Page 14 - Fintech

Zaggle Prepaid Ocean Services' IPO receives 43% subscription on Day 2

Fintech player Zaggle Prepaid Ocean Services' initial public offering received 43 per cent subscription on the second day of bidding on Friday. The initial public offering (IPO) got bids for 82,96,560 shares against 1,93,26,761 shares on offer, as per data available with the NSE. The portion for Retail Individual Investors (RIIs) got subscribed 1.90 times and the category for non-institutional investors received 29 per cent subscription. The IPO received 19 per cent subscription on Thursday, the first day of the bidding. The IPO has a fresh issue of up to Rs 392 crore and offer for sale of up to 10,449,816 equity shares. Price range for the share sale is at Rs 156-164 apiece. Zaggle Prepaid Ocean Services on Wednesday said it has mobilised Rs 253.52 crore from anchor investors. The company proposes to utilise Rs 300 crore of the net proceeds on expenditure towards customer acquisition and retention, up to Rs 40 crore on expenditure for the development of technology and products,

Focusing on enabling UPI, e-rupee interoperability, says RBI deputy guv

The Reserve Bank of India is focusing on enabling interoperability of the United Payments Interface with the central bank's digital currency or e-rupee, deputy governor Rabi Sankar said

Razorpay acquires digital invoicing, customer engagement startup BillMe

With this acquisition, Razorpay will get access to BillMe's client base of over 4,000 merchants

Top headlines: Delhi gears up for G20 Summit, Biden set to travel India

Business Standard brings you the top headlines at this hour

In mutual fund foray, Zerodha plans to emulate its broking playbook

To offer passive direct plans, while relying on digital route for distribution

Paytm shareholder Antfin to sell 3.6% stake via block deal: Report

The floor price for the sale is set at 880 rupees per share, the report added, which is a 2.7% discount on Paytm's last closing price of 904.45 rupees

Fintech loan disbursement rose 21% YoY in FY23: FACE-Equifax report

Number of loans disbursed increased 49%; delinquency rate fell

Fintech firm Zaggle garners Rs 25 cr from ValueQuest in pre-IPO round

Fintech player Zaggle Prepaid Ocean Services Ltd on Tuesday said it has raised Rs 25 crore from ValueQuest Scale Fund in the pre-IPO (initial public offering) round. This came after the firm raised Rs 73 crore from a clutch of investors through a private placement last week. With the latest fund infusion, the combined fund raising by the firm reached Rs 98 crore in two tranches. In a public statement on Tuesday, Zaggle said that it issued 15,24,390 equity shares to ValueQuest at a price of Rs 164 apiece. Zaggle filed its draft papers with capital markets regulator Sebi in December 2022 to raise funds through an IPO. Going by the draft papers, the IPO comprises fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders. Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corpora

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

Alibaba's Antfin transfers 10.3% stake to Paytm chief Vijay Shekhar Sharma

Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One97 Communications to the fintech firm's founder and CEO Vijay Shekhar Sharma, according to a regulatory filing. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. "We, Antfin (Netherlands) Holding B.V., one of the shareholders of One 97 Communication Limited, hereby file the disclosure in the format prescribed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with respect to disposal of 65,335,101 equity shares of the Company..." the filing said on Wednesday. The transaction was completed on August 14, which brought the total stake of Antfin to 13.49 per cent from 23.79 per cent earlier, the filing said. The deal makes Sharma family t

Intuit executive Alex Chriss to become president and CEO of PayPal

Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month. Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024. In January PayPal announced that it would cut about 7 per cent of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions. Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit's small business and self-employed group since January 2019. He led Intuit's USD 12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma. Chriss will also join PayPal's board, effective September 27. PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. It

Protean, PayNearby partner for providing credit services on ONDC network

Protean eGov Technologies and fintech platform PayNearby have collaborated for providing credit services on the ONDC network for last-mile borrowers and MSMEs. Once launched, the marketplace will also allow for easy discovery of various lending products at affordable pricing, according to a statement. "In this partnership, Protean will serve as an ONDC technology service provider that facilitates availability of credit for last-mile borrowers across the country through PayNearby's well entrenched Distribution as a Service (DaaS) network," it said. Speaking to PTI, Protean eGov Managing Director and CEO Suresh Sethi said there are several people who are not digitally enabled to even get into the account aggregator framework and get credit against their data, or consent for it to be used. "We are looking at this as a sort of intervention which can leverage the physical network provided by PayNearby and the last mile agent can then provide an assisted service and onboarding people to

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

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

PayPal rolls out dollar stablecoin to boost digital tokens for payments

With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal's dominance in digital payments by leaning on technology

Fintech firm Paytm's average monthly users increase by 19% to 9.3 crore

Fintech company Paytm on Thursday said its average monthly users rose by 19 per cent on-year to 9.3 crore. Merchant subscriptions stood at 82 lakhs, with 41 lakh new subscriptions over the year, according to the filing. Sequentially, the company saw merchant subscriptions increase by about 4 lakh in July 2023, Paytm said in a filing. Payment volumes for merchants or Gross Merchandise Values (GMV) rose 39 per cent on-year at Rs 1.47 lakh crore. "We continue to see increase in GMV of non-UPI instruments like EMI and cards. We are focused on payment volumes that generate profitability for us, either through net payments margin or from direct upsell potential," the company said. The fintech platform said it doled out 43 lakh loans in the month of July, making the total value of loans distributed in the month to Rs 5194 crore, at a whopping yearly growth of 148 per cent. The company will discontinue monthly disclosures of operating metrics starting September 2023, since their business

Fintech company CRED launches RuPay credit card-based UPI payments

According to CRED, this initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem

Prosus to sell part of PayU to Rapyd for $610 mn, retain India business

Prosus-backed PayU to focus on the large payments and fintech in India

BankBazaar.com hopes to breakeven this fiscal, to file DRHP for IPO next yr

Fintech firm BankBazaar.com expects its bottomline to turn positive this financial year helped by newer products including co-branded credit cards on UPI. Post breakeven, the company would start the preparation for listing and hopes to file the Draft Red Herring Prospectus for initial public offering (IPO) in the next financial year, BankBazaar.com founder and CEO Adhil Shetty told PTI. The company which started off as a loan comparison platform in 2008, is now majorly into co-branded credit card space, issuing such cards in association with banks. The company expects to soon launch co-branded credit cards on UPI, he said, adding that this is going to accelerate revenue as demand for credit is high. Besides, he said, targeted no-cost EMIs every month are going to add to topline and the company is set to push revenue to over Rs 250 crore in FY24 with profit. During the first quarter, the company posted a 51 per cent increase in revenue driven by its portfolio of co-branded credit c

Delhi High Court's Paypal order to impact fintech compliance costs

US-based PayPal and other payment operators in India will face increased regulatory costs due to the recent Delhi High Court ruling on compliance with the Prevention of Money Laundering Act