India’s fintech boom has some very interesting aspects. The most important one being that there isn’t one super app. Instead of one platform controlling multiple financial services, the country’s fintech ecosystem is now dominated by five category leaders -PhonePe, Google Pay, Paytm, PolicyBazaar and Groww. Each controls a key piece of the financial services value chain. According to a report by Bank of America Global Research, the result is a fragmented but fast-growing ecosystem where profit pools are spread across vertical specialists rather than concentrated in a single super app.