Page 16 - Fintech

Fintech firm IRIS Business Services clocks Rs 4.29 cr profit in FY23

Fintech firm IRIS Business Services Ltd on Friday reported a consolidated net profit of Rs 4.29 crore in the financial year 2022-23. In the year-ago period, the company posted its consolidated net profit at Rs 1.01 crore. Its total income rose 21 per cent to Rs 74.90 crore in the 2022-23 fiscal from Rs 62.02 crore a year ago, according to a regulatory filing. Mumbai-based IRIS Business Services Ltd is operating in the RegTech (regulatory technology) space. The company offers a range of products that cater to the specific needs of organisations and regulators across different industries and geographic regions. It has been providing compliance, data, and analytics solutions to businesses in 50 countries. "All metrics point to an all-round improvement in performance," said its CFO K Balachandran. The improvement in the performance has been led by the "collect" division of the company through which the firm serves regulators, helping them collect pre-validated data from those they .

Irdai to hold open house for insurtech, fintech on 15th of every month

Regulator Irdai will hold an open house for the insurtech and fintech companies on 15th of every month to look at bringing in more innovation ideas for the insurance sector. The open house is intended to invite suggestions from them to provide effective and seamless solutions and ideas to various insurance related activities, which would help insurance companies to provide better services to policyholders, it said. "It is expected that the solutions/ideas would help in increasing the insurance penetration in the country," the Insurance Regulatory and Development Authority of India (Irdai) said in a statement. The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day. Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at th

Integrated financial services platform airpay now live on ONDC: Report

Integrated financial services platform airpay on Thursday said it has gone live on the Open Network for Digital Commerce (ONDC). This will enable airpay's vyaapaaris to have access to an array of local businesses offering multiple products and services on ONDC to consumers, it said in a release. Presently, airpay vyaapaaris offer banking and financial services to more than 60 million consumers in 561 districts and over 7,000 villages in 36 states and union territories, it said. "Given the democratised nature of an Open Network, it levels the playing field for small and medium enterprises. ONDC also enables increased trade of locally manufactured goods and local sellers, thereby multiplying the investment and production of MSMEs," Kunal Jhunjhunwala, Founder and Managing Director of airpay, said. The company said the initiative will enable ONDC to understand and implement key consumer and partner learnings. Thampy Koshy, Managing Director and Chief Executive Officer of ONDC, said t

Lithuania offers biz opportunities for Indian firms, fintech in focus

The Ambassador of the Republic of Lithuania to India, Diana Mickeviciene, on Friday stated that her country is focusing on sectors such as biotechnology, cybersecurity, and fintech and is seeking greater bilateral ties with India, a country with which it shares a strong trade relationship. The European nation also has the potential to become a hub for tea and textiles in that continent. Speaking at an interactive session with CII, Mickeviiene noted that Darjeeling tea and India's textiles are highly popular in Lithuania, pointing to significant business opportunities for Indian companies to set up hubs in her country and export to other European nations. She said that Lithuania's focus is on specific industries, such as IoTs, biotechnology, cybersecurity, and fintech. Mickeviciene mentioned that biotechnology will be the new star in the economy of Lithuania. She highlighted the country's partnership with Tata Consultancy Services for two projects in biometrics (Aadhaar). The dipl

Second festival to convene FinTech community from May 16-18, 2023

Second edition of FinTech Festival India to convene global FinTech community from 16 18 May 2023

Never said we are deferring our IPO plans: Pine Labs CEO B Amrish Rau

'Central bank digital currency (CBDC) and Digital Rupee open up exciting opportunities and if implemented correctly'

BharatPe acquires majority stake in Mumbai-based NBFC Trillion Loans

Company that provides loans to small businesses will operate as independent entity

Mobikwik turns profitable in March quarter, expects to double revenue

Fintech platform Mobikwik turned profitable in the March quarter and expects to almost double revenue to over Rs 1,000 crore in the current fiscal along with full-year profitability, the company's co-founder Upasana Taku said. The company closed the 2022-23 financial year with a 39 per cent net revenue growth at Rs 560 crore. "In Q4 (fourth), 2023, we booked profit. Now my aim is that every quarter from now on should be a profitable quarter. We have reduced cash burn by about 40 per cent. For FY'24, we want to achieve Rs 1,000 crore revenue and Rs 40-50 crore profit," Taku told PTI. She said that 50 per cent of the company's revenue came from the distribution of digital credit products and the rest from payments. "Number of credit active users has gone up from 2 million to 4 million. The reason we have pay-later products is that more than 75 per cent of our users were first to credit customers. 'Buy Now Pay Later' helped us in testing users in short span of time. After they have us

Tide to sponsor business trip of 16 small players from India, UK in 2023-24

The initiative aims to unlock opportunities for millions of existing and budding entrepreneurs who might want to export to and from India and the UK

Fintech companies in talks to decide on rules for self-regulation

The RBI proposed the creation of a self-regulatory organisation (SRO) in March during a conference hosted by the Department of Payment and Settlement Systems

Razorpay sets up advisory board, ropes in former RBI dy governor as chair

Payment gateway and neo-banking platform Razorpay has roped in former RBI deputy governor NS Vishwanathan and former State Bank of India managing director Arijit Basu to lead its newly-formed advisory board. The founding independent members of the board also include retired civil servants -- Aruna Sundararajan, former Secretary, Ministries of Steel, IT, and Telecom, GoI (Member) and KP Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship (Member). The board has been set up to assist the fintech unicorn develop long-term strategies, anticipating challenges and suggesting mitigation measures, especially in the context of regulatory and compliance processes, Razorpay said in a statement. Razorpay is one of the leading fintech companies operating in India, serving over 10 million businesses across India. "As part of Razorpay's constant endeavour to enhance customer experience, the newly formed advisory board is founded with the singular vision of establishing

Razorpay sets up board for high standards of governance, compliance

The advisory board will periodically convene to review, analyse and provide recommendations and directions on both strategic and tactical levels

Indian fintech start-up funding falls 55% YoY in Q1 2023, says report

India was still the second-highest funded "geography" in the world, behind the US, in Q1 2023

India Accelerator announces Dubai foray, will invest $20 mn in start-ups

Incubator will provide start-up founders with four-month training in business growth

Fasten your seat belts: The switch to Fintech 2.0 has just begun

A shakeout among fintech firms is very likely, as the stress on governance and compliance is set to go up many notches

Upgraded payments platform with 100% indigenous technology, says Paytm

Digital financial services firm One97 Communications, which owns the Paytm brand, on Friday announced the launch of its new technology platform built on 100 per cent indigenously developed technology. The company said the new platform can handle 10 times more payments traffic compared to its older platform. "Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth. "This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India," Paytm founder and CEO Vijay Shekhar Sharma said in a statement.

Fintech firm Roofstock lays off 27% of staff in second round of job cuts

US-based financial technology company Roofstock has laid off about 27 per cent of its workforce in its second round of job cuts

PhonePe raises $200 mn additional funding from Walmart at $12 bn valuation

New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year

Chinese loan app case: Razorpay, fintech cos, NBFCs named in ED chargesheet

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken cognisance of the prosecution complaint (chargesheet). A total of seven entities and five individuals have been named as accused in the charge sheet. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are "controlled" by the Chinese nationals and three non-banking financial companies (NBFCs) registered with RBI named X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private ...

Funding woes remain for Indian fintechs despite revival of big bets

Investments among fintech start-ups in India saw a decline of 47% YoY in 2022 at $5.65 billion, compared to $10.7 billion the previous year