Page 3 - Fintech Start-ups

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)

Fintech major PhonePe to enable users to pay tax directly on app

The company has partnered with a B2B payments and service provider, PayMate, to make this feature available

Indian fintech start-up funding plunges 67% to $1.4 bn in 1st half of 2023

This decline in funding was largely due to the downward trend in early-stage investments, which plunged 81 per cent and 68 per cent from H1 2022 and H2 2022 respectively

RBI signals greater scrutiny of fintech industry amid funding drought

Fintechs will need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability

Sachin Bansal's fintech firm Navi lays off nearly 200 employees: Report

In addition to the layoffs, several individuals within the company have resigned over the past few months, including mid-to-senior level employees and leaders

Paytm's next target is profitability, says CEO Vijay Shekhar Sharma

The fintech giant, in its Q4 results for FY23, managed to narrow its losses to Rs 168 crore

BharatPe acquires majority stake in Mumbai-based NBFC Trillion Loans

Company that provides loans to small businesses will operate as independent entity

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

Indian fintech start-up funding falls 55% YoY in Q1 2023, says report

India was still the second-highest funded "geography" in the world, behind the US, in Q1 2023

Fundraising woes remain for fintechs in the face of a revival of big bets

Investments among fintech start-ups in India saw a decline of 47 per cent year-on-year (YoY) in 2022 at $5.65 billion, compared with $10.7 billion the previous year, according to data from Tracxn

PhonePe raises $200 mn additional funding from Walmart at $12 bn valuation

New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year

Funding woes remain for Indian fintechs despite revival of big bets

Investments among fintech start-ups in India saw a decline of 47% YoY in 2022 at $5.65 billion, compared to $10.7 billion the previous year

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

Indian fintech start-up funding fell 47% in 2022, says Tracxn report

Growth in the space was expected to continue in the long run, propelled by a large unbanked population

Bhavik Koladiya takes Ashneer Grover to court over BharatPe share dispute

Bhavik Koladiya and his teacher's son Shashvat Nakrani founded the fintech firm BharatPe in 2017 and Ashneer Grover joined the startup in 2018 as CEO

TMS Ep336: Consumer fintech, millets, mid, and small-caps, ICICI Bank fraud

What can India's consumer fintech look forward to in 2023? Can millets be India's own super crop? Will 2023 be the year of mid, and small-caps? What is the ICICI Bank fraud case? Answers here

Rajnish Kumar showed signs to make money out of BharatPe: Ashneer Grover

BharatPe Chairman Rajnish Kumar showed early signs of "wanting control" and to "make money out of BharatPe", the fintech platform's former Co-founder and managing director Ashneer Grover has claimed