Page 15 - Fintech

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

Indian fintech sector: A resilient green shoot of the start-up ecosystem

India maintained its position as the third-highest funded fintech industry globally, following the US and UK, similar to last year

PayPal rolls out dollar stablecoin to boost digital tokens for payments

With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal's dominance in digital payments by leaning on technology

Fintech firm Paytm's average monthly users increase by 19% to 9.3 crore

Fintech company Paytm on Thursday said its average monthly users rose by 19 per cent on-year to 9.3 crore. Merchant subscriptions stood at 82 lakhs, with 41 lakh new subscriptions over the year, according to the filing. Sequentially, the company saw merchant subscriptions increase by about 4 lakh in July 2023, Paytm said in a filing. Payment volumes for merchants or Gross Merchandise Values (GMV) rose 39 per cent on-year at Rs 1.47 lakh crore. "We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential," the company said. The fintech platform said it doled out 43 lakh loans in the month of July, making the total value of loans distributed in the month to Rs 5194 crore, at a whopping yearly growth of 148 per cent. The company will discontinue monthly disclosures of operating metrics starting September 2023, since their business

Fintech company CRED launches RuPay credit card-based UPI payments

According to CRED, this initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem

Prosus to sell part of PayU to Rapyd for $610 mn, retain India business

Prosus-backed PayU to focus on the large payments and fintech in India

BankBazaar.com hopes to breakeven this fiscal, to file DRHP for IPO next yr

Fintech firm BankBazaar.com expects its bottomline to turn positive this financial year helped by newer products including co-branded credit cards on UPI. Post breakeven, the company would start the preparation for listing and hopes to file the Draft Red Herring Prospectus for initial public offering (IPO) in the next financial year, BankBazaar.com founder and CEO Adhil Shetty told PTI. The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks. The company expects to soon launch co-branded credit cards on UPI, he said, adding that this is going to accelerate revenue as demand for credit is high. Besides, he said, targeted no-cost EMIs every month are going to add to topline and the company is set to push revenue to over Rs 250 crore in FY24 with profit. During the first quarter, the company posted a 51 per cent increase in revenue driven by its portfolio of co-branded credit c

Delhi High Court's Paypal order to impact fintech compliance costs

US-based PayPal and other payment operators in India will face increased regulatory costs due to the recent Delhi High Court ruling on compliance with the Prevention of Money Laundering Act

PhonePe Insurance launches monthly subscriptions for health policies

Option will lower financial burden for customers, says company owned by fintech major PhonePe

RBI signals greater scrutiny of fintech industry amid funding drought

Fintechs will need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability

Paytm cashbacks are back! Details here | How to get cashback?

Paytm is back with its lucrative cashback offers! According to a report, the fintech giant wants to onboard as many merchants as possible.

Co-working operator 315Work Avenue gives on lease 400 desks in Bengaluru

Co-working operator 315Work Avenue has given on lease 400 desks to a fintech company at its centre in Bengaluru. The company said in a statement that it has leased 400 seats in Bengaluru to a technology and service provider for the financial services industry. The centre is located at Indiranagar. 315Work Avenue has 40 centres, with a total capacity of 40,000 seats, across Bengaluru, Mumbai and Pune. The company manages 1.75 million square feet of office space. Manas Mehrotra, Founder of 315Work Avenue, said: "Flexible spaces are becoming mainstream now. The demand for co-workspaces is constantly increasing not only because such spaces perfectly fit the new normal, but they also help companies save costs, boost productivity and enhance work experience of employees.

RBI looking at coming out with fintech regulations: DG Rabi Sankar

The Reserve Bank is looking at coming out with a regulation for fintech players, Deputy Governor T Rabi Sankar said on Friday. "RBI is closely watching the evolving space of fintech...there are no fintech regulations right now. We are talking to the industry and understanding whether there is a need to regulate them," Sankar said, speaking at the Moneycontrol startup conclave. Sankar added that the regulations on fintech will come only after consultations with the industry, and declined to share timelines on the same, as per a statement issued by the event organisers. The RBI will time its regulations in such a way that the industry is allowed to grow, Sankar said, adding that the young innovators' focus is on innovations and not so much on regulations at present. Sankar also said that trading in cryptocurrencies carried out by people is not a concern for the RBI, but private cryptocurrencies themselves are a problem area. He also highlighted that "stable coins" pegged to other ..

Fintech firm BharatPe appoints Pankaj Goel as chief technology officer

Fintech firm BharatPe Group has appointed former Razorpay senior executive Pankaj Goel as the chief technology officer. Prior to joining BharatPe, Pankaj was the head of payments engineering at Razorpay. He will report to BharatPe chief financial officer and interim CEO Nalin Negi, the company said in a statement on Wednesday. "With a seasoned engineering leader like Pankaj joining the team, we are confident that we will be able to build best-in-class fintech products that will further enable the next level of growth for the BharatPe Group of Companies," Negi said. Goel has held senior positions at various companies, including Intuit, Trilogy, and Sun Microsystems.

Cos operating in India must abide by local regulations: Paytm Founder

Joining the debate on data localisation, Paytm Founder and CEO Vijay Shekhar Sharma on Monday said companies operating in India should abide by rules and regulations laid down by the country, and also have an obligation to protect data of citizens. Startups in India are at an "incredible inflection point" Sharma said, adding there is no dearth of funds for startups focussed on solving real-world challenges with their innovative approach. "I am all for protecting our citizen data. Let it be clear if you are operating in this country, you are supposed to be abiding by laws and regulations of this country. You can't say my court is in another country...," Sharma told PTI when asked about regulations proposed in the digital space. Indian companies such as Reliance Industries have been votaries for storing and processing of data generated of Indian users within the country while foreign firms want freedom to store data outside the country as well. The chief of the fintech player also ..

Fintech firm Scapia raises $9 mn in funding round led by Matrix Partners

Fintech firm Scapia has raised USD 9 million (about Rs 74 crore) in a seed funding round led by Matrix Partners India for scaling up its co-branded credit card business, the company said on Wednesday. Tanglin Venture Partners, Binny Bansal's 3STATE Ventures and notable angel investors such as Keki Mistry (HDFC CEO) also participated in the funding round. Scapia is a travel fintech company on a mission to make travel accessible through its suite of financial products. It has launched co-branded credit card in partnership with Federal Bank which has been developed to target travelers. "We are excited to partner with our investors to help us scale and meet these customer needs. We see a massive opportunity for Scapia - less than 5 per cent of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030," Scapia, Founder Anil Gotetti said. The company has also built a travel platform within the app to enable customers to ...

Fintech firm Indifi raises Rs 290 cr in funding round by ICICI Venture

Company plans to expand its operations and expand small businesses' access to working capital finance

PB Fintech to wipe out accumulated losses in next 4 years on revenue growth

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth, a top official said. The total revenue of the company increased to Rs 1,710 crore in FY23 from Rs 1,200 crore in the preceding fiscal. As a result, the loss narrowed to Rs 488 crore from Rs 833 crore in the previous fiscal. "FY24, our hope is EBITDA coming out of core business will be more than enough to cover all investments and overall, as a company, we should be PAT positive for the full year. What we want is Rs 1,000 crore PAT by FY27. Three years from now. "In another four years, we should be able to wipe out our accumulated losses. Between, FY 27-28, we should be able to wipe out losses," PB Fintech chairman and group CEO Yashish Dahiya told PTI. The breakeven will be reached only after accumulated losses are wiped out. This year, he said, the company would be Rs 400-500 crore cash positive and therefore, there may not be any need for ...

Pepper Group to invest $150 mn over 4 yrs to establish fintech in India

Global consumer finance company Pepper Group on Monday said it will invest $150 million over the next four years to establish a fintech in India

RBI comes out with framework to permit default loss guarantee to fintechs

Followed by the RBI decision, fintech companies were forced to look at alternate options like co-lending small ticket loans, co-branded partnerships and revenue-sharing models