Fintech companies saw a growth of 92 per cent in their portfolio outstanding between December 2018 and December 2019, according to a joint report by SIDBI and Equifax.
The report is an analysis of 39 NBFC-fintechs (as of December 2019) that submit data to Equifax, a data, analytics, and technology company.
"Portfolio outstanding of fintechs has grown by 92 per cent from December 2018 to December 2019, the highest growth rate compared to other lender types," the Fintech Lending report by SIDBI and Equifax showed.
Personal loans were the most preferred loan type disbursed by NBFC-fintechs with a market share of 7.35 per cent by number of active loans. Personal loan disbursements by NBFC-fintechs grew by 110 per cent in 2019 compared to industry average growth of 22 per cent, it said.
During the period, new to fintech (financial technology) credit customers were in the range of 27-33 per cent across quarters. Business loans portfolio outstanding rose 74 per cent from December 2018 to December 2019, as per the report.
Fintechs' lending in urban and semi-urban geographies accounted for 89 per cent by disbursed amount and 80 per cent by number of loans in 2019, it showed.
The report expects the overall transaction value in the Indian fintech market to go up steeply from around USD 65 billion in 2019 to USD 140 billion in 2023.
