Fintech shows positive hiring sentiment

Amid muted hiring and job cuts across industries, Fintech is one of the few sectors that had been onboarding people during the lockdown period and is likely to exhibit positive hiring sentiment in the coming months, owing to increased and evolved demand.

The 10 Fintech companies that DH spoke to have around 1,000 job openings to be filled in the next six months.

The sector is showing a 15% increase in hiring sentiment for FY21 compared to only 12% in FY20 over 2019, according to staffing company TeamLease. In fact, there is a 40% increase in the number of interviews conducted by the Fintech companies in Q1 this year as compared to the same period last year.

Karthik Raghupathy, VP, Strategy & Business Development, PhonePe said that despite the lockdown, the company hired 300 people across roles since the end of February and has over 360 open positions currently.

Razorpay is hiring for over 50 critical positions across functions like Backend, Frontend, Data Sciences and Product Management. According to Harshil Mathur, CEO & Co-Founder of the company, hiring has picked up to meet the increasing demand and enable seamless online transactions for its partner businesses.

Analysts watching the sector suggest that the sentiment is driven by Covid-induced digitisation of the lending chain domain and the growing adoption of digital payment.

Xpay.Life, a Bengaluru-based startup is hiring 100+ people across roles like Content Writer, Business Development Executives, SEO Leads and other tech roles along with support for its Bangalore office.

Fintech startup YAP has increased its headcount by almost 25% in the last 90 days, while Twid is looking for critical hires in technology and growth functions.

The job creation in the sector in FY20 was around 41,000, a 15% growth from previous year.
In Q1, 2020-21 the growth rate over previous year is 19%, said TeamLease.

More positions are likely to open once the loan moratorium is lifted in September, according to Mayank Khera, Co-Founder of Credgenics. “Recently, we have closed a few positions and have an opening for a few more in-house roles. As of now, we are hiring for Android developer, Backend Engineer, and Frontend engineer for the technology roles and certified mediators/dispute resolution experts for facilitating mediation arising out of loan repayment disputes in the BFSI space.”

Crediwatch is hiring Full Stack Developers, while also looking for talent in executive, managerial and leadership levels in Data Science, UI/UX, Business Development & Project Management domains, said Meghna Suryakumar, Founder and CEO, Crediwatch. The company currently has over 20+ positions open.

Maveric Systems, focused on the BFS and Telecom verticals is looking to add over 200 associates in Q2 across its Data, Digital, Core Banking, and QE businesses.

Cleartax is preparing to hire 25% more people in its 150 people engineering and design division immediately, as the business has been pacing up, said Archit Gupta, founder, and CEO, ClearTax.

“Since our tax-filing product is cloud-based, our priority would be for the right candidate with engineering and design skillsets, irrespective of the city they are working from,” said Gupta.

Fintech major Mobikwik has hired 30 new people and has around 70-100 positions open that the company plans to fill in the next six-nine months.