Page 6 - Fintech Firms

Walmart's PhonePe investing $200 mn to set up data centres in India

The Bengaluru-based firm is setting up data centres in India at a time when it has completed three steps to move its domicile to India

Gone with the loan: Indian travelphiles bank big on 'travel now, pay later'

Maldivian blues or Rajasthan's sand dunes? Keen on both, Rakesh Mandavaya had a budget for none. That's when he learnt of the travel now pay later' option offered by banks and fintech companies. And the rest, as they say, is his Maldives travel history he can't stop gushing about. The 37-year-old, who managed a memorable holiday and that too a foreign one, said his six-month interest free loan for Rs 1.5 lakh was approved in just a day. "Since my trip was an impromptu one, I didn't have enough time to plan it or money to fund it. Then a friend told me about travel loans. The process was super easy," the Delhi-based IT professional told PTI. "I think the demand for such a loan category was always there. It is useful for everyone, especially salaried employees. It will encourage people to see new places and make holiday memories," he added. The TNPL acronym for the travel now pay later' trend has caught on, a variation of the buy now pay later' (BNPL) segment where customers buy ...

Paytm Mall becomes first to go live on ONDC in Bengaluru beta test

People can place orders in grocery and restaurant segments for now

Red signals for fintech industry: The valuations game of the past is over

RBI Governor Shaktikanta Das' traffic light imagery for the fintech industry has several implications

Fintech firm udaanCapital says it enabled Rs 2,200 cr credit to retailers

Company says 'working capital availability in the country is huge as small businesses adopt digital payments

Top Headlines: Byju's focus on profit; YES Bank sells stressed loans

After reporting a loss of Rs 4,588 crore in 2021 fiscal, Byju Raveendran, the founder and CEO of the world's most valuable edtech firm Byju's, has told employees

RBI wants fintech operators to follow rules of game: Shaktikanta Das

Warning against mushrooming of lending apps and their usurious recovery prices, the Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday. Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules. The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar. Since the past two years, when the negative loan app incidents began to surface the central bank had made many changes in the rule book, including mandating the loan apps to upfront disclose on whose NBFC's or .

ONDC and UPI together will reorder India's supply chain: Nandan Nilekani

Speaking at the Global Fintech Fest 2022, he said the supply chain will become far more efficient and will help reach products and services to everyone much more easily

Amid rising credit demand, SBI  looks for a revamp to increase deposits

The State Bank of India is planning to revamp its current and savings accounts, salary accounts, and transaction banking businesses

Digital lending norms: Fintech firms seek clarity on RBI's FLDG stance

An FLDG is a lending model wherein a third-party guarantees to compensate up to a certain percentage of default in a loan portfolio of the regulated entity

BharatPe hits $20 bn in annualised TPV, leaves Ashneer Grover saga behind

Fintech platform BharatPe said it has reached an all-time high of $20 billion in annualised total payments value, expanding its footprint to 400 towns and cities, as it leaves the Ashneer saga behind

Instant app-based loan case: Nine crypto exchanges under ED scanner

Rs 64.67-crore bank accounts of WazirX frozen under PMLA after search ops

Fintech firm Twid raises $12 mn to expand reward points-based service

Company has more than 40 million registered users and it works with 50,000 merchants

BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit

According to a media report, Koladiya's departure is due to a disagreement between him and BharatPe as well as the company's Chief Executive Officer Suhail Sameer.

Future of fintechs is in lending-led players, not payments: Report

With the funding to fintechs seeing a sharp 30 per cent drop in the June quarter, valuation is expected to shift from payments to lending-led fintechs, according to a report

Rural fintech firm Jai Kisan raises $50mn as debt, equity in funding round

Startup says it will use the financing to expand product suite and improve customer experience

Indian tech startups raise $6 billion in April-June quarter, Fintech rules

Number of deals dropped by 17% sequentially, more than half were larger than $100 million each

Loan disbursements for Paytm up nine-fold to over Rs 5,550 crore

The number of loans disbursed through our platform grew 492% y-o-y to 8.5 million loans in the quarter ending June 2022, while the value of loans disbursed grew 779% y-o-y to Rs 5,554 crore ($703 mn)

Lendingkart raises Rs 75 cr in debt fund from GMO LLC, Triodos Investment

The company will use the funds to originate MSME loans across all states with credit decisions in a live environment using in-house built origination engine 'xlr8' and 'zero touch' features.

Cryptocurrencies are a 'clear danger': RBI governor Shaktikanta Das

Indian fintech industry value projected to hit $150 bn by 2025