Page 6 - Fintech Sector

PayNearby plans to raise funds via IPO in FY27, says CEO Anand Kumar Bajaj

"We have initiated the IPO process and talks with three merchant bankers. We will soon select a merchant banker to proceed with the process," he said

Customer support and service major issues across fintechs: RBI study

An RBI bulletin study highlights customer support and grievance redressal as key challenges for fintechs, with users citing poor service, app glitches and loan processing issues

FACE membership grows fourfold to 275 a year after SRO recognition

The association marked its one year of recognition by the Reserve Bank of India (RBI) last month

Fintechs set for change as norms for debt collection practices are updated

Stricter collection protocols mean you can't push credit as in the past (its return leg has to be taken into account); business models may have to be tweaked even as fintech funding heads southwards

Savings app Jar posts ninefold revenue jump, reaches profitability

Gold-focused fintech serves 35 million users as it vertically integrates operations.

PhonePe, Paytm, Cred end rent service as RBI tightens payment rules

PhonePe, Paytm, Cred end rent service: Regulator's new rules require payment aggregators to route funds only to registered merchants, impacting rent payments via credit cards

FinBox raises $40 mn from WestBridge to boost AI-led credit platform

Credit infrastructure fintech FinBox raises $40 million in Series B led by WestBridge Capital to strengthen AI-driven lending products, expand globally, and scale fraud intelligence

Fintechs offer secured lending with instant loans against mutual funds

Fintechs including PhonePe, Paytm, BharatPe, and Cred roll out loans against mutual funds, offering instant, fully digital secured credit at lower capital costs for investors

RBI fines PhonePe ₹21 lakh for non-compliance with PPI regulations

RBI penalises PhonePe Rs 21 lakh for failing to report escrow shortfalls under PPI norms, marking its third penalty since 2019 over compliance issues

UK PM Starmer to attend Global Fintech Fest 2025 alongside PM Modi

UK Prime Minister Keir Starmer will join PM Modi at Global Fintech Fest 2025, the first foreign head of state to do so, with AI, licensing and stablecoins set to dominate discussions

Turtlemint Fintech Solutions files confidential DRHP with Sebi for IPO

The insurance distribution platform has filed a pre-filing DRHP with Sebi and stock exchanges, but clarified that the filing does not necessarily mean an IPO will follow

Global market turbulence may keep fintech fundraising under pressure

Fintechs raised $889 million in H1 2025, down 26 per cent from H2 2024 and 33 per cent from H1 2024, as valuations cool, regulations tighten, and investors adopt a wait-and-watch approach

TransBnk raises $25 million to expand banking infrastructure platform

TransBnk secures $25 million in Series B funding led by Bessemer to expand into Southeast Asia and Middle East while strengthening its domestic banking infrastructure platform

Paytm winds up RMG business, to invest in Paytm Money and Paytm Services

Following the RMG ban, Paytm's First Games unit ceases operations; parent OCL approves investments in Paytm Money and Paytm Services and simplifies group structure

Fintech Kiwi raises $24 mn Series B, aims profitability in two years

The round also saw participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network

BharatPe to double down on online payments after RBI licence approval

The push comes amid RBI's final licence approval and intensifying competition

B2B fintechs turn to M&As to expand business lines and enter retail market

B2B fintechs are increasingly turning to the consumer side of the payments market, using third-party UPI applications (TPAPs) as entry points

IRCTC harbours fintech ambitions with new payment aggregator entity

With RBI's in-principle nod for IRCTC Payments, the rail PSU plans to process transactions in-house, cut costs, and expand payment services beyond railways

PhonePe tops UPI in July with 8.93 bn transactions, 46% market share

PhonePe processed 8.93 bn UPI transactions in July, ahead of Google Pay's 6.92 bn, as total UPI volume hit a record 19.46 bn worth ₹25.08 tn, NPCI data shows

Paytm's PA nod may increase market competition in digital payments

RBI's in-principle approval allows Paytm to resume merchant onboarding, lifting 2022 restrictions and opening the field to stronger competition in the payments space