Page 8 - Fintech Firms

Fintech firms are back to business by wooing audience in small markets

Sector's growth mirrors growth in the broader credit market but it faces greater regulatory scrutiny

PayU India CEO Anirban Mukherjee elevated to global CEO position

PayU's GPO business contributes around 30 per cent of its overall revenues

Fintech firm CRED launches vehicle management platform 'CRED Garage'

The feature will be available within the CRED app

Sidbi inks agreement with DLAI, aims to boost India's fintech sector

The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership

FACE adopts new code of conduct to strengthen customer protection

The association applied to become an SRO with the Reserve Bank of India (RBI) in January last year

Will take a shot at bourses after 3-4 quarters of profit: MobiKwik

Taku said that the company plans on tapping into new investments if it is working on a new product or an inorganic play that requires capital

AI may gobble up 90% of jobs, warns CRED founder & CEO Kunal Shah

"I think we should stop worshipping unicorns. We have to worship people who have large profit pools…" KUNAL SHAH, Founder & CEO, CRED

Soon, make your card payments through Paytm and Pine Labs soundboxes

The company said the total deployment of all its soundboxes is pegged at 85 lakh devices in the market. Additionally, the company added that it deploys over 12 lakh soundboxes every quarter

Fintech-firm Aye Finance posts Rs 38.67 crore profit in Q1 of FY24

Aye Finance, a fintech firm which mainly provides unsecured small-ticket business loans to micro enterprises, has reported a nearly four times increase in net profit to Rs 38.67 crore in the first quarter of the current fiscal. The Gurugram-headquartered company had posted a net profit of Rs 9.78 crore during April-June 2022-23. Its profit during 2022-23 stood at Rs 60 crore. The quarter's financial results have positioned Aye Finance as a frontrunner in the micro-enterprise lending domain, with its unique business model yielding substantial gains, it said in a release. "Our innovative approach, coupled with responsible lending practices and efficient processes across all verticals, continues to fuel our success in serving micro enterprises," said Sanjay Sharma, founder and managing director, Aye Finance. Incorporated in 2014, the fintech lender is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest.

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

As funding winter continues, how fintech firms may find path to thaw

Regulators have recognised the potential they hold for our country. It is now upon companies to take the mantle forward

RBI signals greater scrutiny of fintech industry amid funding drought

Fintechs will need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability

PolicyBazaar hits fresh 52-week high; stock nearly doubles from 52-week low

The stock of fintech company was trading at its highest level since May 2022.

Tamil Nadu govt defends Fintech City contract, says process transparent

Company that won deal for project is not blacklisted, it says after criticism

EV financing platform Revfin raises $5 million in investment from DFC

The fintech plans to introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis

A new fintech world is upon us amid funding drought, lower valuations

Fintech valuations have come crashing down and conditions are ripe for a spate of buyouts

BharatPe loses Rs 5,610 cr in FY22 after change in fair value of CCPS

Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year

PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm

Joins decacorn club as most-valued fintech after topping $12-billion valuation in new funding

Fintech startups in India raise $5.65 bn in 2022, 47% drop from 2021

Fintech startups in India raised $5.65 billion in 390 rounds last year, a massive drop of 47% in terms of funding amount and 29% in the number of rounds when compared with 2021

Fintech player Zaggle files IPO papers with Sebi to mobilise funds

Fintech player Zaggle Prepaid Ocean Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. The IPO (initial public offering) comprises fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders, according to the draft red herring prospectus (DRHP). Those offering shares in the OFS include promoters -- Raj P Narayanam and Avinash Ramesh Godkhindi and investors -- VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company. Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes. Founded in 2011, the company operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined soluti