India ranked as the third-most active fintech market globally in 2025, recording 226 financings and trailing only the United States and the United Kingdom, according to the FT Partners 2025 Annual FinTech Almanac.

The United States led global activity with 1,661 deals, followed by the UK with 336, while India accounted for roughly 6% of global fintech deal volume. Indian fintech firms collectively raised about $4,531 million during the year, representing close to 6% of global funding value, marking the country’s growing relevance in the global financial technology landscape.

The ranking indicates India’s continued rise as one of the world’s most active fintech ecosystems, supported by rapid digital adoption, a large mobile-first user base, and strong policy-driven infrastructure such as real-time payments and digital identity frameworks.

Major Indian fintech deals highlight investor confidence

Several large India-based transactions featured among the report’s biggest global fintech financings, reflecting sustained investor interest in scaled platforms and emerging segments.

Payments major PhonePe secured a $600 million secondary transaction backed by General Atlantic, one of the largest India-linked fintech deals of the year. Wealth-tech platform Groww raised about $202 million in a Series F round from investors including GIC and ICONIQ Capital, signalling continued momentum in digital investing platforms.

Insurance-focused PB Healthcare attracted roughly $218 million in seed funding from General Catalyst and PB Fintech among others, highlighting investor appetite for specialised healthcare-fintech solutions. Meanwhile, payments infrastructure firm Pine Labs raised around $197 million in a pre-IPO round involving global financial and institutional investors.

The report also lists lending-focused fintech Weavers, which secured about $170 million in growth funding from Lightspeed, Premji Invest and Gaja Capital, pointing to continued capital flows into credit and lending platforms.

Broad-based fintech ecosystem

India also appears across multiple fintech vertical activity charts, including banking and lending technology, payments, wealth and capital markets technology, financial management solutions, insurtech and healthcare fintech. This suggests the ecosystem is evolving beyond its earlier concentration in digital payments toward a more diversified and mature financial technology landscape.

Structural global position strengthening

India’s continued top-three ranking suggests the country has evolved from a fast-growing emerging fintech destination into a structurally important global fintech market. Strong digital adoption, expanding access to credit, rising formalisation of financial services, and increasing participation from global institutional investors continue to boost funding activity.