COVID-19 has affected millions of lives and livelihoods across the globe. India’s experience with the pandemic has been particularly painful. MSC conducted a three-phase study to understand and assess the impact of the pandemic on the FinTech ecosystem. Our initial report presented the impact of COVID-19 on Indian FinTechs and various strategies that helped them survive and recover. This report shines a light on how the FinTech ecosystem has progressed and adapted to the new normal.