Fintech Companies

With 13 million users, Kunal Shah's Cred looks to diversify revenues, complementing payments, lending, and wealth management services

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

Fintech company reports growth despite restriction on taking in new customers

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

The IPO will consist entirely of a fresh issue of Rs 700 crore, with a face value of Rs 2 per equity share. It will not have an offer for sale (OFS) component

Ninety per cent of Indian financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74 per cent responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector. It said that 31 financial institutions consisting of banks, insurance firms and fintechs participated in the survey. "Artificial Intelligence (AI) and GenAI (Generative Artificial Intelligence) emerged as the focus area for innovation for Indian financial institutions, with 90 per cent of the respondents citing them as the primary technology enablers of innovation," it said. Further, 84 per cent of respondents stated that customer experience and engagement - acquisition, ...

Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the Prime Minister also asked the regulators to take more measures to stop cyber frauds and further increase digital literacy among people. "Fintech has played a significant role in democratising financial services," he said, and expressed confidence that it will help in improving the quality of life for Indians. Modi emphasised that adoption of fintech by Indians is "unmatched in speed and scale" and no such example can be found anywhere else in the world. He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the para

Companies have 'amazing innovations' to create trust among people, he says

IPO filings have surged, nearly doubling from an average of 75 per year in 2018-2019 to 120-140 annually between 2021 and 2023, according to a new report

The company gained significant traction in new contract sign ups in the fast-growing business lines of global fund services, alternatives and wealth, fund administration, and technology solutions.

Fintech firm Olyv expects its FY25 revenue to grow by 40 per cent to Rs 350 crore mainly on account of increase in user base, large ticket loans and expansion of portfolio, a top company official said on Monday. The company claims to have more than doubled its revenue to around Rs 250 crore in FY24 on a year-on-year basis. "Olyv has shown remarkable growth, with current revenue reaching Rs 250 crore, up from Rs 116 crore last year, reflecting a 76 per cent increase in business volumes. The company projects that its revenue for FY25 will be approximately Rs 350 crore. This growth is expected to be driven by several key factors, such as an exponential user growth, an increase in larger ticket size loans, and the launch of new products," Olyv Co-Founder and CEO, Rohit Garg told PTI. Olyv claims that the monthly active user base on the platform grew by 80 per cent year-on-year to 26 lakh. The company partners with RBI-registered non-banking financial companies to facilitate personal lo

Investment dips as sector grapples with new rules and market dynamics

Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer. Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post. "We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," BharatPe, Chairman of the board, Rajnish Kumar said. Negi joined BharatPe in 2022, with over 28 years of experience in building and scaling businesses in the fintech and banking domains. "I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products. "We are committed to building on the strong foundation, .

Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country. This enables it to operate as a domestic player in the market, the global fintech firm said in a statement. This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services, it said. It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said. Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging ...

Fair trade watchdog CCI is conducting enquiries against some fintech entities to check whether their ways of leveraging technologies are impacting competition, its chief Ravneet Kaur said and asserted that the regulator is taking necessary action to ensure a competitive digital market. With a slew of amended regulations, key rulings against anti-competitive practices in the digital market and advocacy efforts, the CCI is strengthening its efforts to curb unfair business ways. In an interview to PTI, Competition Commission of India (CCI) Chairperson Ravneet Kaur said there is an increased sensitisation among entities about the competition law and stressed the focus is on "striking the right balance between regulation and freedom". According to her, the regulator is focused on big tech companies as well as various other sectors, including fintech and online intermediary service providers. "The CCI is conducting enquiries into some entities in the fintech sector. We are looking into h

The advice comes at a time when the Reserve Bank of India has cracked its whip to get erring fintech's to comply to the existing rules

Meanwhile, he explained that India needs to have a culture of research and development (R&D) with more number of deeptech innovators and founders at startups

Similarly, the value of loans has increased from Rs 5,907 crore to Rs 40,845 crore during the same time

There have been around 30 acquisition deals in the Indian fintech space in 2023 and 20 out of these were done by large companies with over 1,000 employees or funding of over $50 million

Meanwhile, the Gandhinagar-based company saw its revenue from operations more than double to Rs 911.9 crore in Q3 FY24, up from Rs 414.7 crore in Q3 FY23