Fintech, a fusion of finance and technology, is changing the global financial landscape. The fast-evolving industry is fostering financial inclusion, enabling cost-effective and efficient financial intermediation. The entrepreneurial ecosystem of an economy is pivotal in shaping the prospects of innovations in an economy. This study is an initiative in that direction, evaluating the Fintech entrepreneurial ecosystem in India using a novel firm-level dataset of Indian Fintech startups. The study builds upon a theoretical framework, investigating the influence and interconnectedness of social and founder capital signals on Fintech startup funding in India. Incubator and/or accelerator engagement is considered for social capital signaling. Ordinary least squares and propensity score matching methods are employed for this study. Findings suggest a significant signaling effect from social capital factors: incubator or accelerator support. Sources of founders' entrepreneurial signals, founder network, and experience, have also been evidenced to influence funding received by Indian Fintech startups.

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印度金融科技创业生态系统：孵化器和加速器的作用

金融科技是金融与科技的融合，正在改变全球金融格局。快速发展的行业正在促进金融包容性，实现具有成本效益和高效的金融中介。经济体的创业生态系统对于塑造经济体创新的前景至关重要。这项研究是朝这个方向的一项举措，利用印度金融科技初创公司的新型公司级数据集评估印度的金融科技创业生态系统。该研究建立在理论框架的基础上，调查了社会和创始人资本信号对印度金融科技创业融资的影响和相互关联性。孵化器和/或加速器的参与被视为社会资本信号。本研究采用普通最小二乘法和倾向得分匹配方法。研究结果表明，社会资本因素具有显着的信号效应：孵化器或加速器的支持。事实证明，创始人的创业信号、创始人网络和经验的来源也会影响印度金融科技初创公司获得的资金。