Page 7 - Fintech Sector

WazirX freezes $3 million in USDT nearly 7 months after cyberattack

This comes nearly seven months after an alleged security breach led to the loss of over $230 million worth of VDAs -about 45 per cent of the total crypto assets on the platform

Amazon to acquire fintech firm Axio to expand credit services in India

Information about deal size for Bengaluru-based firm not disclosed

NPCI International, UAE fintech partner to enable UPI for Indian travellers

The collaboration with fintech firm Magnati will enable QR-based UPI merchant payments through point-of-sale (POS) terminals across the UAE

Fintechs capture 76% of personal loans as banks slowdown in H1 FY25

Banks experienced a 21 per cent drop in the volume of personal loans sanctioned, accompanied by a 30 per cent decline in loan value year-on-year, according to a new report

Growth in fintech personal loan value moderates in first 2 quarters of FY25

On a year-on-year (YoY) basis, fintech personal loan sanction values grew 10 per cent to Rs 24,847 crore in Q2FY25, compared to Rs 22,439 crore in Q2FY24

At $1.9 billion, Fintech funding declines for third year in a row

The sector raised a high of $8.3 billion in 2021 across 665 funding rounds

Fintechs' personal loan portfolio drops 10% in Q2, NPAs rise: FACE

Fintechs' portfolio outstanding in the riskier personal loans segments dropped by 10 per cent in the September quarter, a self-regulatory organization (SRO) for the sector said on Monday. In a data release -- which comes amid concerns on the personal loans front, which have even led to actions from RBI to curb lending in it -- Fintech Association for Consumer Empowerment (FACE) said the loan outstanding dropped to Rs 66,683 crore at the end of September compared to Rs 74,057 crore in June. The SRO said loans unpaid for over 90 days increased to 3.4 per cent from 3.2 per cent in June. West Bengal (4.1 per cent), Uttar Pradesh (3.7 per cent), Rajasthan and Gujarat (3.6 per cent) each had the highest incident of stress, it added. The first half of the fiscal witnessed a reduction in the average ticket size per borrower to Rs 9,225 against Rs 10,222 in FY24, it said, adding that 41 per cent of the loans in the first half were under Rs 25,000. Digital personal loans by Fintech NBFCs ..

India ranks 3rd in global fintech funding despite 33% drop in 2024: Report

India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total

Fintech Tide eyes a million MSMEs by 2025-end, launch new solutions

SME-focused business financial platform Tide looks to onboard 5 lakh MSMEs to reach 10 lakh members by December 2025 on the back of new AI-powered solutions, a top company official said on Thursday. Tide has crossed 5 lakh MSMEs (members) on its platform within two years after its market entry, Tide in India CEO Gurjodhpal Singh said in a statement. Our goal is to welcome another 500,000 small businesses to Tide by December 2025. To make this happen, we're expanding our range of financial tools using advanced technology to tackle the latest business challenges, Singh said. We're focusing on smarter AI-powered financial insights, stronger connections with India's growing digital payment systems, and new features to make managing finances and admin even easier, he added. Tide plans to offer new products like savings and investments, tailored insurance plans, easy access to formal credit, simplified Udyam registration, hassle-free GST filing and advanced payment acceptance solutions.

Fintech sector voices concerns amid regulatory fears in meeting with FinMin

The fintech sector has expressed its concerns about declining investments, particularly from abroad, as the narrative around this sector has become less positive

With new $650 mn war chest for India, Accel eyes AI, fintech startups

Global venture capital firm Accel on Monday announced that it has raised a USD 650 million early-stage fund to fuel the next generation of category defining startups in the focus sectors of artificial intelligence (AI), consumer, fintech and manufacturing. Accel is the first institutional investor in 80 per cent of its portfolio companies. Its prominent portfolio companies include BlackBuck, BlueStone, Cult.fit, Flipkart, Freshworks, Swiggy, Urban Company and Zetwerk. "Accel, a leading global venture capital firm, today announced that it has raised a USD 650 million early-stage fund dedicated to supporting bold founders in India and Southeast Asia," the company said in a release. Accel said its latest fund eighth in India and Southeast Asia -- builds on its commitment to partnering with early-stage founders to establish disruptive, category defining businesses that create meaningful impact. Sectors in focus for this fund include AI, consumer, fintech and manufacturing. On Accel's

OfBusiness plans to invest Rs 3000 cr in next 3 yrs to ramp up steel biz

OfBusiness, a b2b commerce and fintech startup, is looking to invest about Rs 3,000 crore into doubling its steel business to more than 4MTPA in the next three years. The company has acquired three steel firms -- SMW Ispat, Shree Sidhbali Ispat and Noble Steel -- in the past and the expansion is lined up in all the three companies. "We are looking forward to investing close to USD 350 million, about Rs 3,000 crore, to scale up our steel business from the current 2 million tonne to more than 4 million tonne in the next 3 years. This is also expected to sharply increase the sector EBITDA to 2.5x from the current level. The funding will be a combination of internal accruals and debt & equity financing," Co-Founder and CEO Asish Mohapatra said. The company supplies steel to companies such as L&T, Adani, J Kumar, Dilip Buildcon, Ashoka Buildcon. OfBusiness also plans to get into new categories such as pre-painted galvanised iron (PPGI) adding onto thermo-mechanically treated (TMT)

Credit-on-UPI fintech Kiwi rooted in upheavals in economy, co-founder says

Demonetisation and the pandemic drove India's digital transformation in financial services. Companies built unique use cases around UPI

Sebi mulls facilitating participation of retail investors in algo trading

Capital markets regulator Sebi on Friday proposed facilitating the participation of retail investors in algorithmic trading (algo trading), which provides advantages of faster order execution and improved liquidity. The proposal, if implemented, is expected to fill in the void for retail investors who want to trade using algos with adequate safeguards. In an effort to enhance market efficiency and transparency, Sebi introduced algo trading through the Direct Market Access (DMA) facility, which provided significant advantages such as faster order execution, reduced transaction costs, greater transparency, better audit trails and improved liquidity. However, access to these facilities has been limited to institutional investors. In its consultation paper on Friday, the Securities and Exchange Board of India (Sebi) proposed extending the existing regulatory framework, with additional safeguards, to facilitate the participation of retail investors in algo trading. "The evolving natur

Fintechs go retro: Companies bet on fixed deposits to boost topline

Companies offer up to 9.5% interest rate per annum on fixed deposits

Paytm's wholly-owned Singapore unit approves stake sale in PayPay

The value of the deal is reportedly pegged at $250 million, although the company did not voluntarily disclose the deal size on the exchanges

PhonePe discontinues its partnership with payment aggregator Juspay

The move will allow the Walmart-backed fintech firm to offer an integrated payment flow-from transaction origination to final settlement-to the merchants it services

Fintech firm MODIFI targets to finance 500 SMEs in next 2-3 years

Amsterdam-headquartered fintech MODIFI on Tuesday said it aims to finance over 5,000 small and medium enterprises (SMEs) across India in the next two to three years. Having facilitated over USD 3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said. The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe. In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles. "With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global. With a 38 per cent year-on-year growth, the fintech said it

Regulation-first approach to drive success for fintechs: Paytm founder, CEO

He added that it is the responsibility of entities in the financial services domain to ensure the safety of users through measures involving customer education

CarDekho Group's net revenue increases 54% to Rs 2,074 crore in FY24

The Group delivered its first full-year standalone profitability, with a profit of approximately Rs 37 crore (before exceptional items), a turnaround from a loss of Rs 143 crore in FY23