Fintech

Fintech firm and owner of Paytm brand One97 Communications' Singapore-based arm has approved the sale of its Stock Acquisition Rights in Japan's PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing on Saturday. Paytm and Paytm Singapore had signed an agreement with the Japanese digital wallet firm, Softbank Corp, Softbank Group Corp and Yahoo Japan Corporation to provide technology services to PayPay. In lieu of the services, Paytm Singapore had acquired Stock Acquisition Rights, convertible into 1,59,012 shares or a 7.2 per cent stake in PayPay on a fully diluted basis. "One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore)," the

In FY24, MobiKwik recorded its first fully profitable year, reporting a profit after tax (PAT) of Rs 14.08 crore, following a loss of Rs 83.8 crore in FY23

At present, the overall user base of PhonePe is over 500 million. Of these, its merchant base is over 40 million

Amsterdam-headquartered fintech MODIFI on Tuesday said it aims to finance over 5,000 small and medium enterprises (SMEs) across India in the next two to three years. Having facilitated over USD 3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said. The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe. In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles. "With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global. With a 38 per cent year-on-year growth, the fintech said it

Following the imposition of restrictions on Navi, the lender cancelled a scheduled fund raising activity of Rs 100 crore. Rating agency CRISIL had also put Navi's ratings on "rating watch"

He stressed the importance of regulatory compliance to stay one step ahead of fraudsters in the industry

Large user bases make platforms ideal for integrating the financial services. The industry lending category is the one with highest relevance for integrating financial services

Cedar-IBSi Capital on Saturday said it is looking to invest in 10-15 startups working in the banking and insurance technology segment to expand its footprint in the country. "The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening 8 to 10 high-performing companies," it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added. "We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest, an intelligent document processing tech company and are looking forward to announcing our second investment shortly," Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said. The business-to-consumer disruption has taken place in the last 5-8 years, but the software

Industry players said that regulatory bodies in India engage in private deliberations with firms, scrutinising and evaluating them before taking any supervisory action

We have 50 different teams, each pursuing separate goals, which allows us to innovate and launch new products, said Shashank Kumar, co-founder and managing director of Razorpay, at the BFSI Summit

Amid growing financial uncertainty, Jar enables Indians to save in digital gold, offering small daily investments and options for jewellery conversion through its platform

A critical component of SRO-FT role will be to monitor unethical or dubious practices and take steps to address them

Cashfree Payments joins a growing list of PPI providers. At present, the banking regulator has issued these licences to 46 entities

Fintech company reports growth despite restriction on taking in new customers

The Delhi-based fintech launched digital gold in partnership with Safegold, enabling customers to purchase and sell gold digitally

The decline in WazirX's holdings comes as the firm undergoes restructuring after a cyberattack led to the theft of over $230 million in July

One97 Communications announces consolidated profit of Rs 928.3 crore in Q2

While WazirX did not deny the allegation in its official statement, it added that CoinSwitch should instead provide users real-time tracking tracking of proof of reserves and wallet addresses

On a quarter-on-quarter basis, funding to the fintech sector more than doubled from $293 million in Q2CY24