Page 6 - Fintech Firms

Fintechs lead small-ticket loans' volume with 77% market share: Study

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

Indus Appstore crosses 100,000 downloads in three days of its launch

The rapid adoption of the Indus Appstore, particularly as a side-loaded application, which requires users to download it directly from the Indus Appstore website

Experts suggest regulatory review to boost fintechs, ease compliance burden

With fintech sector gaining size and scale, there is a need to relook at the regulatory policies and guidelines to give further impetus to financial inclusion drive and penetration of financial products to the bottom of the pyramid, experts said. The fintech space has revolutionalised the financial sector in the country. It has also helped to a great extent in formalising the Indian economy, but the recent incident of Reserve Bank's action on Paytm Payments Bank Ltd (PPBL) left a section of industry perplexed. Post the RBI's action, a section of the industry expressed sentiment that the regulatory environment, instead of nurturing innovation, could impede the progress of fintech companies. It is being said that technology-led companies have always been ahead of regulations and regulations do catching up. The purpose of creating a payments bank was to serve an unserved and under-served population of India with a min-KYC and full KYC accounts with a credit limit of Rs 2 lakh only. "T

Fintech firms will go global with govt's clear thinking, says NPCI chief

NPCI chief Dilip Asbe explained that Indian fintech companies will have to take the lead to explain the country's payment standards to the world before exporting them globally

Software firm Trust Fintech raises Rs 5.42 cr in pre-IPO funding round

Software solutions provider firm Trust Fintech Ltd on Friday said it has raised Rs 5.42 crore in a pre-IPO funding round. Earlier this month, the company filed preliminary papers for the Initial Public Offering (IPO) and the shares are expected to be listed on NSE Emerge in March. The IPO will be a fresh issue of 62,82,000 equity shares. Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank and Sameer Gupte, MD at NSDL Data Management Ltd were among the investors who participated in the funding round, according to a release. The Nagpur-headquartered company provides core banking SaaS products and fintech software solutions around ERP implementation and customised software solution development, SAP B1 and Offshore IT services for the BFSI sector. The company intends to utilise IPO proceeds for various purposes, including for establishing a new development facility at Mihan SEZ in Nagpur, and fundi

Fintech personal loan disbursal up from 1.1 mn to 41.6 mn in 5 years: FACE

Similarly, the value of loans has increased from Rs 5,907 crore to Rs 40,845 crore during the same time

Reserve Bank bolsters oversight of fintech firms with more inspections

All the sources declined to be named as they were not authorised to speak to the media

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm. On this, the Delhi bench of National Company Law Tribunal (NCLT) on Monday issued a notice, seeking reply from BharatPe and other respondents and listed the matter for the next hearing in April. Last December, Grover had filed a plea before NCLT alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, which is doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company. It also empowers NCLT "may, on an application made to it in this behalf, waive all or any of the requirements specified" so as to enable a petitioner to apply under sect

Paytm PB aftershocks: Fintechs step up customer outreach with target ads

While Paytm remains the leading player in the PoS segment, competition is heating up

IRIS Business Services Q3 results: Profit increases 19% to Rs 1.76 crore

Global fintech firm IRIS Business Services has reported a profit of Rs 1.76 crore for December quarter 2023-24. In the year-ago period, the profit was Rs 1.48 crore. Revenue in April-December FY24 was Rs 72.35 crore as against Rs 53.47 crore in the year-ago period, the company said in a regulatory filing. During the 9-month period, profit after tax was up 50 per cent from Rs 2.7 crore to Rs 4.06 crore. "The growth in revenues has been driven by the collect segment, which increased sharply to Rs 32.16 crore for the 9 months in FY24 from Rs 17.24 crore in the corresponding period in FY23," it said. It further said growth in the create segment was subdued with revenues going up from Rs 33.19 crore to Rs 36.77 crore. To get customers using other products to switch to ours requires a well funded marketing push which has to wait till we get our funding in place, company CEO S Swaminathan said. While India accounts for 30 per cent of the company's revenues, Africa comes a close second

Fintech platform GroMo distributes Rs 100 cr in payouts to partner agents

Fintech platform GroMo on Saturday said it has distributed Rs 100 crore in payouts to its partner agents on the eve of completing the five-year milestone. The company aims to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, the platform, engaged in facilitating the distribution of financial products, said in a statement. Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities. It provides access to financial products like bank accounts, insurance, credit cards, loans and investment options from the leading banking and non-banking financial institutions, it said. The company has expanded its product portfolio from 25 to over 160 in the last couple of years, it said, adding that the platform has successfully onboarded over 36 lakh partners, doubling its numbers in just a year, and currently operates across 19,000 pin .

Zaggle Prepaid Q3 results: Profit rises 92.7% to Rs 19.5 cr, revenue up 35%

New credit card offerings and lower finance costs helped fintech player Zaggle Prepaid Ocean Services Ltd post a strong 35 per cent growth in revenue in the December quarter, a top company official said on Friday. The fintech player, which provides spend management products and solutions, also said that its recent Rs 200 crore deal with Torrent Gas Ltd offers significant volume and margin potential. Zaggle reported its all-time high quarterly revenue of Rs 199.5 crore for the October-December quarter of 2023-24, a growth of 35.1 per cent over Rs 147 crore in the year-ago period. "The record-breaking performance is a result of our product portfolio's strategic diversification and the successful launch of commercial credit card offerings," Zaggle executive chairman and founder Raj P Narayanam said. "With Torrent Gas Ltd joining as a client, we have entered the fleet loyalty card program, offering significant volume and margin potential," he said, adding that the company is tapping in

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

PB Fintech Q3 results: PAT at Rs 38.05 cr, revenue from ops rises 43%

Revenue from operations rose nearly 43 per cent to Rs 871 crore rupees as proceeds from its insurance broker services more-than-doubled

Fintech firm Quinte, Tamil Nadu sign deal to set up development centres

US-based company will use state's 'talent pool' to establish artificial intelligence, machine learning banking operations

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

ED seizes Rs 1.3 cr in 19 raids on China-backed fintech firms in India

Earlier search operations had resulted in the recovery of incriminating documents and assets totalling Rs 19.43 crore