DFS Secretary M Nagaraju on Monday urged fintechs to focus on driving offline payment solutions to enhance financial inclusions. "I would like to request fintechs to focus their attention on payment solutions for offline payment," Nagaraju said at the CII Summit on Financial Inclusion and FinTech. He highlighted that financial inclusion is increasingly recognised as a major factor in economic growth and poverty alleviation on a global scale. He pointed out that seven of the 17 United Nations Sustainable Development Goals (UN SDGs) are directly connected to financial inclusion. This suggests the importance of improving access to financial services for the unbanked and under-served populations, he said. To illustrate progress made in India, he recalled data from before 2014, when only about 35 per cent of adults in India had access to a bank account, as estimated by the Global Findex Database. In response to this situation, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in
Fintechs in India raised $889.2 mn in H1CY25, down 5.3% YoY and 25.9% from H2CY24, as deal count dropped significantly and late-stage rounds led capital inflow
ICRA has entered into a definitive agreement to acquire Fintellix India, a provider of risk and reporting solutions to global financial institutions, for USD 26 million. In a stock exchange filing, ICRA said its board has granted approval for the acquisition of 100 per cent shareholding in Fintellix India Pvt Ltd for a consideration of INR equivalent to USD 26 million by way of a secondary purchase, pursuant to execution of a share purchase agreement and other transaction documents. Commenting on the development, Ramnath Krishnan, MD & Group CEO of ICRA, said, "With this acquisition, we reiterate our commitment to being a leading risk technology player. This space is fast evolving with increasing regulatory scrutiny in financial markets, and we believe Fintellix and ICRA together will better address the emerging market needs." The rating agency said the acquisition will additionally strengthen ICRA Group's portfolio of credit risk assessment and monitoring tools by adding risk ...
Cashfree becomes first Indian fintech to offer 140+ currency support on its international payment gateway, helping Indian merchants expand global reach and revenue
The latest funding brings Kaleidofin's total equity round to $19 million and aims to expand access to financial services for smallholder farmers and agri value chains
MobiKwik Co-Founder Upasana Taku says India's fintech sector holds vast growth potential, with innovation, inclusion, and diversification driving the next decade
The company claims to have a base of over 40 million merchants. It processes over 330 million transactions daily and has recorded an annualized total payment value of over Rs 150 trillion
Founder Aditya Soni is very clear that he is not interested in selling financial products; instead, he is laser-focused on keeping customers' credit healthy
Demonetisation and the pandemic drove India's digital transformation in financial services. Companies built unique use cases around UPI
With 13 million users, Kunal Shah's Cred looks to diversify revenues, complementing payments, lending, and wealth management services
BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor
Fintech company reports growth despite restriction on taking in new customers
On a quarter-on-quarter basis, funding to the fintech sector more than doubled from $293 million in Q2CY24
The IPO will consist entirely of a fresh issue of Rs 700 crore, with a face value of Rs 2 per equity share. It will not have an offer for sale (OFS) component
Ninety per cent of Indian financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74 per cent responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector. It said that 31 financial institutions consisting of banks, insurance firms and fintechs participated in the survey. "Artificial Intelligence (AI) and GenAI (Generative Artificial Intelligence) emerged as the focus area for innovation for Indian financial institutions, with 90 per cent of the respondents citing them as the primary technology enablers of innovation," it said. Further, 84 per cent of respondents stated that customer experience and engagement - acquisition, ...
Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the Prime Minister also asked the regulators to take more measures to stop cyber frauds and further increase digital literacy among people. "Fintech has played a significant role in democratising financial services," he said, and expressed confidence that it will help in improving the quality of life for Indians. Modi emphasised that adoption of fintech by Indians is "unmatched in speed and scale" and no such example can be found anywhere else in the world. He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the para
Companies have 'amazing innovations' to create trust among people, he says
IPO filings have surged, nearly doubling from an average of 75 per year in 2018-2019 to 120-140 annually between 2021 and 2023, according to a new report
The company gained significant traction in new contract sign ups in the fast-growing business lines of global fund services, alternatives and wealth, fund administration, and technology solutions.
Fintech firm Olyv expects its FY25 revenue to grow by 40 per cent to Rs 350 crore mainly on account of increase in user base, large ticket loans and expansion of portfolio, a top company official said on Monday. The company claims to have more than doubled its revenue to around Rs 250 crore in FY24 on a year-on-year basis. "Olyv has shown remarkable growth, with current revenue reaching Rs 250 crore, up from Rs 116 crore last year, reflecting a 76 per cent increase in business volumes. The company projects that its revenue for FY25 will be approximately Rs 350 crore. This growth is expected to be driven by several key factors, such as an exponential user growth, an increase in larger ticket size loans, and the launch of new products," Olyv Co-Founder and CEO, Rohit Garg told PTI. Olyv claims that the monthly active user base on the platform grew by 80 per cent year-on-year to 26 lakh. The company partners with RBI-registered non-banking financial companies to facilitate personal lo