Page 7 - Fintech

Bharatpe CEO apologises for salary remark; firm says March salary paid

A Bharatpe employee in a Linkedin post had raised the matter of termination of administrative staff and non-payment of salaries, which attracted responses from Grover and CEO Sameer

BharatPe FY22 revenue grew four-fold to $100 mn, monthly cash burn at $4 mn

The fintech unicorn said its annualised TPV has grown 2.5x over the year-ago period to $16 billion at the end of the March quarter

MakeMyTrip's fintech arm TripMoney buys majority stake in BookMyForex

MakeMyTrip's fintech arm TripMoney on Tuesday said it has acquired a majority stake in online foreign currency exchange services provider BookMyForex to become a one-stop solution for all forex need

PhonePe plans to fill 2800 positions in 12 mths, to hire across functions

The Walmart-owned fintech firm is focused on doubling employee strength to about 5400.

First close of Venture Catalysts-backed Beams Fintech Fund at Rs 270 cr

Beams has a target corpus of $100 million; will primarily back fast-growing fintech firms in their Series B & C rounds

U GRO Capital appoints Smita Aggarwal as additional independent director

U GRO Capital's AUM had risen to Rs 2,589 crore and its branch network stood at 82

EnKash raises $20 million in funding round led by Ascent Capital

Baring India and Singapore-based White Ventures also participated in the series B funding round along with existing investors, Mayfield India and Axilor Ventures.

Fintech has spread far and wide in India, banks need a counterattack

Banks aren't intuitively geared to handle the unique requirements of small businesses

Board is charting out glide path for listing of BharatPe: Rajnish Kumar

The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner, said the BharatPe chairman

Fintech delinquency rates are not alarming: LenDenClub CEO Bhavin Patel

The government is focusing on certain sectors like, say, infrastructure, and you will have a boom as a result of this: Patel

Funds raised by Indian fintechs sees 296% jump in 2021 at $5.94 bn

Payments, according to the report, was the second-most popular category for US investors, as 167 companies received funding in 2021 in the APAC region.

Silicon Valley adage of fail fast not feasible in fintech: Zerodha CTO

In a Q&A, Kailash Nadh dwells on the complexities of building fintech products and ensuring engineers fit in culturally

UPI open architecture limits fintech growth in other fin services: Moody's

Despite their dominance, fintechs do not have exclusive access to transaction data on the UPI as banks play a critical role in executing UPI transactions

BS CEO round table: Six bank chiefs agree that worst is over for industry

There are some risks and we need to be watchful, say bank chiefs

IIT Madras, RBI Innovation Hub join hands to boost fintech startups

Through this strategic collaboration, the two organizations will jointly provide incubation support and nurture early-stage startups with innovative

Clear acquires supply chain financing tech firm Xpedize for undisclosed sum

Deal will help the acquirer quickly scale and lead the invoice discounting space

Razorpay acquires Pune fintech startup IZealiant Tech for undisclosed sum

The acquisition of IZealiant will further strengthen Razorpay's Banking Solutions Arm to build innovative payment banking technologies for partner banks

Softbank representative Munish Varma resigns from Paytm, PB Fintech boards

Softbank Vision Funds India Holdings (Cayman) holds a 17.47 per cent stake in Paytm

Payworld expects to double revenue in FY23, increase transaction by 40%

Fintech firm Payworld expects to increase gross transactions on its platform by about 40 per cent and double net revenue in the next financial year, a top official of the company said. Payworld CEO Praveen Dhabhai told PTI that the company expects gross transaction value (GTV) on its platform to grow about 46 per cent to Rs 11,000 crore in the current financial year from Rs 7,500 crore it recorded in 2020-21. "This financial year we will close at about Rs 11,000 crore and for the next financial year we want to grow our GTV by 40 per cent but we are planning to almost double our net revenue," Dhabhai said. Payworld provides a platform to retailers for selling train tickets, Aadhaar-enabled payment services, mutual funds,insurance sale, Fastags etc. Dhabhai said the company is adding more services and partnering with B2B e-commerce platforms to enable retailers to source products directly without any need for visiting wholesalers or distributors. "We add 25,000-30,000 retailers ever

50% customers ready to switch banks in next 12 months: Bain & Company

If it's a good deal, many willing to shift to fintech players, neo banks, among others