Page 24 - Fintech Sector

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

Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

RazorpayX launches forex service for founders, to empower 1,000 startups

With an annualised run rate of Rs 350 crore under this forex service to date, the company expects it to scale up by 3-4 times in the next financial year

BharatPe loses Rs 5,610 cr in FY22 after change in fair value of CCPS

Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year

PhonePe investors had to pay Rs 8,000 cr taxes to shift base to India: CEO

Sameer Nigam says move worked due to presence of long-term investors such as Walmart, Tencent and several balance sheet investors who can take a multi-decade view

RBI grants in-principle approval for payment aggregator licence to EnKash

Fintech startup EnKash has got in-principle approval from RBI for payment aggregator's licence, the company said on Wednesday

Ashneer exhibited 'unruly, threatening behaviour' in AGM: BharatPe

BharatPe said its former co-founder and MD Ashneer Grover exhibited "unruly, intimidating and threatening behaviour" towards the authorised representatives and employees of the company

Suhail Sameer steps down as BharatPe's CEO, will be new Strategic Advisor

Sameer has been overseeing the company after it ousted Ashneer Grover for financial misappropriation

India's fintech industry to face a tough 2023 as investments cool: Bain

This year, the Indian regulator, spurred by fraud and malpractice instances in the fintech lending space, stepped up its oversight to regulate it through a series of guidelines

Fintech firms Razorpay, Cashfree can't onboard new merchants for now

Razorpay said it was a temporary move and will not have any impact on its existing business operations and current merchants

RBI advises fintechs to focus on governance, data protection issues

Das advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks

Fintech giant Plaid lays off 260 employees; offers 16 weeks of base pay

Fintech company Plaid is laying off 260 employees, or about 20 per cent of its workforce globally, amid the global macroeconomic conditions

Fintech firm Enkash claims three-fold growth in valuation since March

Start-up that helps businesses manage their payments says it will not seek more funding this financial year

It's time for evangelising fintech governance

New-age lenders reached out to new segments that were largely overlooked and unaddressed, even as more customers turned to them for their need for niche products and convenience

Global FinTech firm FIS issues pink slips to over 400 employees in India

Move comes a year after firm's plans to hire 10,000 people in the country; more likely to be axed in restructuring exercise; final settlement likely within five days from separation date

KreditBee raises $80 million in Series D from Premji Invest, others

The fintech firm aims to cross an AUM of over $1 billion in the next 6-9 months

Fintech lenders align business model with RBI's digital lending norms

The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category

Four senior execs quit BharatPe, to pursue 'entrepreneurial passions'

Among the top brass leaving today were Vijay Aggarwal, Rajat Jain, Geetanshu Singla, and Nehul Malhotra

PhonePe set to acquire fintech start-up ZestMoney for about $300 mn

Deal expected to be closed in two-four weeks, says source

Stock of this beaten down fintech company zoomed 20% today on heavy volumes

Shares of Fino Payments Bank were locked in 20 per cent upper circuit at Rs 230.70 in Wednesday's intra-day trade