younger generation that is tech savvy, increased smartphone usage, internet penetration plus government initiatives! However, I believe this is just the beginning for the FinTech industry,” shares Alok Kumar Agarwal Alankit.

“FinTech includes a wide range of technologies, services, and business models used to improve and automate financial services. It is commonly used for digital payments, lending, investing, wealth management, blockchain, cryptocurrency, personal finance, etc. It is just the tip of the iceberg that is the FinTech industry, there are several other use cases. With technology and innovation at its core, it has continued to evolve and change how financial services are delivered” states Alok Kumar Agarwal of Alankit Group. 

According to the data by, India ranks highest in FinTech adoption rate globally at 87%  compared to the global average rate of 64%. The industry’s market size was $50 Bn in 2021 and is now estimated to be at $150 Bn by 2025. the Indian Government has implemented several measures to support the the FinTech industry by launching the Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM) which has truly revolutionised the way transactions are made. 

The Indian Fintech industry ecosystem sees a wide range of subsegments, including Payments, Lending, Wealth Technology (WealthTech), Personal Finance Management, Insurance Technology (InsurTech), Regulation Technology (RegTech), etc.  

India has 23 Fintechs which have gained ‘Unicorn Status’. 1/5 Startup Unicorns are from Fintech

India recorded the largest absolute number of real-time transactions in the world; India’s real-time transactions crossed 48 Bn, which is 6.5 times of the combined volume of the world’s leading economies: U.S., Canada, U.K., France and Germany in 2021, resulting in cost savings of ~$12.6 Bn for Indian businesses and consumers in 2021.

While Payments and Alternative Finance segments constituted more than 90% of the sector’s investment flows in 2015, there has been a major shift towards a more equitable distribution of investment across sectors since to include InsurTechs, WealthTechs, etc.

Additionally, the Reserve Bank of India has issued guidelines for regulating digital payments and has set up a dedicated department to oversee the FinTech sector. Alok Kumar Agarwal Alankit Group Shares, “With so much backing from the Government and the ease it provides to the commoner, there is no doubt that this sector will boom even further. There are numbers to support this, and the predictions will surely come true for this sector!”

Post 2020, there has been an increase in equity funding into FinTechs in India. Covid single-handedly catapulted this sector’s growth which otherwise would have been steady but not so sharp. Today our lives have been made simpler by using of apps that help us in tracking our expenses, help us in managing our finances, or investing! Every person who has a smartphone today can sit at home and manage without even going to the bank; the world is at our feet with a single click!

Who is Alok Kumar Agarwal of Alankit?

Alok Kumar Agarwal was the former Managing Director of Alankit Group. It is a conglomerate of Thirteen Group companies, including Financial Services, RegTech, Channel Business, Managed Services, and Technology Solutions. . The Group has 21 regional offices in every major city in the country. The Group has also expanded its global presence by opening 4 overseas offices namely, U.K., U.A.E., Singapore and Canada.

Alok Kumar Agarwal of Alankit Group, born in Bareilly on January 10, 1958, completed his education as a Chartered Accountant. Mr. Agarwal, who has over 38 years of experience in finance, has been honoured with “The Economic Times Best Brand Award” in 2017 for being a symbol of excellence. Furthermore, he has received numerous industry honours during his working days. From 2008 to 2012, his brokerage business performance was recognised by Dun & Bradstreet as India’s Leading Equity Broking House for five consecutive years.


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