Page 4 - Fintech

Payment pains: UPI outages traced to tech glitches, backend failures

'Root-cause analysis' done, hardware replaced, member banks briefed on fixes

Fintech firm Razorpay launches Turbo UPI Plugin on BHIM Vega platform

Fintech firm Razorpay has partnered with NPCI BHIM Services Ltd (NBSL) and Axis Bank to launch the Razorpay Turbo UPI plugin on the BHIM Vega platform. The solution enables businesses to offer seamless in-app payment experiences, allowing customers to complete transactions instantly without switching to third-party apps. "BHIM Vega -- Razorpay's Partner Businesses can now accept in-app payments, and end-customers can complete payments instantly within the app without switching to third-party apps, reducing friction in online transactions and delivering a high-speed payment experience," a company statement said. The partnership aims to reduce friction in online payments, increase transaction success rates, and streamline user onboarding. "Our partnership with BHIM to integrate Turbo UPI with BHIM Vega... removes one of the biggest pain points in UPI payments -- redirections -- allowing customers to complete transactions instantly within the app. "This means fewer drop-offs, higher

MobiKwik to enter stock broking business, incorporates new subsidiary

The company plans to become a member of various stock and commodity exchanges in the country and abroad

GIFT City climbs global financial centre index, bolsters its hub status

Gujarat International Finance Tec-City (GIFT City) is India's first operational smart city and maiden International Financial Services Centre

Trillionloans Fintech secures 'IND BBB+' rating from India Ratings

The non-banking financial company (NBFC) plans to leverage BharatPe's merchant network with a base of over 18 million customers

Fintech firm Pine Labs targeting Indian IPO in second half of 2025: CEO

Pine Labs, whose main backer is venture capital firm Peak XV, offers full stack payment solutions including point-of-sale machines to merchants for card payments

Bessemer raises $350 million in India fund to back new-age companies

Will focus on investments across AI, SaaS, fintech, digital health, consumer, and cybersecurity

PB Fintech to infuse Rs 696 crore in arm PB Healthcare Services in FY26

PB Fintech Ltd., the parent entity of insurance brokerage firm Policybazar, on Tuesday said it proposes to infuse Rs 696 crore in its subsidiary PB Healthcare Services Private Limited in the next financial year to grow its business. The decision was taken by the Board of Directors of PB Fintech Ltd. in a meeting held on Tuesday. The board approved a proposal to make an investment for an aggregate amount of up to Rs 696 crore in PB Healthcare Services Private Limited, its wholly owned subsidiary, by way of subscribing or purchasing its shares or Compulsory Convertible Preference Shares during the financial year 2025-26, PB Fintech Ltd. said in a regulatory filing. The said investment is, however, subject to the shareholder's approval through postal ballot and will be made along with other external investors in PB Healthcare Services Private Ltd., it said. It further said that the capital infusion would be done to meet its general operating expenses and enhance brand awareness, offic

Neobanking startup Zolve secures $251 million funding in equity, debt mix

The company has about 750,000 users and was launched in 2021

RBI Guv Sanjay Malhotra vows consultative approach with fintech firms

Malhotra's latest comments will likely provide relief to the industry hit hard by a crackdown on errant firms under his predecessor Shaktikanta Das

RBI-Fintech meet: Malhotra emphasises on need for ensuring compliance

He also emphasised that the RBI values such interactions with ecosystem participants and would continue to adopt a consultative approach

Fintech dominates India's startup funding this year, shows Tracxn data

In terms of deal volume, consumer startups saw the highest number of funding rounds (92), ahead of high-tech (70) and retail (61)

Business in financial services just got easier with Budget 2025-26 reforms

Budget reforms will redefine the financial system by fostering inclusion, competition, and efficiency. Financial institutions will benefit from enhanced market depth and improved liquidity

Fintechs look beyond traditional means to scale up presence of e₹

More non-bank payment system operators are expected to join the bandwagon to extend the e₹

Fintech firm CheQ aims to check boxes for every credit need

Founder Aditya Soni is very clear that he is not interested in selling financial products; instead, he is laser-focused on keeping customers' credit healthy

Stress continues to build up in fintech lending with PAR on the rise

The Reserve Bank of India's December 2024 Financial Stability Report states that household debt is on a rising trend

India ranks 3rd in global fintech funding despite 33% drop in 2024: Report

India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total

With new $650 mn war chest for India, Accel eyes AI, fintech startups

Global venture capital firm Accel on Monday announced that it has raised a USD 650 million early-stage fund to fuel the next generation of category defining startups in the focus sectors of artificial intelligence (AI), consumer, fintech and manufacturing. Accel is the first institutional investor in 80 per cent of its portfolio companies. Its prominent portfolio companies include BlackBuck, BlueStone, Cult.fit, Flipkart, Freshworks, Swiggy, Urban Company and Zetwerk. "Accel, a leading global venture capital firm, today announced that it has raised a USD 650 million early-stage fund dedicated to supporting bold founders in India and Southeast Asia," the company said in a release. Accel said its latest fund eighth in India and Southeast Asia -- builds on its commitment to partnering with early-stage founders to establish disruptive, category defining businesses that create meaningful impact. Sectors in focus for this fund include AI, consumer, fintech and manufacturing. On Accel's

Accel's $650 mn India fund to focus on AI, fintech startups, manufacturing

One of the opportunities identified by Accel under the consumer theme is 'Bharat', where startups cater to the top 30 per cent of households in India's Tier-2+ regions

Digital fintechs see double-digit jump in loans, quantum of disbursals

The data has been sourced from 34 FACE members lending to customers through their non-banking financial companies (NBFCs) in partnership with other regulated entities