Page 13 - Fintech Sector

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

PayU gets RBI's in-principle approval to operate as payment aggregator

The company said it can start onboarding new merchants on its platform with the in-principle approval

Fintech major BharatPe launches an 'all-in-one' payment acceptance device

The device enables transactions via different methods such as point-of-sale (PoS), quick response (QR) code, tap-and-pay and traditional card payment options such as debit and credit cards

'In a first', RBI asks fintech to track suspicious transactions in polls

The banking regulator routinely directs banks in the country to monitor and track suspicious transactions during elections

Jio Financial Services Q4 results: Net profit jumps 6% to Rs 311 crore

Jio Financial Services shares on Friday ended 2.17% lower at Rs 370 on BSE

BharatPe elevates Nalin Negi to full-time CEO after Sameer's exit in 2023

Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer. Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post. "We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," BharatPe, Chairman of the board, Rajnish Kumar said. Negi joined BharatPe in 2022, with over 28 years of experience in building and scaling businesses in the fintech and banking domains. "I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products. "We are committed to building on the strong foundation, .

Fintech ups and downs in the first quarter of 2024 as funding declines

There were two initial public offerings in Q1CY24 and none the same time last year. Five fintech firms raised $446 million in Q1, according to Tracxn.

Revolut gets RBI nod to issue Prepaid Payment Instruments in India

Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country. This enables it to operate as a domestic player in the market, the global fintech firm said in a statement. This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services, it said. It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said. Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging ...

Indian fintech startup funding surges 59% in Q1 CY2024: Tracxn report

India ranked third globally in terms of funding raised by fintech companies, behind the US and China, the report said

BharatPe rejigs senior management of payment, lending unit verticals

Fintech firm BharatPe is learnt to have rejigged senior management of its payment and lending unit verticals, according to sources. The company has elevated its banking and alliance Chief Business Officer Sandeep Indurkar as CEO of payment vertical -- Resilient Payments Pvt Ltd. CEO BharatPe's Zillion -- erstwhile Payback India -- Rijish Raghavan will now handle device business of the company. The company's head for consumer lending vertical Kohinoor Biswas will handle Zillion in place of Raghavan. All three will report to BharatPe's CFO and interim CEO Nalin Negi. An emailed query sent to BharatPe elicited no response. There has been no change in the merchant app vertical. The company has seen improvement in business with 182 per cent year-on-year increase in revenue from operations to Rs 904 crore in FY23, while loss before tax fell to Rs 886 crore from Rs 5,594 crore during the period. A significant progress was made in reducing loss before tax, from Rs 5,594 crore to Rs 886

CY24 trend so far: Two unicorns, but funding to startups down 29%

India 4th-largest recipient of funding

Ambit Finvest raises Rs 690 crore from Daiwa Securities, existing investors

Non-bank lender Ambit Finvest on Tuesday said it has raised Rs 690 crore from a Japanese securities group and other existing investors. Japan-based Daiwa Securities Group, which has been a partner for Ambit Group in other businesses, will get a minority stake for its Rs 415-crore investment, a statement said. The remaining Rs 275 crore has been raised from existing shareholders, including the parent, the statement said. The company is engaged in providing secured and unsecured business loans, as well as used vehicle loans, to micro small and medium-sized enterprises in India over the last two years, and has invested in branches and technology, the statement said. Classified as a systemically important Non-Banking Financial Company (NBFC), it has helped over 68,000 MSME business owners by offering them business loans for various requirements. It has disbursed over Rs 6,000 crore worth of loans since its inception in 2018 and currently has over Rs 3,800 crore in assets under managem

US sanctions Russian fintech firms accused of enabling sanctions evasion

The U.S. on Monday imposed sanctions on a collection of fintech firms and people, mostly in Russia, accused of enabling sanctions evasion. Treasury's Office of Foreign Assets Control sanctioned 13 firms five of which are owned by an already sanctioned person and 2 people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, thus enabling potential sanctions evasion," according to U.S. Treasury. Included in Monday's sanctions are a group of Moscow-based fintech companies and a Russia and UAE-based virtual currency exchange, among others. Lawmakers and administration officials have voiced concerns that Russia may be using cryptocurrency to avoid pain from the avalanche of sanctions imposed on banks, oligarchs and the energy industry in response to Russia's February 2022 invasion of Ukraine. Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to