Fintechs' lending biz is growing but industry must mind the warning signals

FY24 sees record loan surge and customer growth

You would have thought fintech (digital) lenders are being put through the wringer, hamstrung as they are by an equity-raising winter and stiffer terms when seeking bank credit lines. Think again. Data from the Fintech Association for Consumer Empowerment (FACE) has it that in FY24 loans given out by these firms topped a whopping Rs 1,46,517 crore, up by 49 per cent year-on-year and spread over 101.9 million accounts (up 35 per cent).
 

While no sizing study has been done on this segment (it falls under what the trade classifies as those who avail of loans under