Page 13 - Fintech Sector

Fintech firm Paytm sees 19% growth in flight bookings in Jan-Mar quarter

Fintech firm One97 Communications claims to have registered on-year growth of 19 per cent growth in flight bookings in the January-march quarter of this year, the company said in a regulatory filing on Monday. The travel ticket business of Paytm falls within its marketing services vertical, which grew by 1 per cent in revenue terms to Rs 395 crore on a year-on-year basis in the March 2024 quarter. "In the fourth quarter of financial year 2024, Paytm maintained its upward trajectory in market share among OTAs (online travel aggregators), with flight bookings showing a notable year-on-year increase of around 19 per cent, surpassing the industry's growth rate of around 3 per cent," the filing said. Paytm's marketing services business primarily includes ticketing (travel, movie, events etc.), advertising, credit card marketing, and deals and gift vouchers. The company had posted 28 per cent growth in GMV (gross merchandise value) for ticketing, deals and gift vouchers etc. to Rs 2,804

Pine Labs plans $1 billion IPO in India after shift from Singapore

The company may seek a valuation of more than $6 billion in an IPO, according to industry sources

Apple kills off its buy now, pay later service barely a year after launch

Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the US, and will rely on companies who already dominate the industry like Affirm and Klarna. It's an acknowledgement from a company known for producing hit products that building a financial services business from scratch as Apple has been doing for several years is difficult and highly competitive. Apple Pay Later launched with fanfare in March 2023 as a way for iPhone customers to split purchases of up to USD 1,000 into four equal payments with no fees or interest. The service was Apple's answer to the growing popularity of buy now, pay later services globally, and considered a sizeable threat to companies like Klarna, Affirm and others. But Apple Pay Later was only available where Apple Pay was accepted whereas the other buy now, pay later companies had deeply integrated themselves into millions of merchant websites. In an acknowledgement of how popular buy n

Fintech to switch on reset button as self-regulatory mechanism comes in

The first signs of change in the way the sector looks at itself are upon us

Capitalise on secular spending surge with consumption-themed equity fund

Consumption themed funds invest across a diversified range of sectors: FMCG, auto, telecom, consumer durables, healthcare, power, organised retail, and realty

PhonePe's UPI share expands, Paytm sees marginal rise in txn volume in May

The Bengaluru-based digital payments and financial services company has maintained its streak of growth on UPI with its share increasing from 47.35 per cent in February this year

PhonePe ties up with Sri Lankan ride-hailing player to enable UPI payment

Fintech firm PhonePe has partnered with ride-hailing platform PickMe to enable UPI-based payments for Indian travellers in Sri Lanka, the Walmart group firm said on Thursday. Last month, PhonePe entered into a partnership with LankaPay to allow its users to pay using UPI across Sri Lanka. "Our partnership with PickMe exemplifies the company's commitment to providing Indian travellers with convenient and trusted payment solutions. Previously, navigating payments in a new country could be a hassle. "Now, with PhonePe, Indian tourists visiting the beautiful island nation of Sri Lanka can enjoy the ease and security of UPI payments for their rides," Ritesh Pai, CEO of PhonePe - International Payments, said. The collaboration follows the launch of PhonePe in the island nation last month, wherein the Indian High Commissioner Santosh Jha had urged companies in Sri Lanka to engage with Indian companies to build on the UPI stack for innovations in hotel bookings, cab bookings, delivery ...

Fintech firm Fibe raises $90 mn in funding round led by TR Capital

Fintech firm Fibe on Wednesday said it has raised USD 90 million in a funding round led by TR Capital, Trifecta Capital and Amara Partners. Fibe's existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the funding round, including primary and secondary transactions. Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe facilitates consumer finances like healthcare loans, edtech loans, insurance financing, and school fee financing, among others. "The infusion of new capital not only fuels our growth but also highlights our dedication to empowering India's youth on their journey towards fulfilling their dreams. With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India," Fibe co-founder and CEO Akshay Mehrotra said. Fibe claims to have disbursed more than 6 million loans worth over Rs 20,000 crore since inception. "The fres

Peru to adopt UPI technology, first South American country to do so

India's NIPL inks pact with Peru's central bank to develop the technology

Aim to connect lenders, customers for financial needs: PhonePe Lending CEO

In unsecured loans, there is no asset or underlying security that is taken from the customer, said Gala

RBI finalises framework for self-regulatory organisations in fintech sector

An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country

Valuations, better access to capital spur fintech players' homecoming

Firms that are looking to shift their domicile back to the country may have to look at a hefty tax bill

Niro hits Rs 1,000 crore disbursement milestone with fintech partnerships

The uptick in credit disbursements follows closely on the heels of the firm reaching its previous milestone of Rs 500 crore in August last year

Pine Labs gets approval from Singapore court to relocate base to India

Pine Labs' decision to shift domicile follows a broader trend among fintech firms like PhonePe and Groww, which have also moved their bases back to India

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka

Apart from the National Payments Corporation of India's (NPCI) UPI, these transactions will be facilitated by the LankaPay National Payment Network

PB Fintech Q4FY24 results: Net profit at Rs 60.19 cr, revenue up 25.4%

The company posted profits for the first time in the third quarter of FY24 at Rs 36 crore

Paytm COO Bhavesh Gupta resigns; company rejigs senior management

Paytm's parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday. As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money. The company has moved Varun Sridhar, who was heading Paytm Money, as CEO of Paytm Services -- which deals in the distribution of mutual funds and other wealth management products. "Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm's growth initiatives until the end of the year," the statement said.

PayU invests $5 million in cross-border payments start-up BRISKPE

BRISKPE will use the funding to improve its product and service offerings, expand its team, and scale its services

CRED to roll out payment checkout terminals to merchants this year

The devices will be interoperable and UPI users can pay through the checkout terminals using any application

Fintech players likely to request RBI for a simpler merchant KYC process

It has proposed that payment aggregators will be required to undertake Contact Point Verification (CPV) of entities which involves physical verification of customers