Ours is open-banking model of the times: PayNearby's founder & CEO Bajaj

PayNearby's managing director & chief executive officer plans to raise $50 million through equity dilution in what is inherently a 'people's business'

PayNearby has scaled up the business correspondent (BC) model using technology to build a hyperlocal fintech network. It has roped in retailers at the first mile to offer both digital financial and non-financial services to the masses. Anand Kumar Bajaj, its managing director & chief executive officer, believes he can roll out this model globally, and plans to raise $50 million through equity dilution in what is inherently a “people’s business”. Bajaj spoke to Raghu Mohan. Edited excerpts:

How is version 2.0 of the business correspondent model different?

It has evolved from a dedicated one-bank model to serving customers of