Fintech unicorn Groww has reportedly made a strategic investment in fintech SaaS startup Digio and acquired a minority stake in it.
Digio provides businesses with digital infrastructure for identity verification, electronic signing, and collecting recurring payments. Banks, non-bank lenders, brokerage firms, fintech players, and asset management firms use the platform. Digio also received preliminary approval from the Reserve Bank of India to operate as an account aggregator (AA) and payments aggregator last year. According to an Inc42 report, the country’s fintech sector is expected to be worth $1.3 trillion by 2025. Wealthtech, a subsector of fintech, is expected to grow at a CAGR of 44% to reach $28 billion by 2025.