How a UK India partnership could create even more Fintech Unicorns

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Despite a year of economic turmoil, fintech is continuing to thrive. There are now more than 70 fintech unicorns globally, and startups are continuing to see huge investments – Europe’s most valuable fintech, Checkout.com, has just seen a further $450m in investment, taking its total value up to $15bn. The UK’s fintech market is particularly bouyant, estimated to be worth around £7bn, and employing around 60,000 people. The sector is set to be a key focus for the UK now it has left the EU, with a review into the industry set to be published next month.

The review is set to be published next month, and will look at five areas: the skills and talent, investment, national connectivity, policy, and most importantly, international attractiveness. Despite leaving the EU, the can turn elsewhere for fintech trade and investment.

One key partner for the future is India – one the world’s largest financial hubs, a key investor into the UK, and a market with over a billion potential customers. 2020 saw $2.1bn of investment into Indian fintech startups, over 131 deals. Creating an investment corridor between the two countries startup hubs would lead to increased investment, lead to new job opportunities and attract key talent.

Gaurav Singh, Founding Partner at JPIN VCATS, the biggest UK-India investment platform, comments on the importance of an investment corridor.

“The UK and India are two of the largest fintech hubs globally, and an investment partnership would a force to be reckoned with. Creating a two-way fintech corridor would open the door to 1.3 billion potential customers for UK fintechs, and provide opportunities for business improvement, consolidation, foreign expansion and diversification in a rapidly growing market. The UK government should ensure that its upcoming fintech report highlights the need for international cooperation, and work with the Indian government to create a two way investment corridor between the two financial hubs.”