MAY 20196 Vol 4 · Issue 11 - 2 · May 02, 2019 Publisher Alok Chaturvedi Managing Editor Nandini Mukherjee Editorial Team Amit Raja Naik Aparna Roy Lakshmi G Hridkamal Roy Sales & Marketing Mukesh Babu Ashu Sethi Editorial Queries editor@startupcity.com To subscribe Visit www.siliconindia.com/subscribe Cover price is Rs. 150 per issue.Printed and Published By Alok Chaturvedi on behalf of Siliconmedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2019 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.sales@startupcity.comGroup Art Director Ashok KumarCirculation Manager Magendran PerumalVisualisers S.Sivasankar Vishnu T RSr. Manager Sales & Marketing Nagendra KumarsiliconindiaHeadquarters to most of the multiple financial institutions starting from the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, and the Mint, to Indian business giants such as the Tata Group, Aditya Birla Group, Essel Group and Reliance Industries, Mumbai has emerged as India's FinTech hubs, housing over 42 percent of the startups. The finance sec-tor has witnessed exponential growth in the past few years. India is now the world's second-biggest FinTech hub with 2,035 startups operating in the sector, according to the India Fintech Report 2019. According to an industry report, the sector raised nearly $2 billion in funding across 165 deals in 2018 alone. Payments constitute the largest share of financial startups in India. It is followed by lending, wealth tech, personal finance, insurtech, regtech, and others. While there is still a long way to go for FinTech to be truly main-stream in India, multiple government initiatives have provided the startups with the wind beneath their wings. 2018 saw the creation of a Special Fintech Committee, along with the development of the Mum-bai Fintech Hub. The initiative by the Government of Maharashtra is committed to supporting FinTech start-ups to foster next-generation in-novation across the financial services ecosystem. The focus is to bridge the gap between start-ups, financial Institutions, technology vendors, incubators, accelerators, and investors to accelerate deep technology in-novation in the ecosystem. Interestingly, in February 2018, Maharashtra became the first Indian state to announce a FinTech policy. Over the year, the government disbursed Rs 9 crore of funds in grants, reimburse-ments and prize money to 250+ startups in the state. In December, the government launched an inaugural accelerator programme, and 12 ven-tures were incubated. Our current edition is all about such unique Mumbai based finance startups that are meeting the demand for a series of fresh financial ser-vices. These startups Fintech startups, unlike traditional financial institu-tions, bring with them a myriad of advanced technologies for consumers (through digital payment, POS, and wallet solutions) as well as banks and NBFCs.Do let us know your thoughts.Nandini MukherjeeManaging EditorMumbai is catalyzing the growth of finance startupsEDITOR'S NOTE
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