Indian FinTech

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

After Paytm's disappointing performance after listing in 2021, the markets have evolved and the fintech ecosystem has matured with greater regulatory clarity from the RBI

The capital raised in the latest funding round will be utilised to strengthen its operations in India and grow its international footprint, particularly in Africa, the company said

This follows a July 2024 Sebi amendment lowering the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000, expanding retail investment opportunities

PM Modi at Global Fintech Fest highlights: Catch all the news developments here

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

Navi Finserv on Tuesday said it has closed a USD 38 million (about Rs 315 crore) personal loans securitisation deal with J P Morgan. The transaction structured in the form of pass-through certificates (PTC) will be backed by a pool of unsecured personal loans, originated and serviced by Navi Finserv, the NBFC firm prompted by Sachin Bansal said in a statement. This is J P Morgan's first pass-through certificate transaction in the fintech space in India and the first unsecured personal loans backed PTC transaction in India, it said. Navi Finserv will use the funds to expand further and grow its digital personal loans business, it said, adding, digital lending is accelerating in India and constitutes a significant portion of the overall Indian fintech market. Market share is expected to rise to 60 per cent of the total fintech market by 2030, fueled by increasing smartphone penetration, internet usage, and the need for faster and convenient loan disbursals, it said. Navi Finserv's .

An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country

Pine Labs' decision to shift domicile follows a broader trend among fintech firms like PhonePe and Groww, which have also moved their bases back to India

Zeta was founded by serial entrepreneurs Bhavin Turakhia and Ramki Gaddipati in 2015

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

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With fintech sector gaining size and scale, there is a need to relook at the regulatory policies and guidelines to give further impetus to financial inclusion drive and penetration of financial products to the bottom of the pyramid, experts said. The fintech space has revolutionalised the financial sector in the country. It has also helped to a great extent in formalising the Indian economy, but the recent incident of Reserve Bank's action on Paytm Payments Bank Ltd (PPBL) left a section of industry perplexed. Post the RBI's action, a section of the industry expressed sentiment that the regulatory environment, instead of nurturing innovation, could impede the progress of fintech companies. It is being said that technology-led companies have always been ahead of regulations and regulations do catching up. The purpose of creating a payments bank was to serve an unserved and under-served population of India with a min-KYC and full KYC accounts with a credit limit of Rs 2 lakh only. "T

Know-your-customer, or KYC, regulations aren't easy anywhere. But fintech adoption in India has done more than just open the floodgates to financial inclusion

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

The draft norms, which were released on Monday, said SRO-FTs should strive towards healthy and sustainable development of the fintech sector

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

Fintech company Scapia has raised USD 23 million in a funding round, led by Elevation Capital and Binny Bansal's 3STATE Ventures. The round also saw participation from existing investors -- Matrix Partners India and Tanglin Venture Partners. "Scapia's USD 23 million Series-A fundraise is a testament to the customers' love for its co-branded credit card and delightful app experience. Within five months of launch, Scapia has distributed its card in over 7,500 pin codes," the company said in a statement. Scapia offers financial products and travel services through its co-branded credit cards. The company plans to use the funds to grow the customer base, add more banking partners, and enhance the product offerings. "This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers," Scap

A primary responsibility of these SROs would be to safeguard fintech consumers by overseeing privacy, disclosure, and recovery practices