Mumbai-Pune: The Most Sustainable FinTech Hub Yet
By: Maneesh Bhandari
Mumbai, India’s financial capital, houses vital stock exchanges, and is the headquarters of many national and international financial institutions. However, when considered in combination with its neighbour Pune, what emerges is the potential for a mighty FinTech hub in Asia. While Mumbai continues to be an established financial services hub, Pune is fast rising as an education, information technology and innovation hub.
Pune is less than 80 miles from Mumbai with a strong infrastructure corridor connecting the two cities. Major global product companies such as Sungard, FundTech, Mastercard, Fiserv and First Data have centres in Pune. It is also a vital back office hub for global financial institutions such as BNY Mellon, Citigroup, HSBC and Credit Suisse. Information Technology companies with a strong presence in the finance vertical such as Infosys, Cognizant, Capgemini, Tech Mahindra, TCS and Wipro all have a strong foothold in Pune. Additionally, Pune is a preferred start-up destination, with a strong presence of FinTech and Payments change-makers. Investment activities from angel investors and VCs are growing at a rapid pace. Globally active VC firm, Nexus Venture Partners, has made the most number of investments in India in Pune.
Across the globe, most financial centres are brimming at the seams in terms of infrastructure and are highly concentrated pockets of growth. Ripe with both talent and infrastructure, the combination of Mumbai and Pune — an established financial city and a rising incubation centre for growth — facilitates a dynamic ecosystem with an environment conducive to partnership. Playing off each other’s strengths and easing the pressure of progress, the Mumbai-Pune FinTech Hub might be the most sustainable one yet. There are already many success stories of Fintech and Payments early stage companies covering both domestic and global markets.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.