The Next Zerodha? Fintech Startups On A Stock Broking Spree

There was a common refrain in Indian fintech a few years ago: “As a fintech startup, you eventually pivot to lending because that is how one makes money.” All that has changed now. 

Startups enabling billions of digital transactions (UPI) were not earning much from payments, due to zero MDR (merchant discount rate) imposed on UPI transactions of all ticket sizes. Lending was the first answer, but now, after many years, Indian fintech startups are looking at stock broking to break out of the revenue hole. 

Building a lending layer on top…