Page 4 - Fintech Firms

Fintech firm Biz2X plans to hire 200 professionals across roles in FY26

Digital lending SaaS platform Biz2X, which has a current workforce of about 1,000, will hire over 200 professionals across AI, data science, engineering, product management, and technology in India in the next financial year. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small and mid-size business customers. India's digital lending landscape is undergoing a paradigm shift, with artificial intelligence (AI) emerging as the backbone of financial sector especially for risk assessment and credit decisioning, said Rohit Arora, co-founder and CEO of Biz2Credit and Biz2X. Arora outlined Biz2X's ambitious AI-led expansion plans, which includes the development of real-time credit models, partnerships with financial institutions. "The company also has robust hiring plans in the year ahead. Biz2X, with current workforce of 1,000 plus, will look to hire over 200+ professionals across AI, data science, ..

Prosus-backed fintech firm PayU buys 43.5% stake in Mindgate Solutions

The deal will allow PayU to expand into the real-time payment processing market, including the Unified Payments Interface (UPI)

UPI incentive cut worries industry again; calls for MDR grow louder

Industry's concerns surfaced after the government approved ₹1,500 crore in a scheme for the promotion of low-value BHIM-UPI transactions when made from peers to merchants

Fintech firm Pine Labs targeting Indian IPO in second half of 2025: CEO

Pine Labs, whose main backer is venture capital firm Peak XV, offers full stack payment solutions including point-of-sale machines to merchants for card payments

Razorpay eyes group profitability ahead of IPO plans, expands to Singapore

The Tiger Global Management-backed company is focused on becoming profitable on a consolidated basis across all business verticals, said Shashank Kumar, co-founder and managing director of Razorpay

Razorpay enters Singapore, its 2nd international foray after Malaysia

The expansion into Singapore comes on the back of the company's focus on the South East Asian market

Flipkart-backed super.money acquires checkout financing platform BharatX

The company plans to introduce checkout financing for direct-to-consumer (D2C) and e-commerce brands

PhonePe begins IPO process, set to become third fintech to list in 5 years

PhonePe said its "strong top line and bottom line growth" across business portfolios makes it a suitable time for public listing

PayU appoints new risk officer in a streak of new leaderships hires

Rao's appointment follows a streak of leadership changes at the payments technology company

PhonePe launches device tokenisation for credit and debit card transactions

This is a first among companies that have decided to offer direct solutions to customers without requiring a merchant's reliance on third-party payment orchestration platforms

Razorpay elevates Haria to role of CPO as it eyes Southeast Asia expansion

The appointment comes at a time when the company is planning to expand in Southeast Asia and focus on expanding Unified Payments Interface (UPI) and Razorpay POS

Razorpay marks 10 years, targets about $400 billion in TPV by 2030

The company's next target is focused on transforming the payment experience for more than 1 billion consumers

Fintech firm Ambak raises $7 million in seed and pre-series A round

The company plans to expand its operations across 35 cities and aims to cater to over 1 lakh customers in the financial year 2025-26 (FY26)

Slice to rebrand as Slice Small Finance Bank after North East SFB merger

The merged entity has received a no-objection certificate from the Reserve Bank of India (RBI) for the rebranding exercise

US fintech firm Broadridge to boost India headcount by 26% in 3 years

The plan comes at a time when multinational companies are increasingly setting up local offices, or global capability centres (GCCs), in India to support their daily operations

Fintechs capture 76% of personal loans as banks slowdown in H1 FY25

Banks experienced a 21 per cent drop in the volume of personal loans sanctioned, accompanied by a 30 per cent decline in loan value year-on-year, according to a new report

India ranks 3rd in global fintech funding despite 33% drop in 2024: Report

India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total

OfBusiness plans to invest Rs 3000 cr in next 3 yrs to ramp up steel biz

OfBusiness, a b2b commerce and fintech startup, is looking to invest about Rs 3,000 crore into doubling its steel business to more than 4MTPA in the next three years. The company has acquired three steel firms -- SMW Ispat, Shree Sidhbali Ispat and Noble Steel -- in the past and the expansion is lined up in all the three companies. "We are looking forward to investing close to USD 350 million, about Rs 3,000 crore, to scale up our steel business from the current 2 million tonne to more than 4 million tonne in the next 3 years. This is also expected to sharply increase the sector EBITDA to 2.5x from the current level. The funding will be a combination of internal accruals and debt & equity financing," Co-Founder and CEO Asish Mohapatra said. The company supplies steel to companies such as L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon. OfBusiness also plans to get into new categories such as pre-painted galvanised iron (PPGI) adding onto thermo-mechanically treated (TMT)

JP Morgan-backed ISG secures RBI approval to operate as payment aggregator

JP-Morgan-backed fintech company In-Solutions Global (ISG) has secured full authorisation as a payment aggregator under the Reserve Bank of India's regulatory framework. The approval further empowers ISG to streamline digital payments for merchants across various sectors, ensuring fast, secure, and reliable transactions while advancing financial inclusion, the fintech said in a release. The company currently processes over 28 billion transactions annually, serving more than 70 per cent of banks in India. Adelia Castelino, Managing Director, said: "It strengthens our position as a trusted partner, enabling us to power enterprises and SMBs with cutting-edge, scalable payment solutions." The company further said the licence complements ISG's growing portfolio, including its prepaid payment instrument (PPI) licence, enabling it to offer an integrated suite of payment solutions spanning online platforms, retail transactions, transit payments, and more. "This regulatory approval positio

Fintech firm MODIFI targets to finance 500 SMEs in next 2-3 years

Amsterdam-headquartered fintech MODIFI on Tuesday said it aims to finance over 5,000 small and medium enterprises (SMEs) across India in the next two to three years. Having facilitated over USD 3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said. The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe. In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles. "With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global. With a 38 per cent year-on-year growth, the fintech said it