One97 Communications, the parent company of digital wallet Paytm, raised $1.66 billion from two separate transactions, while PhonePe tapped investors for about $210 million—also from two separate deals—and full-stack financial services company Razorpay raised $75 million.

Other large transactions included $282 million insurtech Policy Bazaar raised from two deals and the $120 million from credit card payments company CRED, the findings showed. Investments in payments companies more than tripled to $2.1 billion from about $660 million in 2018, while funding into insurtechs also rose strongly, up 74 per cent to $510 million.

“There’s a lot brewing in India’s fintech ecosystem and this steady flow of funds shows investors’ confidence in the industry’s future growth potential,” said Sonali Kulkarni, Managing Director - Financial Services, Accenture in India. “The increase both in deal value and the number of deals is a good indicator of what’s to come and bodes well for the future development of cutting-edge financial technology in the country,” she added. Investment in fintech ventures rose sharply in most major markets in 2019, led by gains in the US and the UK and emerging economies such as India and Brazil.