Even if you're disconnected from the news, you've probably heard of the buzzword of the past few years (especially the two pandemic years) - 'FinTech.' The adoption of fintech apps has skyrocketed throughout the pandemic, spurring further growth and investor interest in this category. EY’s 2019 Global FinTech Adoption Index cites the adoption rate of fintech as more than two-thirds (64%) globally, up from 16% four years prior. Top FinTech companies are innovating fast and becoming partners to various financial institutions across the globe. So, does it make sense to make a career in the FinTech industry? For some, it comes down to the money - how much do companies like CRED, PayTM, Razorpay, actually pay for functions like Product Management and Software Engineering? Find out in this summary of salaries offered by top FinTech companies.
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What Roles Do FinTech Companies Hire For?
What are the kinds of roles that FinTech companies are usually looking to hire for? As it turns out, FinTech companies hire for many exciting roles, and can vary depending on the success criteria of a firm. The roles that companies hire for are Product Manager, Sales Manager, Data Scientist, Software Developer, Graphics Designer, and Product Engineer amongst others.
What Salary Does A Typical FinTech Role Pay Per Year?
The table below captures the salaries that are paid for roles that FinTech searches talent for. Unsurprisingly, Product Managers are the biggest earners, earning a median salary of INR 15.00 lakhs (median salary across all industries), followed by Data Scientists, who earn a median salary of INR 8.4 lakhs. Product Managers can earn a base salary upto INR 30 lakhs, while Data Scientists can earn base salaries of upto 20 lakhs per year. This is as much as most MBAs from top-ranked business schools earn post-graduation.
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Median Salary In Lakhs Per Year
|
Overall Salary In Lakhs Per Year | Base Salary In Lakhs Per Year | |||
| Upper Limit | Lower Limit | Upper Limit | Lower Limit | ||
| Product Manager | 15.00 | 33.60 | 5.00 | 30.00 | 4.80 |
| Content Writer | 2.40 | 4.40 | 0.96 | 4.32 | 0.96 |
| Social Media Manager | 3.00 | 6.60 | 1.20 | 6.48 | 1.20 |
| Product Engineering | 5.25 | 14.00 | 2.10 | 13.50 | 2.00 |
| Full-Stack Developer | 3.68 | 11.10 | 1.80 | 10.80 | 1.80 |
| Data Scientist | 8.40 | 22.00 | 3.00 | 20.00 | 3.00 |
| Sales Manager | 5.28 | 13.30 | 2.60 | 12.00 | 2.40 |
| Marketing Manager | 7.15 | 18.00 | 2.80 | 16.80 | 2.52 |
| UI/UX Designer | 5.40 | 12.50 | 1.80 | 12.00 | 1.80 |
| Graphics Designer | 2.40 | 4.80 | 1.20 | 4.80 | 1.20 |
The data in the table above has been obtained from LinkedIn.
Companies (including FinTech companies) hiring talent for content creation and design can pay a median starting salary in the range of INR 5.4 lakhs to INR 2.40 lakhs, depending on the role, as per data from LinkedIn.
How Much Do India's Top FinTech Startups Pay Product Managers & Software Engineers?
Around 20 Indian startups featured in the CB Insights List of 250 most promising and upcoming FinTech companies in the world, and include relatively new companies like BharatPe, to more established companies like PayTM and PolicyBazaar. So, what kind of salaries do these companies pay? How much can you earn as a Product Manager or Software Engineer at some of India's upcoming startups?
| Company | Product Management Average Salary In Lakhs | Software Engineering Average Salary In Lakhs |
| ClearTax | 20.25 | 15.00 |
| CRED | 25.31 | 15.00 |
| Digit Insurance | - | 7.56 |
| Fyle | 12.50 | - |
| Groww | 15.50 | 17.46 |
| INDwealth | 11.00 | 11.91 |
| Juspay | 29.03 | 14.77 |
| Kissht | 17.50 | 17.50 |
| MoneyTap | 16.00 | 12.96 |
| Moneyview | 18.50 | 16.14 |
| Niyo Solutions | 23.28 | 13.31 |
| PayTM | 23.07 | 10.00 |
| Pine Labs | 21.44 | 9.50 |
| PolicyBazaar | 18.36 | 12.78 |
| Razorpay | 27.43 | 17.45 |
As per data obtained from Glassdoor, Product Managers at these FinTech companies can earn starting salaries in the range of INR 11.0 lakhs to INR 29 lakhs per year. Software Engineers at these companies can earn salaries in the range of INR 7.5 lakhs to INR 17.5 lakhs per year. Data for salaries for other roles, such as HR, Sales, Marketing, and Operations is also available on Glassdoor and other websites.
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