Fintechs hold steady in changing terrain as unsecured credit business grows

Growth fueled by digital infrastructure and co-lending, as fintechs shift to asset-light models amid tighter funding

Personal loans given by fintechs continue to grow. Data from the Fintech Association for Consumer Empowerment (FACE) shows an expansion both in scale and value in the first half of FY26 over the same period in FY25. Volumes grew to 6.4 million (accounts) from 5.9 million; value was up at ₹97,381 crore (₹78,084 crore); ticket sizes were higher at ₹15,177 (₹13,327). 

The catalysts are “the positive regulatory landscape and digital public infrastructure. And that digital-first shadow banks have scaled credit and sustained growth by providing faster, cheaper and better customised loans,” according to Sugandh Saxena, chief