Modi 3.0 union budget a disappointing start to Fintech funding in India; Kamala or Trump, Crypto can't decide; AI hype in Fintech funding continues

I have been away for a long while (a month precisely). That is in partly due to a case of writers block, a part due to information fatigue, and a large chunk because I was not sure I was resonating with my audience anymore. So, I had to do a bit of mystery shopping (as well as move around my schedule), and find the mix that of what form and format I enjoy reading and writing the most. So, the next few weeks may be a bumpy one for me, but I promise to stay on track with all the fintech news from the world, in a fashion that doesn’t overwhelm others! Starting with the budget and its impact on Fintech funding in India, how AI continues its funding hype cycle in fintech, what Kamala Harris could mean for Crypto and much more this week. So let us jump right in.

P.S.: I am gradually moving my deep dives and newsletter to Substack, so make sure to subscribe in order stay on top of the latest fintech news, trends and insights.

India

1.       Funding seems have to slowed down, with a 365% drop from last week, to an all year low.

Between July 22 and July 27, Indian startups raised a meagre $43.1 Mn across 12 deals. FAAD Capital emerged as the most active investor this week, backing four agritech startups with an infusion of over $121K. Call it the budget effect or what, this has to be the lowest that Indian fintech raised this year. Stable Money was the top of the chart, having raised $14.2 Million in Series A, from RTP Capital, Matrix Partner, Lightspeed Ventures. Is this a temporary blip or a sign of a deeper malaise? Are investors tightening their purse strings, or are startups failing to make compelling pitches? And what does this mean for India's ambitious tech aspirations?

2.       India's Fintech Revolution: A $420 Billion Juggernaut in the Making? Ajay Kumar Choudhary, the big wig at the National Payments Corporation of India, has dropped a bombshell: the industry is set to explode from $110 billion in 2024 to a staggering $420 billion by 2029.And what is behind this 31% CAGR?  

- favourble government policies

- a population that's more comfortable with smartphones than wallets,

-  and an insatiable appetite for digital solutions.

3.       Budget 2024 Expectations: The fintech sector sought measures to boost financial inclusion and economic growth in the Union Budget 2024.

Key expectations included:

-          Strengthening digital public infrastructure and security measures.

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