Page 7 - Fintech Firms

Will fintech firms' governance standards, role of PEs attract scrutiny?

Fintech promoters, their private equity backers, and regulated entities that have teamed up with new-age firms will need to go back to the drawing board

PhonePe to more than double employee count to 5,400 by December 2022

Digital payments platform PhonePe on Tuesday said it plans to more than double its total employee strength to 5,400 across the country by the end of December 2022 from existing 2,600

Indian fintech payment firms have no data advantage over banks: Moody's

As RBI barred Paytm from taking on new customers for its Payments Bank, a new report said fintech platforms' dominance in digital payments may not result in a significant data advantage over banks

India-based investors 2nd to provide fintech investments in APAC in 2021

India-based investors were a distant second in providing funding to fintech in Asia-Pacific after the US in 2021, a report said

IPO-bound Mobikwik posts first-ever profit in Dec 2021 quarter: Co-founder

IPO-bound fintech firm Mobikwik became profitable in the December 2021 quarter and expects to close the current financial year with almost two times growth in revenue, a top company official has said

BharatPe's Board will not intervene in Bhavik-Ashneer stake issue

As the Ashneer-BharatPe fight now on a legal course, the Board of company will not intervene in a new controversy regarding the company's original founder Bhavik Koladiya and his stake in the firm

BharatPe removes Ashneer Grover's profile from website

Along with BharatPe, Unity Small Finance Bank, which is a joint venture between BharatPe and the Centrum Group, has also removed his profile from its portal

Volopay to enter Indian market with $15 mn investment to start operations

Singapore-based fintech firm Volopay will invest USD 15 million (about Rs 113 crore) over the next 12 months to start operations in India, a senior startup official said on Wednesday.

Upswing Financial Technologies raises $4 mn from QED Investors, others

Upswing Financial Technologies will use the funds in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly.

India draws $1.93 bn fintech investment in Q3; tops APAC: S&P Global

Going ahead, experts see the fintech landscape changing rapidly in India as digitisation of customers and merchants opens up new possibilities for players to provide financial services

BharatPe aims to facilitate $300 mn loan book for lending partners

Fintech firm BharatPe on Wednesday announced its foray into the 'Buy Now Pay Later' (BNPL) category with 'postpe'

CredAvenue raises $90 mn to scale up building infra to power debt markets

The funding round, led by Sequoia Capital India and co-led by Lightspeed, TVS Capital Funds and Lightrock, values the company at about $410 million

Indians embrace digital: Over 300 mn smartphone users use digital payments

From 'tankhwa' and 'kiraya', for 'shagun' and 'jugaad', digital payment is a pan-India habit

Fintechs make their presence felt in MF space, see sharp growth in assets

Ease of access, innovative analytical tools and lower investing cost helping them score over traditional players

GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone

GST Council may green-light entry given disappointing progress

UK-based fintech start-up Revolut to hire 300 staff for India support hub

The company also appointed Paroma Chatterjee, a former executive at Lendingkart and Via.com among other companies, as its chief executive in India, Revolut said

Tencent loses $62 bn in 2-day rout, wiping out value of fintech business

Like Ant, it will probably be required to establish a financial holdco

India's fintech industry seen at $150-160 bn by 2025: FICCI-BCG report

The Federation of Indian Chambers of Commerce & Industry (FICCI) and Boston Consulting Group (BCG) on Saturday unveiled 'India FinTech: A USD 100 Billion Opportunity' report. The report details the findings from the study that BCG and FICCI undertook to size the value-creation potential and identify imperatives for India's FinTech growth.

PayMate says has achieved annualised run-rate of $1.3 bn in GST payments

The firm's payment automation platform processed over $130 million GST payments monthly in 2020.

Digital transformation: E-lenders rely on tech, not recovery agents

The moratorium, announced in the wake of the pandemic, has put several digital lenders out of business, say people familiar with the matter