Page 19 - Fintech Sector

RBI releases draft framework for fintech self-regulatory organisation

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

Interim Budget 2024-25: Funds to boost reach on fintech industry wishlist

They hope for provisions to ease financial burden on fintechs and tax-saving benefits to startups

Fintech firm Mobikwik refiles draft papers with Sebi to raise Rs 700 cr

Unicorn fintech firm One MobiKwik Systems Ltd has filed its preliminary papers with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering. This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to unfavourable market conditions. The public issue is entirely a fresh issue of equity shares worth up to Rs 700 crore, as per the draft red herring prospectus (DRHP) filed on Thursday. The company may consider a pre-IPO placement of its securities worth up to Rs 140 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. The proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business. Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, a

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

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Paytm looks to rationalise employee costs by revising hiring strategy

The company, said to be exploring different ways to save on employee costs, has laid off a few employees for 'poor performance'

Compliance costs may spur fintech sector consolidation: Industry experts

The minimum cost of compliance has nearly doubled over the past year, say companies

Uttar Pradesh govt invites bids for 100-acre fintech park in Noida

The fintech park, to be developed in Noida Sector 13, will encompass infrastructure amenable for the growth of financial services companies across the financial and allied value chain

Awaiting clearance on PA license, fintechs diversify into credit offerings

Meanwhile, other payment majors awaiting a decision expect to receive a nod in the first half of the next year

PhonePe launches section to help customers with credit score, bills

Fintech company says service will help users in understanding their credit health

Infibeam Avenues picks up 49% stake in Ahmedabad-based Pirimid Fintech

The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally

Loan disbursements by FACE-fintech companies jump 43% in Q2: Report

These companies disbursed around 24.4 million loans in Q2 FY24, marking a 39 per cent Y-o-Y growth in volume from 17.5 million loans in Q2 FY23

Unsecured loan concerns: Fintechs explore long-term loans after RBI alert

Meanwhile, for the past few months, the regulator has been cautious about the increase in unsecured personal loans, which can spiral into potential bad loans

Fintechs rule the roost in India's startup ecosystem this year, shows data

While the overall investment paints a gloomy picture, a handful of firms raised big-ticket funding, and some sectors managed to hold ground

RBI plans cloud for financial data, repository for fintech information

It will be rolled out in the medium term and eventually be transferred to a separate entity owned by the financial sector participants, the regulator said

Indian banks ask fintech partners to limit tiny personal loans: Report

Several smaller fintechs have tie-ups with banks and non-bank finance companies for small-ticket personal loans

Fintech startup ZestMoney to shut down, to lay off remaining 130 employees

The management told the employees that they had to take such a tough decision as the business has not been able to grow, according to the sources.

DGV raises $6 million in funding round led by Omidyar Network India

Startup will use money to improve technology and expand business in states

GenAI, climate & fintech, hot bets for investors next year: Accel's Prakash

Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, audio and synthetic data