Fintech NBFCs grew faster than industry, but both show annual moderation

Operating on a small-ticket, high-volume model, fintech-driven NBFCs saw active loans grow by 25.6 per cent on an annual basis, outperforming the overall NBFC industry's 15.1 per cent growth

Non-banking financial companies (NBFCs) which are fintech (NBFCs-fintech) grew by 34.9 per cent year-on-year (Y-o-Y) as of June 2025 to Rs 2.1 trillion, significantly outpacing the overall NBFC industry growth of 24.5 per cent at Rs 23.9 trn. According to CRIF High Mark’s Finsight report, in the case of both NBFCs-fintech and NBFCs as whole, the growth rate is a moderation compared to the preceding year’s Y-o-Y growth of 58.5 per cent and 38 per cent, largely due to regulatory interventions. In terms of active loans, fintech-NBFCs, operating on a small-ticket, high-volume model, saw this grow by 25.6 per cent Y-o-Y, maintaining momentum and outperforming the overall NBFC industry’s 15.1 per cent YoY growth.

 

 

On delinquencies, the portfolio-at-risk (PAR) in the 31-90 day and 91-180 day timeframe remained stable or slightly improved across both fintech-NBFCs and overall NBFCs between June 2024 and June 2025. But during this period, delinquencies in the 180-day plus bucket rose for fintech-NBFCs to 8.6 per cent from 7.1 per cent, but declined for the overall NBFC to 5.2 per cent from 5.8 per cent.