Page 23 - Fintech Sector

Lot of global investor interest in India right now: Arkam Ventures MD

We expect more foreign limited partners to put money into India, says Bala Srinivasa, MD, Arkam Ventures

Why can fintech sector ecosystem in India survive funding winter

The fintech space has witnessed a 60 per cent year-to-date slump in funding

Travel fintech firm Scapia raises $9 mn for operations, tech capability

Start-up converts customers' everyday expenses into travel rewards stored in a co-branded card

Fintech firm Scapia raises $9 mn in funding round led by Matrix Partners

Fintech firm Scapia has raised USD 9 million (about Rs 74 crore) in a seed funding round led by Matrix Partners India for scaling up its co-branded credit card business, the company said on Wednesday. Tanglin Venture Partners, Binny Bansal's 3STATE Ventures and notable angel investors such as Keki Mistry (HDFC CEO) also participated in the funding round. Scapia is a travel fintech company on a mission to make travel accessible through its suite of financial products. It has launched co-branded credit card in partnership with Federal Bank which has been developed to target travelers. "We are excited to partner with our investors to help us scale and meet these customer needs. We see a massive opportunity for Scapia - less than 5 per cent of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030," Scapia, Founder Anil Gotetti said. The company has also built a travel platform within the app to enable customers to ...

Paytm can add 15 mn new customers for soundbox devices in next 2-3 years

Company has first-mover advantage in this space, but the competition is getting aggressive too

Google to set up its global fintech operations centre in Gujarat: Pichai

Internet giant Google will set up its global fintech operation centre at GIFT City in Gujarat, its CEO Sundar Pichai said on Friday after meeting Prime Minister Narendra Modi here. Pichai also said that his company continues to invest in India though its USD 10 billion India Digitisation Fund. Modi is visiting the US from June 21 to June 24 at the invitation of President Joe Biden and First Lady Jill Biden. Besides Pichai, the prime minister at an interaction with top CEOs also met Microsoft CEO Satya Nadella, Apple CEO Tim Cook, OpenAI CEO Sam Altman, and AMD CEO Lisa Su, among others "Today we are announcing the opening of our global fintech operations centre in GIFT City, Gujarat. It will cement India's fintech leadership, thanks to UPI, and Aadhaar. We are going to build on that foundation and take it globally," Pichai said. The Indian-origin CEO said it is exciting to see the progress that the country has made, particularly around the vision of Digital India and the economic .

Fintech City will make TN an unparalleled hub in financial tech: Minister

The proposed financial technology tower of Fintech City being set up in Chennai is expected to bring in investments worth Rs 1,000 crore in its first phase, Tamil Nadu Industries Minister T R B Rajaa said. Chief Minister M K Stalin, on Saturday, laid the foundation stone for setting up the Fintech City and a Fintech tower at an outlay of Rs 370 crore that is expected to generate 90,000 jobs in the state. The Financial Technology Tower, which will come up in Nandambakkam in the city, is expected to generate 7,000 new jobs in the state in the initial phase, Rajaa said. "As the first phase of development of TN FinTech City, the Fintech tower in Nandambakkam, Chennai will attract over Rs 1,000 crore investments and generate 7,000 employment opportunities for Tamil Nadu and make the state an unparalleled hub in financial technology (sector)," Rajaa said in a social media post. "It will shine as the central node for fintech companies in TN. Today, we have not just laid the foundation sto

Tamil Nadu woos fintech firms; hopes to raise Rs 12,000 cr for Fintech City

State allots 56 acres for project, aims to create 80,000 jobs

Funding in Indian fintech down 40% in 2022, says IIFL Fintech report

The country has over 9,500 fintech companies operating in the country

Fintech firm Indifi raises Rs 290 cr in funding round by ICICI Venture

Company plans to expand its operations and expand small businesses' access to working capital finance

Fintech major PhonePe launches AA Services via wholly-owned subsidiary

Authorised by RBI, an account aggregator (AA) is a licensed entity that can collect financial data with a user's consent

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

Money transfer service Zepz to lay off 420 employees, 26% of its workforce

Zepz said that it was implementing "workforce optimisation" to account for roles that had been duplicated following its combination of Sendwave with WorldRemit, according to the report

APAC region to surpass US by 2030 to become world's largest fintech market

These regions, which are an underpenetrated market with nearly $4 trillion in financial services revenue pools, have the largest fintechs

BharatPe acquires majority stake in Mumbai-based NBFC Trillion Loans

Company that provides loans to small businesses will operate as independent entity

Fintech companies in talks to decide on rules for self-regulation

The RBI proposed the creation of a self-regulatory organisation (SRO) in March during a conference hosted by the Department of Payment and Settlement Systems

As govt tightens regulations, fintech firms search for legal experts

Industry experts said fintech firms are looking for senior professionals adept at handling legal and compliance-related issues to support their operations

Fintech start-up Nimbbl raises $3.5 mn to improve market presence

Company says more than 4,000 merchants use its one-click payment checkout solution

Fintech outliers in the funding winter despite tough regulatory framework

According to Tracxn, which tracks start-up data, fund-raises by fintechs slowed in calendar 2022 to $5.65 billion, a drop of 47 per cent from the preceding year

Self-regulation useful tool for setting rules for fintechs: RBI's M K Jain

The central bank's deputy governor says RBI has endeavoured to find a middle ground trying to balance between the innovation brought by fintechs and the unique risk they introduce