Page 13 - Fintech

Unsecured loan concerns: Fintechs explore long-term loans after RBI alert

Meanwhile, for the past few months, the regulator has been cautious about the increase in unsecured personal loans, which can spiral into potential bad loans

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.

PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

BharatPe turns EBITDA positive, clocks Oct 2023 as first profitable month

Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines

PhonePe expected to launch consumer lending by January next year: Report

PhonePe is in the final stages of integration with five banks and non-banking finance companies

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

Fintech start-up Kiwi raises $13 mn to expand credit on UPI offering

Kiwi has issued 25,000 credit cards until now and plans to have 0.5 million customers by the end of 2024

Fintech may be the worst hit as RBI comes down hard on unsecured credit

Fintech may be the worst hit as Mint Road comes down hard on unsecured credit in the system, reports Raghu Mohan

Near-term sales growth, profitability on fintech giant Paytm's horizon

Revenue was at Rs 2,518.6 crore and payment processing charges were up 6.5 per cent q-o-q and were 54.4 per cent of payments services revenue

Growth in personal loans offering likely to remain muted for Paytm

Sources in the know said that the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base

Paytm Q2 results: Loss narrows as revenue jumps 32% on strong loan growth

Paytm, one of the country's first startups to go public, said revenue increased 32% to Rs 2,519 crore in the second quarter, from Rs 1,914 crore a year earlier

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

Prosus-owned PayU targets Feb for filing IPO worth $500 mn, hires bankers

PayU, owned by South African conglomerate Prosus, is a payment gateway that also offers other services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay

Only no objection certificate given for NE SFB-Slice merger proposal: RBI

No change in approach to banking license to fintechs

A 'Slice' of lifeline: Fintech firm to infuse capital in North East SFB

To merge Fintech for capital infusion in the bank, lower promoter stake

Fintech firms rush to make tweaks as new data protection law looms

Fintechs, banks and non-bank financial companies (NBFCs) will have to redraw their contracts with their business partners with whom customer data gets shared

Fintech firm Bright Money raises Rs 515 cr in equity, debt funding

Fintech firm Bright Money on Wednesday said it has raised USD 62 million (about Rs 515 crore) round of funding from a clutch of investors. It has about 95 per cent of employees in India. The funding includes USD 50 million in debt from Encina Lender Finance and USD 12 million in equity led by Alpha Wave, Hummingbird, and PeakXV, Bright Money said in a statement on Wednesday. Encina Lender Finance provides lending solutions to consumer and commercial speciality finance companies across the US and Canada. "The funding will be deployed towards building robust teams across product development, technology, analytics, and support functions like compliance and customer service," Bright Money co-founder and Co-CEO Petko Plachkov said in the statement Bright Money app helps consumers get out of debt, with the power of AI and machine learning. The mobile app combines all the technology needed to manage and get rid of debt. The company offers credit score building, automated debt paydown pl

Nuvama Wealth expects client assets growing by 15-20% this fiscal: Kehair

Nuvama Wealth Management, which got listed on Tuesday as the new combined entity of all the listed firms of the Edelweiss Group, expects assets under management growing by an average of 15-20 per cent through the rest of the current fiscal. As of June 2023, it manages over Rs 2.5 lakh crore of client assets and has over 2,700 employees across 90 offices worldwide. "I see the assets under management growing by an average of 15-20 per cent through the rest of the current fiscal ending March. Between March 2023 and June 2023, we added 30,000 crore in our AUM to Rs 2.5 lakh crore," Ashish Kehair, managing director and chief executive of Nuvama Group, told PTI after the listing of the company. Shares of Nuvama Wealth Management rallied more than 5 per cent to close at Rs 2,564.10 on the BSE with a market value of Rs 9,000 crore. The Nuvama Group now comprises all the companies of the Edelweiss group founded by Rakshesh Shah in 1993, barring the insurance and mutual fund businesses, and

Chase UK will soon bar customers from making cryptocurrency transactions

Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month citing an uptick in scams and fraud. From October 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. If we think you're making a payment related to crypto assets, we'll decline it, Chase said in an email to customers. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam. In an email to The Associated Press, Chase said that Tuesday's decision was made to help keep customers and their money safe. The bank also pointed to increases in crypto fraud-related losses reported by UK regulators in the last year. According to London-based law firm RPC, data from Britain's fraud ...

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)