Page 2 - Fintech Start-ups

Fintech startup Yenmo secures $500,000 investment from Y Combinator

Yenmo offers a full-stack API (application programming interface) solution for other companies to integrate loans against mutual funds into their products

Fintech stock sinks 9% on block deal Tuesday; has soared 87% so far in 2024

In the last 6 months, Infibeam Avenues has rallied 141 per cent from a level of Rs 16.6 reached on September 12, 2023

A moment of reflection for startup founders

If there's one lesson fintech stars can draw from Paytm's regulatory challenges, it's not to take their stardom for granted

Ashneer files plea in NCLT, seeks exemptions in petition against BharatPe

BharatPe co-founder and former managing director Ashneer Grover has filed a plea before NCLT seeking waiver over a petition earlier filed by him alleging oppressive conduct and mismanagement by the board of the fintech firm. On this, the Delhi bench of National Company Law Tribunal (NCLT) on Monday issued a notice, seeking reply from BharatPe and other respondents and listed the matter for the next hearing in April. Last December, Grover had filed a plea before NCLT alleging oppressive conduct and mismanagement by the board of Resilient Innovations Pvt Ltd, which is doing business as BharatPe, under sections 241 and 242 of the Companies Act 2013. However, section 244 of the Act also mandates that the shareholder, to file an appeal under section 241, should have a minimum of 10 per cent of the shares of the company. It also empowers NCLT "may, on an application made to it in this behalf, waive all or any of the requirements specified" so as to enable a petitioner to apply under sect

Enterprise fintech industry set to surge, aiming for $20 bn market by 2030

'Large and small banks have started investing heavily in tech and are focusing on scaling their digital business throwing up opportunities for enterprise fintech firms'

Startup funding in India fell 62% to six-year-low in 2023: PrivateCircle

The funding deal volume fell by a sharper 72% in 2023 to 1,444 deals as compared to 5,114 deals in 2022

Fintech firm FinAGG Technologies raises $11 million in Series A funding

The company, which works in the MSME financing space, said the latest funding will be utilised towards expanding its offline and online presence, global outreach and investments in product innovation

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

InCred announces list of investors injecting Rs 500 crore in company

The round saw participation from ultra-high-net-worth individuals (HNIs), Family Offices, and institutional investors such as Varanium Capital Advisors and Sattva Group

Fintech startup EnKash gets RBI nod to operate as payment aggregator

After receiving RBI's nod to operate as payment aggregator, EnKash said that it is now poised to bring further innovation to the B2B payment business

Fintechs rule the roost in India's startup ecosystem this year, shows data

While the overall investment paints a gloomy picture, a handful of firms raised big-ticket funding, and some sectors managed to hold ground

Fintech startup ZestMoney to shut down, to lay off remaining 130 employees

The management told the employees that they had to take such a tough decision as the business has not been able to grow, according to the sources.

Scapia raises $23mn funding led by Elevation Capital, 3STATE Ventures

Fintech company Scapia has raised USD 23 million in a funding round, led by Elevation Capital and Binny Bansal's 3STATE Ventures. The round also saw participation from existing investors -- Matrix Partners India and Tanglin Venture Partners. "Scapia's USD 23 million Series-A fundraise is a testament to the customers' love for its co-branded credit card and delightful app experience. Within five months of launch, Scapia has distributed its card in over 7,500 pin codes," the company said in a statement. Scapia offers financial products and travel services through its co-branded credit cards. The company plans to use the funds to grow the customer base, add more banking partners, and enhance the product offerings. "This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers," Scap

Possible to have different SROs for fintech sectors: Industry players

A primary responsibility of these SROs would be to safeguard fintech consumers by overseeing privacy, disclosure, and recovery practices

India fourth in number of startups with over $50 mn funding: Scaleup Report

In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623)

AI may gobble up 90% of jobs, warns CRED founder & CEO Kunal Shah

"I think we should stop worshipping unicorns. We have to worship people who have large profit pools…" KUNAL SHAH, Founder & CEO, CRED

Global Fintech Festival 2023 aims to aid startups bag $10 mn in funding

Global Fintech Festival (GFF) organisers on Friday said they are aiming to facilitate funding of over USD 10 million at the upcoming event in the financial capital. This funding target is for startups alone and excludes growth-stage companies which will initiate conversations with investors at the three-day GFF starting from September 5. "In the start-up category, about USD 10-20 million funding will happen at the event itself," its organizers and advisory board member Naveen Surya said. He said 50 fintech companies will be making a pitch to over 200 investors who are expected to attend the event, and the average funding in startups will be about USD 1 million. The target excludes funding in growth stage companies, and can go up to USD 50 million, where the GFF will serve as the place where the talks between a company and an investor get initiated, he said. The third edition of the GFF will have over 50,000 attendees, 5,000 exhibitors displaying their wares, and over 800 speakers

Indian fintech sector: A resilient green shoot of the start-up ecosystem

India maintained its position as the third-highest funded fintech industry globally, following the US and UK, similar to last year

Fintech firm MobiKwik posts first ever consolidated Q1 profit at Rs 3 cr

Unicorn Fintech firm MobiKwik on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. "We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 13.6 crore which is 181 per cent increase on a year-on-year basis. "This is the second consecutive quarter when we have posted positive EBITDA and the first quarter when we have posted consolidated profit after tax of Rs 3 crore. We expect to continue the growth momentum and achieve full-year profitability," Taku said. Taku said that she expects other startups also to turn profitable as it will give a boost to the investment environment in the country and sentiments of investors. She said that MobiKwik has been growing consiste

Paytm up 4% as loan disbursements more-than-double in July to Rs 5,194 cr

During the month of July, Paytm catered to 93 million average monthly transacting users (MTU), up 19 per cent year-on-year (YoY)