Page 23 - Fintech Sector

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

Small wonder: Startup cracks MF code with help from small banks

Fisdom among few fintechs to generate revenue through MF distribution

Housing.com and Niro come together to offer facility to pay rent on credit

Proptech firm Housing.com has tied up with fintech startup Niro to offer customers the facility to pay their rent on credit. Housing.com, which is part of Australian firm REA, has started this credit solution -- Rent Now Pay Later (RNPL) service, in partnership with Bengaluru-based Niro. "Now, rent can be paid on Housing.com by users with a zero-convenience fee, an interest-free credit period of up to 40 days, as well as an option to convert rent payments into easy monthly instalments (EMIs)," the company said in a statement. Housing.com had earlier started offering customers the facility to pay rent using credit cards. "However, given that only 4 per cent of Indians have credit cards, the Rent Now Pay Later service affords non-carded users a significant flexibility in their financial planning - allowing them to pay their rent at zero cost and freeing up a significant portion of their disposable income for other items," it said. The new service further provides users with the opti

Loan app with Chinese links: Karnataka HC says investigation necessary

Refusing to defreeze the accounts and set aside the show-cause notice issued to a Kerala-based loan app company, the High Court of Karnataka has cautioned against such apps owned by Chinese entities and individuals which are used to destabilise India. In a recent judgment, Justice M Nagaprasanna, while rejecting the petition of Inditrade Fincorp Ltd, registered in Kochi, said, "It is in public domain that several borrowers have committed suicide unable to bear the harassments of the representatives of such loan apps. The office-bearers of several of these companies which control and operate such mobile loan apps are said to be entities of China or individuals from China sitting as directors of such mobile loan apps. Therefore, it becomes necessary for an investigation, in the least to be conducted of any such company who would operate such loan apps and has transactions between each other." Refusing to stall the investigation against the company, the HC said, "The investigation woul

BharatPe Group appoints Aparna Kuppuswamy as chief risk officer

Prior to joining BharatPe, Kuppuswamy was chief risk officer at SBI Cards for more than 14 years, where she led a number of key projects

Govt to revoke ban imposed on fintech companies LazyPay, Kissht

The government will revoke the ban imposed on fintech firms LazyPay and Kissht after representations were made by these companies, a senior official said on Friday. The government last week ordered the blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service. Sources said that the government will revoke the ban on LazyPay and Kissht that were in the list of banned websites and apps after representations were made by these companies. A senior government official confirmed the development. The Ministry of Electronics and Information Technology (MeitY) issued blocking orders on Saturday, based on an emergency request issued by a nodal officer of the home ministry, against 138 betting and gambling websites and 94 loan apps that were engaging in illegal money laundering and posing a threat to financial security of the country. Fintech firms LazyPay, IndiaBulls Home Loans and Kissht were among the list o

Fintech platform PayMe to invest Rs 200 crore in UP, creates 2,000 jobs

Fintech platform PayMe on Thursday said it will invest Rs 200 crore in Uttar Pradesh to create 2,000 jobs in the area, focusing on training and developing skilled resources in the fintech space.

US-based financial technology company Affirm lays off 19% of workforce

Levchin said that during the early part of the pandemic, the company "consciously hired ahead of the revenue required to support the size of the team", with revenue growth justifying the strategy