The Weekly Wrap: all you need to know by Friday COB | June 20th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

India’s FinTech sector is poised for a major leap, with Finance Minister Nirmala Sitharaman projecting its market size to surge from around $110 billion to over $400 billion by 2028-29, marking an annual growth rate of more than 30%. Speaking at the 2025 Digital Payments Awards in New Delhi, she urged the industry to keep innovating with a focus on people-centric solutions.

India already leads the world in real-time digital transactions and boasts a FinTech adoption rate of 87%, far above the global average. Sitharaman emphasised that Indian FinTech innovations could serve as global public goods, supporting both developed and emerging economies. She also noted the growing global footprint of UPI, now accepted in seven countries, and cited the World Bank’s recognition of India’s rapid financial inclusion, achieved through its Digital Public Infrastructure.

Deals of the week

• Payrails raises $32m Series A to help global enterprises maximise payment performance
• FinVolution to raise $130m to grow its global business
• DisrupTech invests in Nigeria’s Winich Farms to boost Agri-FinTech growth
• Saswat Finance raises $2.6m to scale tech-led rural financial services
• Happy Money lands $500m loan deal with Fortress, Edge Focus
• Vista Bank taps SBS to modernise Core Banking, expand microfinance in Africa
• Aspora raises $93m to simplify banking for global Indians
• Peymo launches AI-driven hybrid banking platform to unify finance tools

Be on the lookout for

The “Building a Future-Ready Bank” summit, scheduled for August 7, 2025, in Singapore, is a flagship event by Cedar-IBSi aimed at accelerating the transformation of the banking sector. This high-level gathering will bring together senior banking executives, FinTech leaders, and technology innovators to explore how banks can evolve into agile, customer-centric, and digitally empowered institutions.

The event will focus on critical themes, including coreless banking, cloud adoption, open banking ecosystems, and the integration of AI and data analytics. The timing of the summit is especially relevant as banks worldwide face mounting pressure to modernise legacy systems and respond to rapidly shifting customer expectations and regulatory landscapes. By fostering dialogue and collaboration, the summit aims to equip financial institutions with the tools and insights necessary to thrive in a future characterised by innovation and resilience.