Page 14 - Fintech

Prosus-owned PayU targets Feb for filing IPO worth $500 mn, hires bankers

PayU, owned by South African conglomerate Prosus, is a payment gateway that also offers other services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay

Only no objection certificate given for NE SFB-Slice merger proposal: RBI

No change in approach to banking license to fintechs

A 'Slice' of lifeline: Fintech firm to infuse capital in North East SFB

To merge Fintech for capital infusion in the bank, lower promoter stake

Fintech firms rush to make tweaks as new data protection law looms

Fintechs, banks and non-bank financial companies (NBFCs) will have to redraw their contracts with their business partners with whom customer data gets shared

Fintech firm Bright Money raises Rs 515 cr in equity, debt funding

Fintech firm Bright Money on Wednesday said it has raised USD 62 million (about Rs 515 crore) round of funding from a clutch of investors. It has about 95 per cent of employees in India. The funding includes USD 50 million in debt from Encina Lender Finance and USD 12 million in equity led by Alpha Wave, Hummingbird, and PeakXV, Bright Money said in a statement on Wednesday. Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the US and Canada. "The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service," Bright Money co-founder and Co-CEO Petko Plachkov said in the statement Bright Money app helps consumers get out of debt, with the power of AI and machine learning. The mobile app combines all the technology needed to manage and get rid of debt. The company offers credit score building, automated debt paydown pl

Nuvama Wealth expects client assets growing by 15-20% this fiscal: Kehair

Nuvama Wealth Management, which got listed on Tuesday as the new combined entity of all the listed firms of the Edelweiss Group, expects assets under management growing by an average of 15-20 per cent through the rest of the current fiscal. As of June 2023, it manages over Rs 2.5 lakh crore of client assets and has over 2,700 employees across 90 offices worldwide. "I see the assets under management growing by an average of 15-20 per cent through the rest of the current fiscal ending March. Between March 2023 and June 2023, we added 30,000 crore in our AUM to Rs 2.5 lakh crore," Ashish Kehair, managing director and chief executive of Nuvama Group, told PTI after the listing of the company. Shares of Nuvama Wealth Management rallied more than 5 per cent to close at Rs 2,564.10 on the BSE with a market value of Rs 9,000 crore. The Nuvama Group now comprises all the companies of the Edelweiss group founded by Rakshesh Shah in 1993, barring the insurance and mutual fund businesses, and

Chase UK will soon bar customers from making cryptocurrency transactions

Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month citing an uptick in scams and fraud. From October 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. If we think you're making a payment related to crypto assets, we'll decline it, Chase said in an email to customers. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam. In an email to The Associated Press, Chase said that Tuesday's decision was made to help keep customers and their money safe. The bank also pointed to increases in crypto fraud-related losses reported by UK regulators in the last year. According to London-based law firm RPC, data from Britain's fraud ...

India fourth in number of startups with over $50 mn funding: Scaleup Report

In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623)

Zaggle Prepaid Ocean Services' IPO receives 43% subscription on Day 2

Fintech player Zaggle Prepaid Ocean Services' initial public offering received 43 per cent subscription on the second day of bidding on Friday. The initial public offering (IPO) got bids for 82,96,560 shares against 1,93,26,761 shares on offer, as per data available with the NSE. The portion for Retail Individual Investors (RIIs) got subscribed 1.90 times and the category for non-institutional investors received 29 per cent subscription. The IPO received 19 per cent subscription on Thursday, the first day of the bidding. The IPO has a fresh issue of up to Rs 392 crore and offer for sale of up to 10,449,816 equity shares. Price range for the share sale is at Rs 156-164 apiece. Zaggle Prepaid Ocean Services on Wednesday said it has mobilised Rs 253.52 crore from anchor investors. The company proposes to utilise Rs 300 crore of the net proceeds on expenditure towards customer acquisition and retention, up to Rs 40 crore on expenditure for the development of technology and products,

Focusing on enabling UPI, e-rupee interoperability, says RBI deputy guv

The Reserve Bank of India is focusing on enabling interoperability of the United Payments Interface with the central bank's digital currency or e-rupee, deputy governor Rabi Sankar said

Razorpay acquires digital invoicing, customer engagement startup BillMe

With this acquisition, Razorpay will get access to BillMe's client base of over 4,000 merchants

Top headlines: Delhi gears up for G20 Summit, Biden set to travel India

Business Standard brings you the top headlines at this hour

In mutual fund foray, Zerodha plans to emulate its broking playbook

To offer passive direct plans, while relying on digital route for distribution

Paytm shareholder Antfin to sell 3.6% stake via block deal: Report

The floor price for the sale is set at 880 rupees per share, the report added, which is a 2.7% discount on Paytm's last closing price of 904.45 rupees

Fintech loan disbursement rose 21% YoY in FY23: FACE-Equifax report

Number of loans disbursed increased 49%; delinquency rate fell

Fintech firm Zaggle garners Rs 25 cr from ValueQuest in pre-IPO round

Fintech player Zaggle Prepaid Ocean Services Ltd on Tuesday said it has raised Rs 25 crore from ValueQuest Scale Fund in the pre-IPO (initial public offering) round. This came after the firm raised Rs 73 crore from a clutch of investors through a private placement last week. With the latest fund infusion, the combined fund raising by the firm reached Rs 98 crore in two tranches. In a public statement on Tuesday, Zaggle said that it issued 15,24,390 equity shares to ValueQuest at a price of Rs 164 apiece. Zaggle filed its draft papers with capital markets regulator Sebi in December 2022 to raise funds through an IPO. Going by the draft papers, the IPO comprises fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders. Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corpora

Global Fintech Festival 2023 aims to aid startups bag $10 mn in funding

Global Fintech Festival (GFF) organisers on Friday said they are aiming to facilitate funding of over USD 10 million at the upcoming event in the financial capital. This funding target is for startups alone and excludes growth-stage companies which will initiate conversations with investors at the three-day GFF starting from September 5. "In the start-up category, about USD 10-20 million funding will happen at the event itself," its organizers and advisory board member Naveen Surya said. He said 50 fintech companies will be making a pitch to over 200 investors who are expected to attend the event, and the average funding in startups will be about USD 1 million. The target excludes funding in growth stage companies, and can go up to USD 50 million, where the GFF will serve as the place where the talks between a company and an investor get initiated, he said. The third edition of the GFF will have over 50,000 attendees, 5,000 exhibitors displaying their wares, and over 800 speakers

Alibaba's Antfin transfers 10.3% stake to Paytm chief Vijay Shekhar Sharma

Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One97 Communications to the fintech firm's founder and CEO Vijay Shekhar Sharma, according to a regulatory filing. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. "We, Antfin (Netherlands) Holding B.V., one of the shareholders of One 97 Communication Limited, hereby file the disclosure in the format prescribed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with respect to disposal of 65,335,101 equity shares of the Company..." the filing said on Wednesday. The transaction was completed on August 14, which brought the total stake of Antfin to 13.49 per cent from 23.79 per cent earlier, the filing said. The deal makes Sharma family t

Intuit executive Alex Chriss to become president and CEO of PayPal

Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month. Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024. In January PayPal announced that it would cut about 7 per cent of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions. Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit's small business and self-employed group since January 2019. He led Intuit's USD 12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma. Chriss will also join PayPal's board, effective September 27. PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. It

Protean, PayNearby partner for providing credit services on ONDC network

Protean eGov Technologies and fintech platform PayNearby have collaborated for providing credit services on the ONDC network for last-mile borrowers and MSMEs. Once launched, the marketplace will also allow for easy discovery of various lending products at affordable pricing, according to a statement. "In this partnership, Protean will serve as an ONDC technology service provider that facilitates availability of credit for last-mile borrowers across the country through PayNearby's well entrenched Distribution as a Service (DaaS) network," it said. Speaking to PTI, Protean eGov Managing Director and CEO Suresh Sethi said there are several people who are not digitally enabled to even get into the account aggregator framework and get credit against their data, or consent for it to be used. "We are looking at this as a sort of intervention which can leverage the physical network provided by PayNearby and the last mile agent can then provide an assisted service and onboarding people to