Originally published at Inside.com Business by Bojana Dobran

Payments, credit, and neobanks make up the majority of fintechs in Africa, Latin America, and India, according to "The State of Fintech in Emerging Markets Report" by Catalyst Fund and Briter Bridges. Its authors surveyed more than 177 startups and 33 investors in the three regions.

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• Some 300 million currently unbanked African adults account for 17% of the global unserviced market. In Latin America, 70% of people do not use banking services.
• Equally highly underserved markets, together with relaxed regulatory policies, give a boost to investments and growth.
• Financial technology companies raised $23B in the regions since 2017.

 

• An average African seed round brings founders $1M in financing. India and Latin America are better funded: seed-stage capital raises collect $4M on average.
• The most significant raises on the African continent in 2019 involved Branch ($170M), Tala ($110M), World Remit ($175M), Interswitch (reportedly $200M), and OPay ($120M). In 2020 there were only three significant deals: Flutterwave ($35M), TymeBank ($109M), Kuda ($10M).

 

• India hosts over 25 unicorns and added eight last month. In 2019, Indian fintechs raised $4.8B, according to analysts. Last year, $3B poured into the sector.