Page 2 - Fintech Sector

50 new payment apps keen on joining UPI despite zero MDR: NPCI MD & CEO

At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks

Mastercard opens new Tech Hub in Pune to drive growth and innovation

The new Pune Tech Hub augments Mastercard's growing presence in India, which spans offices in Gurugram, Mumbai, Hyderabad, Bengaluru, and Vadodara

Funding to Indian fintech rises 66%, number of rounds decline by 25%

On a quarter-on-quarter basis, funding to the fintech sector more than doubled from $293 million in Q2CY24

Lending platform Biz2X crosses Rs 9,000 cr mark in loan disbursements

Biz2X, a digital lending SaaS platform and subsidiary of Biz2Credit, on Tuesday said it has surpassed Rs 9,000 crore mark in loan disbursements. One of the company's key growth drivers is its AI-integrated digital lending platform, DigiKred, which plays a pivotal role in optimizing lending functions for Indian lenders. The platform is expected to facilitate an additional Rs 5,000 crore in loan disbursements by the end of FY2025, further scaling the platform's reach and impact across the financial ecosystem, the company said in a release. Th company has seen a consistent year-over-year growth rate of nearly 30 per cent. In addition to its technology, Biz2X's growth is powered by strategic collaboration with some of the most prominent financial institutions in India. "Financial institutions, in turn, benefit from the platform's advanced technological infrastructure including some ground-breaking AI innovations, which help them offer faster, more reliable lending solutions to their

RBI policy of not allowing crypto is a good approach: Amiyatosh Purnanandam

He said that the government needs to incentivize good long term risk taking by banks to push private investments

Navi climbs UPI leaderboard for second consecutive time, now fifth largest

This growth follows the company's announcement in April that it would roll out cashbacks and rewards for customers using its UPI service

Collateral anchor: Fintech companies steer towards secured lending

This comes after RBI raised risk weights on unsecured personal loans

RBI nudges fintechs to consider granting same-day loans to street hawkers

Loans are repaid within 24 hours and seek to bolster financial inclusion at the bottom of the pyramid

Jio financial services unveils new app packed with features and upgrades

Jio Financial Services on Friday announced the launch of a new and improved JioFinance App that offers a range of services, including loans, savings accounts, UPI bill payments, recharges, and digital insurance. A beta version of the JioFinance App was launched on May 30, 2024. Over six million users have experienced Jio Financial Services Ltd's (JFSL) new-age digital platform, and the valuable customer feedback received was instrumental in improving the app's overall user experience. "A wide array of financial products and services have been added since the Beta launch, including loans on mutual funds, home loans (including Balance Transfer), and loans against property. These loans are available at competitive terms and will offer substantial savings for our customers," JFSL said in a statement. The new app is now available on the Google Play Store, Apple App Store and MyJio, with a wide range of attractive offerings, it said. On the savings front, the digital savings account from

Paytm focusing on consumer payments business: CEO Vijay Shekhar Sharma

Fintech firm Paytm's immediate priority is to invest in its consumer payments business in an effort to recover lost user base following regulatory actions by the RBI, a top company official said on Sunday. The RBI had restricted Paytm Payments Bank from accepting deposits or facilitating credit transactions in customer accounts, including prepaid instruments and wallets. In August, Paytm sold its ticketing business to foodtech company Zomato for Rs 2,048 crore to sharpen its focus on core operations payments and financial services distribution. "Payments remain our primary business, and the merchant side continues to be strong. However, we lost a significant consumer base due to regulatory constraints. Moving forward, we aim to reinvest in the consumer payments business area," Paytm CEO Vijay Shekhar Sharma said during an interactive session organised by the Calcutta Chapter of Young Indians, the youth wing of the Confederation of Indian Industry (CII). Consumer payments encompass

Fintech firm Cred's revenue rises 66%, losses decline to Rs 609 crore

The Bengaluru-based company reported a 66 per cent increase in revenue to Rs 2,473 crore in FY24 from Rs 1,484.6 crore in the previous year

BharatPe settles with former co-founder Ashneer Grover; drops legal action

BharatPe has settled with former co-founder Ashneer Grover and has decided not to pursue any legal action. The case pertains to Bharatpe's allegations against Grover of fraud worth Rs 81 crore

Smart plans and rising use-cases drive small UPI companies' growth

Smaller players on the UPI leaderboard, such as Navi, Groww, and MobiKwik, have shown remarkable year-on-year (Y-o-Y) growth

M2P Fintech raises Rs 850 crore in series D, valuation at Rs 6,550 crore

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

Fintech firm MobiKwik gets Sebi approval to raise Rs 700 crore through IPO

The IPO will consist entirely of a fresh issue of Rs 700 crore, with a face value of Rs 2 per equity share. It will not have an offer for sale (OFS) component

Banker's Trust: All you want to know about SROs in finance sector

The key to effective implementation of the SRO regime is avoiding overlap

Capital A launches Rs 400 cr fund to target manufacturing, climate startups

Fund II will invest in 17-20 companies, offering initial investments between $750,000 and $1 million, with total commitments of $2-3 million per company over their growth cycles

'Unsecured credit growth slows but demand remains strong': Fibe co-founder

Digital lending company Fibe sanctioned 46.6 million loans in H2FY24, showing an 8.4 per cent increase from H1FY24. The firm has raised a total of $228 million in funding since its inception in 2015

Sachin Bansal's Navi becomes sixth largest UPI player, overtakes Amazon Pay

Bengaluru-based fintech started cash-backs and rewards for customers in April

British fintech Revolut set to enter India in 2025, eyes premium market

Revolut Group Holdings is a global neobank and financial technology company. It has received in-principle approval from the RBI to issue prepaid cards and wallets