Business Standard

Page 2 - Fintech Firms

PB Fintech's Dahiya, Bansal divest Rs 1,109 crore worth of shares

They sold 8.37 million shares at Rs 1,325 apiece. Among the buyers were over two dozen funds, which included Morgan Stanley, Societe Generale, Axis Mutual Fund, and New World Fund

PB Fintech's Dahiya, Bansal divest Rs 1,109 crore worth of shares
Updated On : 17 May 2024 | 10:34 PM IST

Angel One launches edutainment financial content platform Fin One

Content on Fin One will be available to users on social media platforms such as Instagram and YouTube

Angel One launches edutainment financial content platform Fin One
Updated On : 17 May 2024 | 1:37 PM IST

Infibeam Avenues Q4FY24 results: Net profit rises 26.2% to Rs 49.6 crore

In financial year 2024 (FY24), the company reported a net profit of Rs 158.1 crore, up 13 per cent from Rs 139.6 crore in the previous financial year (FY23)

Infibeam Avenues Q4FY24 results: Net profit rises 26.2% to Rs 49.6 crore
Updated On : 16 May 2024 | 8:02 PM IST

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka

Apart from the National Payments Corporation of India's (NPCI) UPI, these transactions will be facilitated by the LankaPay National Payment Network

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka
Updated On : 15 May 2024 | 9:38 PM IST

Financial services startup Groww moves domicile to India from the US

Groww joins an increasing number of startups planning to move their domiciles to the country

Financial services startup Groww moves domicile to India from the US
Updated On : 10 May 2024 | 1:34 AM IST

Infibeam's CCAvenue partners with Shivalik SFB to improve merchant access

Small finance bank's account holders will be able to make payments on websites 'powered' by CCAvenue, according to agreement

Infibeam's CCAvenue partners with Shivalik SFB to improve merchant access
Updated On : 02 May 2024 | 1:36 PM IST

RBI directs Talkcharge to stop PPI, wallet issuance; refund balances

The fintech firm offers services such as cashbacks, coupons, and wallets to customers

RBI directs Talkcharge to stop PPI, wallet issuance; refund balances
Updated On : 25 Apr 2024 | 9:26 PM IST

BharatPe elevates Nalin Negi to full-time CEO after Sameer's exit in 2023

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, .

BharatPe elevates Nalin Negi to full-time CEO after Sameer's exit in 2023
Updated On : 16 Apr 2024 | 1:01 PM IST

US sanctions Russian fintech firms accused of enabling sanctions evasion

The U.S. on Monday imposed sanctions on a collection of fintech firms and people, mostly in Russia, accused of enabling sanctions evasion. Treasury's Office of Foreign Assets Control sanctioned 13 firms five of which are owned by an already sanctioned person and 2 people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, thus enabling potential sanctions evasion," according to U.S. Treasury. Included in Monday's sanctions are a group of Moscow-based fintech companies and a Russia and UAE-based virtual currency exchange, among others. Lawmakers and administration officials have voiced concerns that Russia may be using cryptocurrency to avoid pain from the avalanche of sanctions imposed on banks, oligarchs and the energy industry in response to Russia's February 2022 invasion of Ukraine. Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to

US sanctions Russian fintech firms accused of enabling sanctions evasion
Updated On : 26 Mar 2024 | 7:30 AM IST

Fintechs lead small-ticket loans' volume with 77% market share: Study

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)

Fintechs lead small-ticket loans' volume with 77% market share: Study
Updated On : 17 Mar 2024 | 11:21 PM IST

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring

Perfios secures $80 million funding, set to become 2nd unicorn of 2024
Updated On : 13 Mar 2024 | 5:17 PM IST

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman
Updated On : 29 Feb 2024 | 11:38 PM IST

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance
Updated On : 26 Feb 2024 | 11:47 PM IST

Indus Appstore crosses 100,000 downloads in three days of its launch

The rapid adoption of the Indus Appstore, particularly as a side-loaded application, which requires users to download it directly from the Indus Appstore website

Indus Appstore crosses 100,000 downloads in three days of its launch
Updated On : 26 Feb 2024 | 5:09 PM IST

Experts suggest regulatory review to boost fintechs, ease compliance burden

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

Experts suggest regulatory review to boost fintechs, ease compliance burden
Updated On : 26 Feb 2024 | 4:02 PM IST

Fintech firms will go global with govt's clear thinking, says NPCI chief

NPCI chief Dilip Asbe explained that Indian fintech companies will have to take the lead to explain the country's payment standards to the world before exporting them globally

Fintech firms will go global with govt's clear thinking, says NPCI chief
Updated On : 23 Feb 2024 | 11:07 PM IST

Software firm Trust Fintech raises Rs 5.42 cr in pre-IPO funding round

Software solutions provider firm Trust Fintech Ltd on Friday said it has raised Rs 5.42 crore in a pre-IPO funding round. Earlier this month, the company filed preliminary papers for the Initial Public Offering (IPO) and the shares are expected to be listed on NSE Emerge in March. The IPO will be a fresh issue of 62,82,000 equity shares. Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank and Sameer Gupte, MD at NSDL Data Management Ltd were among the investors who participated in the funding round, according to a release. The Nagpur-headquartered company provides core banking SaaS products and fintech software solutions around ERP implementation and customised software solution development, SAP B1 and Offshore IT services for the BFSI sector. The company intends to utilise IPO proceeds for various purposes, including for establishing a new development facility at Mihan SEZ in Nagpur, and fundi

Software firm Trust Fintech raises Rs 5.42 cr in pre-IPO funding round
Updated On : 23 Feb 2024 | 4:46 PM IST

Fintech personal loan disbursal up from 1.1 mn to 41.6 mn in 5 years: FACE

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

Fintech personal loan disbursal up from 1.1 mn to 41.6 mn in 5 years: FACE
Updated On : 22 Feb 2024 | 1:01 AM IST

Reserve Bank bolsters oversight of fintech firms with more inspections

All the sources declined to be named as they were not authorised to speak to the media

Reserve Bank bolsters oversight of fintech firms with more inspections
Updated On : 21 Feb 2024 | 2:50 PM IST

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm. On this, the Delhi bench of National Company Law Tribunal (NCLT) on Monday issued a notice, seeking reply from BharatPe and other respondents and listed the matter for the next hearing in April. Last December, Grover had filed a plea before NCLT alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, which is doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company. It also empowers NCLT "may, on an application made to it in this behalf, waive all or any of the requirements specified" so as to enable a petitioner to apply under sect

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe
Updated On : 12 Feb 2024 | 11:05 PM IST