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‘There’s huge demand’: FootprintLab seizes the fintech opportunity in India
- FootprintLab has developed a sustainability data-as-a-service company that can convert complex environmental data into formats that easily integrate with financial institutions’ workflows, helping with carbon accounting and other sustainability footprints of any transaction. Ports investment firm returned to FootprintLab with a $900,000 investment, after investing $300,000 in its seed round late last year. The start-up will use the cash to complete an open banking platform for personal carbon score banking transactions and to help maximise FootprintLab's global presence.
- India is now the third largest fintech industry in the world, FootprintLab is looking to expand globally, with its sustainable data services, making it ripe territory for expansion.
- FootprintLab co-founders Dr Tim Baynes and Janet Salem, who is a University of Sydney PhD candidate in sustainability analysis integration in fintech, produce data that’s so credible it’s been adopted by the Australian Government’s Climate Active Program and now some companies in India.
- India is a good target market for Australian fintech, as they have a small testing bed in Australia, and the scale, companies, and capacity to turn that into some major application for growing fintech.
- Having a global impact was always part of the vision. The India opportunity made perfect sense since transactions in India are digital to the smallest transaction and we know there’s huge demand.
- Austrade has a program to help local companies make their first steps into India. Applications are open now for the next intake of the India Tech Export Catalyst (ITEC), a government-funded six-week experiential learning program for Australian startups and scaleups curious about India or ready to export.
- A report from Pricewaterhouse Coopers found that India’s fintech market will grow to $31 billion by 2025, boosted by rising broadband and smartphone penetration and favorable government policies.
- FootprintLab recently completed a trade mission to India and inked two partnership deals; payments platform PayU, which measures the carbon footprint of purchases and provides a one-click offset option, and BillionLives Business Initiatives, to help with ESG measurement and reporting and carbon offsetting.
- FootprintLab is moving into the Singapore fintech market next. They’ve recently received a Federal grant to accelerate their plans and have a partner in the ESG space.
- FootprintLab’s carbon footprint data is already utilised by commercial customers such as Lendlease, as well as Australian households, including via digital banking platform Xinja.
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