Page 12 - Fintech

What is e-RUPI and how can it plug leakages in direct benefits transfer?

The govt recently launched e-RUPI vouchers to transfer the benefits of its welfare programmes. A person- and purpose-specific digital payment system, it does not require beneficiaries to a smartphone

Moglix-owned Credlix acquires Singapore-based EXIM fintech startup NuPhi

The acquisition comes shortly after Moglix's entry into the Middle East region

Paytm: India's largest-ever IPO seen as a 'high-risk bet' for investors

'Nothing is really going to happen (for Paytm stock) in short-term. I would say demand will come through but maybe not a big listing pop,' says Rakhi Prasad, an investment manager with Alder Capital

SpiceJet seeks to widen customer base with a book-now-pay-later scheme

Ties up with fintech company Capital Float to enable customers to pay for their tickets in instalments

Fintech firm Paytm signs up over 100 institutional investors for IPO

BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority were among the investors

Niyogin Fintech continues to make losses, revenue rises 231% in Sept qtr

The company's balance sheet has become debt free and had cash and cash equivalents of Rs 171.4 crore as of the quarter ended September

Warren Buffett, Goldman Sachs win from fintech gold rush in India

India's digital transactions are expected by PricewaterhouseCoopers to touch $3 trillion by March 2025 from more than $1.3 trillion now

BFSI Insight Summit: Banks and fintech firms must coexist, says Aditya Puri

Adds financial services sector has potential to leapfrog competition

BFSI Summit: There's so much to sell, everyone can make money, say experts

Panelists say banks shouldn't feel threatened by fintech companies, rather they should feel enabled

Fintech software provider Hypto raises $3 mn from Stellaris, 3one4 Capital

The platform has processed over 55 million transactions totalling over $15 billion and currently works with over 10 banks

BharatPe raises Rs 100 crore in debt from MAS Financial Services

This is the eighth round of debt fund raise for the company in 2021. BharatPe has raised over Rs 600 crore (about USD 84 million) in debt this calendar year

Top headlines: IPO-bound Ola to see top-level exits; CRED valued at $4 bn

Moody's upgrades outlook on Indian banking from 'negative' to 'stable'

Biz2Credit plans to invest $100 million in India over next 5 years

Fintech firm Biz2Credit plans to invest USD 100 million in India over the next 5 years on research and development as well as expanding operations. The company is also planning to strengthen its technology team by adding over 150 new employees in 2021 across various positions, including entry, mid- and senior-level positions. "We are delighted to see such massive growth in our business in India, this gives us the hope to further invest in Indian operations. Despite the uncertainties that two waves of the coronavirus pandemic unleashed, we have clocked a massive growth in the revenue with 15-plus new client wins and eyeing a greater leap in the next 10-12 months," Biz2Credit CEO and co-founder Rohit Arora said in a statement. Founded in 2007, Biz2Credit is backed by Nexus Venture Partners. In 2019, the online lending platform completed a Series B capital financing round of USD 52 million led by WestBridge Capital. "The investment will be spent mainly in R&D, operations, and ...

RBI dy guv says big tech's financial sector play in India under watch

Both Google Pay and Amazon have announced partnerships with lenders to accept deposits in the country through their mobile phone apps.

Fintech's 'buy now, pay later' credit for kiranas is changing livelihoods

Even small shops can now access large and organised wholesalers, as they buy credit responsibly.

India is one of fastest growing markets with over 2,100 fintechs: Goyal

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing fintech sector, he said at Global Fintech Fest 2021 organised by NPCI.

InnoVen Capital announces first close of new fund at Rs 740 crore

The first close was done with anchor investor Innoven Capital Pte Ltd, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank

India has the highest fintech adoption rate of 87%, says FM Sitharaman

Asserts that nation is a prime destination for digital payments, which have grown from transactions worth Rs two trillion in 2019 to Rs four trillion in 2020

PayU Finance elevates Piyush Gupta as company's new chief data scientist

In his new role, Gupta will lead the data science and Artificial Intelligence teams for PayU Finance to drive financial inclusion for the under-served and under-banked customers

Fintech regulations must be based on entity, not activity: RBI Dy Governor

If a fintech player is providing liquidity service (such as deposits and credit), it must be regulated as strictly as a bank, says T Rabi Sankar