Page 6 - Fintech Companies
Axis Bank to acquire over 5% stake in CredAble for Rs 55 crore by September
The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble.
 "Axis Bank to acquire over 5% stake in CredAble for Rs 55 crore by September")
BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit
According to a media report, Koladiya's departure is due to a disagreement between him and BharatPe as well as the company's Chief Executive Officer Suhail Sameer.
 "BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit")
Indian tech startups raise $6 billion in April-June quarter, Fintech rules
Number of deals dropped by 17% sequentially, more than half were larger than $100 million each
 "Indian tech startups raise $6 billion in April-June quarter, Fintech rules")
Fintechs funded by Chinese money generated Rs 950-crore slush funds: ED
Fintech companies brought the funds to be lent to the public, did MoU (memorandum of understanding) with "defunct" NBFCs for their lending licence, it said
 "Fintechs funded by Chinese money generated Rs 950-crore slush funds: ED")
Startups should think of credit solution for small businesses: Vaishnaw
Vaishnaw urged consumer tech companies to leverage Open Network for Digital Commerce (ONDC), India's alternative in its e-commerce market
 "Startups should think of credit solution for small businesses: Vaishnaw")
We ensure that crypto transactions are in the KYC framework: CoinSwitch CEO
Crypto will pave the way for Web 3.0, a new internet that is open and shared, says CoinSwitch CEO Ashish Singhal
 "We ensure that crypto transactions are in the KYC framework: CoinSwitch CEO")
Facilitated Rs 3,600 cr loans in Q1FY23, up 112% QoQ, says BharatPe
Helped disbursals to over 120,000 merchants in Q1FY23, up from 66,000 merchants in Q4FY22
 "Facilitated Rs 3,600 cr loans in Q1FY23, up 112% QoQ, says BharatPe")
Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn
Pine Labs, backed by investors such as Sequoia Capital, PayPal, and Mastercard, competes with fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay
 "Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn")
WEF 2022: 5 Indian start-ups among 100 to join Tech Pioneers community
The selected start-ups are also invited to participate in WEF 2022 workshops and events and high-level discussions during their two years in the community
 "WEF 2022: 5 Indian start-ups among 100 to join Tech Pioneers community")
Fintech Kaleidofin raises 2nd tranche of $15 mn Series B equity funding
According to the company, the proceeds of this round will be used to strengthen tailored credit solutions for informal sector customers.
 "Fintech Kaleidofin raises 2nd tranche of $15 mn Series B equity funding")
Rise Capital begin operations in India; appoints Anuj Mehta has India head
Rise Capital has already invested in two Indian startups, TradeX and SaveIn, both in the fintech space.
 "Rise Capital begin operations in India; appoints Anuj Mehta has India head")
Startup firms let Indian retail investors buy corporate debt at $130
The new start ups are seeking to reassure investors they are doing all they can to protect their clients
 "Startup firms let Indian retail investors buy corporate debt at $130")
Financial firm MyShubhLife raises Rs 100 cr in Series-B funding from Gojo
The company said it would utilise the funds to further expand its footprint with more corporate and large platform partnerships, invest in technology and enlarge its talent pool
 "Financial firm MyShubhLife raises Rs 100 cr in Series-B funding from Gojo")
Ashneer Grover hits out at BharatPe board members for 'snatching keys'
Former Co-founder and managing director of BharatPe, Ashneer Grover, on Thursday once again hit at the board members of the fintech company
 "Ashneer Grover hits out at BharatPe board members for 'snatching keys'")
BharatPe enters gold loan segment; eyes disbursals of Rs 500 cr this year
For launching gold loans, BharatPe has partnered with a few NBFCs, and will be offering loans of up to Rs 20 lakh against gold pledge
Xoxoday raises US $30 million from Giift and Apis Partners
Giift and Apis Partners announced today that it has acquired a significant strategic interest in Xoxoday, a fintech disruptor in the rewards, incentives and payout space.
 "Xoxoday raises US $30 million from Giift and Apis Partners")
Fintech GoalTeller raises $500,000 Pre-Series A from slew of investors
The company plans to focus on further building its team, especially on the sales development and some senior tech hires
 "Fintech GoalTeller raises $500,000 Pre-Series A from slew of investors")
Fintech firm WeRize eyes $200 mn annualised revenue run rate by 2025
It has been able to gather more than billion data points over the last 2.5 years of its customers, which helps the company to design better and customise financial products.
 "Fintech firm WeRize eyes $200 mn annualised revenue run rate by 2025")
Fintech firms demand further liberalisation of tax regime in Budget
The fintech industry has urged Finance Minister Nirmala Sitharaman to further liberalise the tax regime for financial sector startups in the forthcoming Budget
Fintech unicorn Razorpay's value jumps to $7.5 bn; up 7.5x in 15 months
Razorpay was valued at $1 billion in October 2020 and $3 billion in April 2021
 "Fintech unicorn Razorpay's value jumps to $7.5 bn; up 7.5x in 15 months")