Page 5 - Fintech Firms
ED seizes Rs 1.3 cr in 19 raids on China-backed fintech firms in India
Earlier search operations had resulted in the recovery of incriminating documents and assets totalling Rs 19.43 crore
PayU's PSP revenue up at $211 mn in H1FY24 on growth in existing merchants
The company added that India was one of its largest markets in the PSP business, contributing a share of around 48 per cent of its revenues
Walmart-owned PhonePe crosses 500 million lifetime registered users
The fintech firm which has become the first Indian Internet company to hit this milestone has also elevated some of the key executives to take on larger roles in the group
Fintech may emerge as substitute for traditional banking: RBI's CAFRAL
CAFRAL is a non-profit organisation set up by the RBI in 2011 to promote research and learning in banking and finance
CCAvenue.ae launches mobile-based QR Code payment solution in the UAE
This is the company's first foray into the offline payment space in the UAE market
Bajaj Finance picks 26% stake in fintech firm Pennant Technologies
Pennant will become a related party of Bajaj Finance after completion of deal
KredX to create Rs 4,000 cr corpus for working capital needs of businesses
Fintech company says its imitative would help companies during the festive season
Fintech firms are back to business by wooing audience in small markets
Sector's growth mirrors growth in the broader credit market but it faces greater regulatory scrutiny
PayU India CEO Anirban Mukherjee elevated to global CEO position
PayU's GPO business contributes around 30 per cent of its overall revenues
Fintech firm CRED launches vehicle management platform 'CRED Garage'
The feature will be available within the CRED app
Sidbi inks agreement with DLAI, aims to boost India's fintech sector
The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership
FACE adopts new code of conduct to strengthen customer protection
The association applied to become an SRO with the Reserve Bank of India (RBI) in January last year
Will take a shot at bourses after 3-4 quarters of profit: MobiKwik
Taku said that the company plans on tapping into new investments if it is working on a new product or an inorganic play that requires capital
AI may gobble up 90% of jobs, warns CRED founder & CEO Kunal Shah
"I think we should stop worshipping unicorns. We have to worship people who have large profit pools…" KUNAL SHAH, Founder & CEO, CRED
Soon, make your card payments through Paytm and Pine Labs soundboxes
The company said the total deployment of all its soundboxes is pegged at 85 lakh devices in the market. Additionally, the company added that it deploys over 12 lakh soundboxes every quarter
Fintech-firm Aye Finance posts Rs 38.67 crore profit in Q1 of FY24
Aye Finance, a fintech firm which mainly provides unsecured small-ticket business loans to micro enterprises, has reported a nearly four times increase in net profit to Rs 38.67 crore in the first quarter of the current fiscal. The Gurugram-headquartered company had posted a net profit of Rs 9.78 crore during April-June 2022-23. Its profit during 2022-23 stood at Rs 60 crore. The quarter's financial results have positioned Aye Finance as a frontrunner in the micro-enterprise lending domain, with its unique business model yielding substantial gains, it said in a release. "Our innovative approach, coupled with responsible lending practices and efficient processes across all verticals, continues to fuel our success in serving micro enterprises," said Sanjay Sharma, founder and managing director, Aye Finance. Incorporated in 2014, the fintech lender is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest.
PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip
The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability
As funding winter continues, how fintech firms may find path to thaw
Regulators have recognised the potential they hold for our country. It is now upon companies to take the mantle forward
RBI signals greater scrutiny of fintech industry amid funding drought
Fintechs will need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability
PolicyBazaar hits fresh 52-week high; stock nearly doubles from 52-week low
The stock of fintech company was trading at its highest level since May 2022.
