Organisers of the Global Fintech Fest (GFF) announced on Friday that the fintech festival aims to facilitate funding of over $10 million to start-ups in the fintech sector at the upcoming three-day event, scheduled from September 5-7 this year in Mumbai.
This funding target is exclusive to start-ups in the fintech sector and does not include growth stage companies.
“In the start-up category, about $10 to 20 million funding will happen at the event itself,” said Naveen Surya, a GFF organiser and advisory board member, to PTI.
Data from market intelligence platform Tracxn indicates that the fintech sector has seen a 67 per cent year-on-year decline in funding in the first half (H1) of 2023. Despite this decrease, the sector contributed more than 84 per cent of the total funds raised by Indian start-ups in H1 2023.
“Technically, there have been challenges around funding, but if you see now, everything is fine. We are expecting 300 investors across angel, individual investors to someone who is a very large fund. There are a large number of investors, and we expect investment discussions, and some of it getting closed there (at the fest),” added Surya, while addressing a media press briefing.
The three-day event in September will feature over 800 speakers and host over 250 investors and participants from across 125 countries. The event will also publish 15 thought leadership reports and 81 academic papers on India’s fintech ecosystem. Prominent participants include Finance Minister Nirmala Sitharaman, Minister for Commerce and Industry, Textiles and Consumer Affairs Piyush Goyal, Reserve Bank of India (RBI) Governor Shaktikanta Das, among other regulatory and fintech executives.
“Bringing the (fintech) ecosystem together is one of the reasons NPCI (National Payments Corporation of India) is one of the key founders of the Global Fintech Festival. (Moreover), we want to bring in more women in the industry, support careers (for women), and create an environment where women will thrive in the industry as a founder, or someone who has just started out in their career,” stated Praveena Rai, chief operating officer at NPCI.
GFF 2023 is supported by the Ministry of Electronics and Information Technology (Miety), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India, and the International Financial Services Centres Authority (IFSCA). The event is being organised by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and NPCI.
“We are getting all stakeholders in one place to make sure all issues with fintechs, regulators, investors, and start-ups are addressed. All of them coming together is important as each (of them) understand their ecosystem, problems, and try to articulate what needs to be done. That is precisely the idea of the Global Fintech Fest,” explained G Padmanabhan, former executive director of the Reserve Bank of India.
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