Fintech Sector

Fintech start-up Nimbbl raises $3.5 mn to improve market presence

Company says more than 4,000 merchants use its one-click payment checkout solution

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

Self-regulation useful tool for setting rules for fintechs: RBI's M K Jain

The central bank's deputy governor says RBI has endeavoured to find a middle ground trying to balance between the innovation brought by fintechs and the unique risk they introduce

Small wonder: Startup cracks MF code with help from small banks

Fisdom among few fintechs to generate revenue through MF distribution

Housing.com and Niro come together to offer facility to pay rent on credit

Proptech firm Housing.com has tied up with fintech startup Niro to offer customers the facility to pay their rent on credit. Housing.com, which is part of Australian firm REA, has started this credit solution -- Rent Now Pay Later (RNPL) service, in partnership with Bengaluru-based Niro. "Now, rent can be paid on Housing.com by users with a zero-convenience fee, an interest-free credit period of up to 40 days, as well as an option to convert rent payments into easy monthly instalments (EMIs)," the company said in a statement. Housing.com had earlier started offering customers the facility to pay rent using credit cards. "However, given that only 4 per cent of Indians have credit cards, the Rent Now Pay Later service affords non-carded users a significant flexibility in their financial planning - allowing them to pay their rent at zero cost and freeing up a significant portion of their disposable income for other items," it said. The new service further provides users with the opti

Loan app with Chinese links: Karnataka HC says investigation necessary

Refusing to defreeze the accounts and set aside the show-cause notice issued to a Kerala-based loan app company, the High Court of Karnataka has cautioned against such apps owned by Chinese entities and individuals which are used to destabilise India. In a recent judgment, Justice M Nagaprasanna, while rejecting the petition of Inditrade Fincorp Ltd, registered in Kochi, said, "It is in public domain that several borrowers have committed suicide unable to bear the harassments of the representatives of such loan apps. The office-bearers of several of these companies which control and operate such mobile loan apps are said to be entities of China or individuals from China sitting as directors of such mobile loan apps. Therefore, it becomes necessary for an investigation, in the least to be conducted of any such company who would operate such loan apps and has transactions between each other." Refusing to stall the investigation against the company, the HC said, "The investigation woul

BharatPe Group appoints Aparna Kuppuswamy as chief risk officer

Prior to joining BharatPe, Kuppuswamy was chief risk officer at SBI Cards for more than 14 years, where she led a number of key projects

Govt to revoke ban imposed on fintech companies LazyPay, Kissht

The government will revoke the ban imposed on fintech firms LazyPay and Kissht after representations were made by these companies, a senior official said on Friday. The government last week ordered the blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service. Sources said that the government will revoke the ban on LazyPay and Kissht that were in the list of banned websites and apps after representations were made by these companies. A senior government official confirmed the development. The Ministry of Electronics and Information Technology (MeitY) issued blocking orders on Saturday, based on an emergency request issued by a nodal officer of the home ministry, against 138 betting and gambling websites and 94 loan apps that were engaging in illegal money laundering and posing a threat to financial security of the country. Fintech firms LazyPay, IndiaBulls Home Loans and Kissht were among the list o

Fintech platform PayMe to invest Rs 200 crore in UP, creates 2,000 jobs

Fintech platform PayMe on Thursday said it will invest Rs 200 crore in Uttar Pradesh to create 2,000 jobs in the area, focusing on training and developing skilled resources in the fintech space.

US-based financial technology company Affirm lays off 19% of workforce

Levchin said that during the early part of the pandemic, the company "consciously hired ahead of the revenue required to support the size of the team", with revenue growth justifying the strategy

Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

RazorpayX launches forex service for founders, to empower 1,000 startups

With an annualised run rate of Rs 350 crore under this forex service to date, the company expects it to scale up by 3-4 times in the next financial year

BharatPe loses Rs 5,610 cr in FY22 after change in fair value of CCPS

Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year

PhonePe investors had to pay Rs 8,000 cr taxes to shift base to India: CEO

Sameer Nigam says move worked due to presence of long-term investors such as Walmart, Tencent and several balance sheet investors who can take a multi-decade view

RBI grants in-principle approval for payment aggregator licence to EnKash

Fintech startup EnKash has got in-principle approval from RBI for payment aggregator's licence, the company said on Wednesday

Ashneer exhibited 'unruly, threatening behaviour' in AGM: BharatPe

BharatPe said its former co-founder and MD Ashneer Grover exhibited "unruly, intimidating and threatening behaviour" towards the authorised representatives and employees of the company

Suhail Sameer steps down as BharatPe's CEO, will be new Strategic Advisor

Sameer has been overseeing the company after it ousted Ashneer Grover for financial misappropriation

India's fintech industry to face a tough 2023 as investments cool: Bain

This year, the Indian regulator, spurred by fraud and malpractice instances in the fintech lending space, stepped up its oversight to regulate it through a series of guidelines

Fintech firms Razorpay, Cashfree can't onboard new merchants for now

Razorpay said it was a temporary move and will not have any impact on its existing business operations and current merchants

RBI advises fintechs to focus on governance, data protection issues

Das advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks