India is the fastest-growing internet market in the world, with an internet user penetration reaching over 700 million users in 2020. Accelerated by COVID-19, the number of monthly active users is likely to reach 639 million users by the end of 2020, with a near equal distribution of rural users vs. urban users. With this increase in internet users, coupled with a similar increase in mobile ownership, there has been a natural increase in users' payment apps and e-commerce. Aided by a push by the government and the RBI to move the society from a heavily cash-based society to a digital economy, the market size and opportunity have attracted more companies, large and small to start offering their services in the space.

When one looks at the evolution of Fintech, financial inclusion was a major theme in the early part of the last decade. Fintech was meant to help serve the unserved/underserved and examples like MPesa showcased the potential of how Fintech can influence the lives of millions of people. As Fintech has developed and with much wider adoption across segments, we have seen the focus shift to the mainstream with solutions ranging from payments to wealth management.