Fintech Startup

A litmus test for fintech IPOs as MobiKwik inches closer to listing

After Paytm's disappointing performance after listing in 2021, the markets have evolved and the fintech ecosystem has matured with greater regulatory clarity from the RBI

B2B to C: How InMobi is transforming itself into a consumer tech company

The firm has 400 million phones/customers across the world who have Glance

FinTech sector leads with 30 startups in Future Unicorns worth $11.4 bn

The 30 startups featured in the ASK Private Wealth Hurun India Future Unicorn Index have collectively raised an investment of $5.7 billion

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

CRED to roll out payment checkout terminals to merchants this year

The devices will be interoperable and UPI users can pay through the checkout terminals using any application

Indian startup funding declines 3.1% to $2.3 billion in Q1 CY2024

The country saw the creation of two unicorns - companies valued at over $1 billion - during the quarter, namely Ola Krutrim and fintech Software as a Service (SaaS) firm Perfios

Fintech players likely to request RBI for a simpler merchant KYC process

It has proposed that payment aggregators will be required to undertake Contact Point Verification (CPV) of entities which involves physical verification of customers

BharatPe launches all-in-one payment device: Know how it helps merchants

BharatPe One device combines point of sale, QR code, and speaker functionalities

Regulatory uncertainty central theme for investments towards fintech firms

Investment dips as sector grapples with new rules and market dynamics

BharatPe co-founder Ashneer Grover ventures into fintech with ZeroPe app

ZeroPe, currently in its testing phase, has been developed by Third Unicorn

Startup Mahakumbh: Fintechs must abide by regulations, say investors

The advice comes at a time when the Reserve Bank of India has cracked its whip to get erring fintech's to comply to the existing rules

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

IRIS Business Services Q3 results: Profit increases 19% to Rs 1.76 crore

Global fintech firm IRIS Business Services has reported a profit of Rs 1.76 crore for December quarter 2023-24. In the year-ago period, the profit was Rs 1.48 crore. Revenue in April-December FY24 was Rs 72.35 crore as against Rs 53.47 crore in the year-ago period, the company said in a regulatory filing. During the 9-month period, profit after tax was up 50 per cent from Rs 2.7 crore to Rs 4.06 crore. "The growth in revenues has been driven by the collect segment, which increased sharply to Rs 32.16 crore for the 9 months in FY24 from Rs 17.24 crore in the corresponding period in FY23," it said. It further said growth in the create segment was subdued with revenues going up from Rs 33.19 crore to Rs 36.77 crore. To get customers using other products to switch to ours requires a well funded marketing push which has to wait till we get our funding in place, company CEO S Swaminathan said. While India accounts for 30 per cent of the company's revenues, Africa comes a close second

Fintech platform GroMo distributes Rs 100 cr in payouts to partner agents

Fintech platform GroMo on Saturday said it has distributed Rs 100 crore in payouts to its partner agents on the eve of completing the five-year milestone. The company aims to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, the platform, engaged in facilitating the distribution of financial products, said in a statement. Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities. It provides access to financial products like bank accounts, insurance, credit cards, loans and investment options from the leading banking and non-banking financial institutions, it said. The company has expanded its product portfolio from 25 to over 160 in the last couple of years, it said, adding that the platform has successfully onboarded over 36 lakh partners, doubling its numbers in just a year, and currently operates across 19,000 pin .

Slice announces public release of UPI first account product for everyone

/ -- slice, India's leading fintech startup, announces the public release of its highly anticipated UPI first account - slice account. After a successful three-month beta testing period, primarily available to its existing customer base, slice is now extending slice account services to all users. The slice account has witnessed overwhelming approval from the customers, who have quickly taken to its fast, integrated experience that combines user funds and digital payments within a single app infrastructure. Indulge in a fine payment experience: slice's UPI first account offers a UPI handle (@slice) and a virtual account. The customers can effortlessly add money in the virtual account and spend via UPI or card, or link any other bank accounts they want, enjoying a seamless and fast UPI payment experience. slice account simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface designed to save time. It includes autoload functionality for ..

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

Fintech start-up Kiwi raises $13 mn to expand credit on UPI offering

Kiwi has issued 25,000 credit cards until now and plans to have 0.5 million customers by the end of 2024

Fintech firm CRED's losses widen 5% to Rs 1,357 cr in FY23; income up 251%

The fintech unicorn has seen a rise in its expenses. CRED's total expenses grew by 66 per cent to Rs 2,831.9 crore in FY23 from Rs 1,702.1 crore in FY22

Funding spring for startups may return in next 12 months, say analysts

The India tech startup ecosystem witnessed its highest funding of $43.5 bn in 2021 and after this, the funding started to witness a downfall and there is no sign of improvement in the funding to date,

Travel fintech firm Scapia raises $9 mn for operations, tech capability

Start-up converts customers' everyday expenses into travel rewards stored in a co-branded card