Page 12 - Fintech

Vivifi India Finance raises $75 mn series B funding from US investor

The company had raised $6 million in its Series A round previously in the financial year 2021

SoftBank offloads another 2% in Paytm as fintech sees spate of selldowns

The Japanese conglomerate, which sold shares between Dec. 19 and Jan. 20, now holds a 5.06 per cent stake in the company, according to an exchange filing on Wednesday

Fintech firm Quinte, Tamil Nadu sign deal to set up development centres

US-based company will use state's 'talent pool' to establish artificial intelligence, machine learning banking operations

Fintech major Paytm plans AI-powered systems to improve business operations

Company expects its postpaid loan disbursal to further shrink in the next two quarters

Paytm's Q3 revenue rises 38% on strong payments business, loan growth

Operating profit, which the company defines as core profit before cost of employee stock-options, was at Rs 219 crore for the quarter ended Dec 31

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

PhonePe sells over 9 million insurance policies since September 2021

The Walmart-owned fintech firm said it has contributed to over 65% growth for two-wheeler digital Insurance in India

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor

RBI releases draft norms for fintech self-regulatory organisations

The draft norms, which were released on Monday, said SRO-FTs should strive towards healthy and sustainable development of the fintech sector

RBI releases draft framework for fintech self-regulatory organisation

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

CredAble records a two-fold increase in loan disbursements in 2023

The company plans to raise $50-75 million by June this year in its series C round

SalarySe secures $5.25 million in seed funding from Peak XV Surge, Pravega

The company has plans to develop a tech stack for the credit-on-UPI (Unified Payments Interface) product and drive its adoption in the country with the latest round of funding

Mobikwik refiles draft papers as it trims IPO size down to Rs 700 cr

Earlier in 2021, it had targeted to raise Rs 1,900 cr but withdrew due to weak market conditions

PhonePe appoints Ritesh Pai to lead fintech firm's global expansion plans

Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally

Fintech firm Mobikwik refiles draft papers with Sebi to raise Rs 700 cr

Unicorn fintech firm One MobiKwik Systems Ltd has filed its preliminary papers with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering. This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to unfavourable market conditions. The public issue is entirely a fresh issue of equity shares worth up to Rs 700 crore, as per the draft red herring prospectus (DRHP) filed on Thursday. The company may consider a pre-IPO placement of its securities worth up to Rs 140 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. The proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business. Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, a

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

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Paytm hands over 1,000 pink slips; staff from lending business affected

The decision to dismiss these employees comes weeks after the fintech company announced it would reduce the disbursement of small-ticket-size loans as RBI tightened norms

India has scale, talent for competitive edge in GCCs: Walmart's Bodugum

Tamil Nadu Round Table 2023: Puneet Gupta of Kaleidofin said that these entities are driving financial inclusion in India, and biometrics will become key to security of online payments