BHARATPE NBFC LOANS
P2P companies go easy on partnership business as RBI sounds alert
According to the founders of several of these lending platforms, given that the Reserve Bank of India is scrutinising the sector, they are adopting a “wait-and-watch” policy before stitching these deep integrations. P2P platforms LenDenClub and Liquiloans led the partnership game by working closely with fintechs like Cred and BharatPe to source borrowers and lenders.
Why only Paytm? If SBI refuses to listen to RBI, they will take action against it also: Rajnish Kumar, BharatPe
Rajnish Kumar of BharatPe says "UNO, owned by a bank with good governance, follows design principles for security and compliance. Fintechs, without a banking license, need self-regulation. Responsible behavior is crucial in the payment ecosystem to mitigate risks of fraud, cybercrime, and data breaches. Today, if you are seeing that India's banking system is much stronger, it is because the RBI has played a very critical role in providing that necessary supervision, guidance and regulations."
Unsecured loans in focus, fintechs see NBFC credit taps drying up
Large NBFCs like Aditya Birla Finance and Poonawalla Fincorp have informed the fintech startups they do business with that they will no longer provide capital for the highly risky buy-now-pay-later (BNPL) and very small ticket size consumer loans.
Fintechs’ lending businesses under stress; banks leverage Bharat Billpay
In a pointer to tough times ahead, fintechs are finding credit lines for small-ticket unsecured loans drying up following a recent central bank diktat.
Banking, financial services are looking up as bad debt, Covid-related stress are things of the past: Jaspal Bindra, Centrum Group
The new risk weightage norm is not a big challenge for Unity as we don’t have a big legacy book. But it will put a little deterrent to market players because 25% higher risk weightage always forces a rethink in the way business is done. At Unity, we are planning to get into personal loans. The starting point would be branded credit cards with three different partners, says Jaspal Bindra, chairman of Centrum Group.
Whenever we see a line being breached, we will go back to court: BharatPe’s stand-in CEO Nalin Negi
Negi’s comments come at a time when BharatPe’s parent, Resilient Innovations, has filed a fresh case in the Delhi High Court seeking an injunction against Grover to prevent him from divulging “confidential information” related to the company.
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We are working to co-create products with Unity Bank; will increase stake in NBFC: BharatPe’s stand-in CEO Nalin Negi
This comes as the company has been looking to rekindle its relationship with Unity Bank after a tumultuous period marked by the departure of BharatPe cofounder Ashneer Grover last year, and the subsequent efforts to strengthen the board and corporate governance practices.
BharatPe turns Ebitda positive; clocks October 2023 as the first profitable month
Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines.
Fintech Slice to merge with North East Small Finance Bank
For Slice, which has been running as a non-banking finance company for the last four years, the option was to either convert itself into a bank by applying for a fresh licence or acquire one (after crossing the five-year mark as an NBFC).
Ex-COO Dhruv Dhanraj Bahl latest to exit BharatPe
Bahl played a crucial role in the restructuring of the organisation post the exit of Grover. He had joined the company in 2020 as the head of operations Before joining BharatPe, he worked across organizations such as Airtel Payments Bank, Paytm Bank and Fortis Healthcare.
For many fintechs, NBFC tag may be elusive
An NBFC licence would allow fintechs to offer loans from their own books, thereby build an asset base. Without this licence, they remain confined as marketplaces to source loans for banks and other NBFCs.
One Card founders and Uni Cards NBFC licence applications face roadblocks from RBI
ET has learnt that sellers need to apply to the central bank saying that they intend to transfer the licence to the acquirer’s name.
PhonePe taps merchants in big lending push
After its planned acquisition of ZestMoney fell through, PhonePe is focussing on merchant lending. After a pilot with some 20,000 disbursed loans, it is now going live for its entire merchant base.
After online payments, digital loans, now P2P lending under RBI lens
BharatPe, Jupiter and Cred are among the major consumer-focussed applications which work closely with NBFC P2P platforms.
How Kunal Shah's Cred is rejigging the fintech’s lending strategy to tap more users
In a major change to its lending strategy, Cred plans to cater to consumers who are new to credit and have never taken any formal credit in the past, two sources in the know told ET
Revenue-based financing startup GetVantage secures NBFC licence from RBI
NBFC arm GetGrowth Capital will run the lending operations for GetVantage and dole out financing to small and medium enterprises and new economy businesses.
EV scooter sales hit a bump in April, Ola grows marginally; What's plaguing Nykaa?
Electric two-wheeler sales took a beating in April, according to data from Vahan, a government database that tracks vehicle registrations, and compiled by Elara Capital.
BharatPe acquires 51% in NBFC Trillion Loans to bolster lending play
BharatPe’s investment in an NBFC comes at a time when several fintechs are looking at bolstering their presence in the segment.
CCI order would cause irreparable harm, Google tells SC; Ola stops lending through Avail Finance app
The company has asked the Supreme Court to put on hold the remedial measures ordered by the CCI, which kick in from January 19, according to court documents dated January 7.
BharatPe back on track after Ashneer Grover controversy, records 112% growth
"Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said Suhail Sameer, CEO, BharatPe.
Systems in place to prevent slips: BharatPe’s CEO Suhail Sameer
Lapses is a strong word. I think there was zero lapse (by BharatPe) in any stated laws which the company needed to follow. The corporate governance review and the changes there of are more forward looking, and in line with our IPO in two years.
2021 Year In Review | The Year Of The Unicorn
What was for a better part of a decade a trickle developed into a stampede as almost 39 startups achieved billion-dollar valuations this year. Here's a look at all 39 Indian startups that joined the unicorn club in 2021.
BharatPe’s Ashneer Grover on why he deleted his tweet
On Saturday, Grover told ET that since the audio clip has been taken off Twitter and SoundCloud, he has deleted his tweet too. There was no point keeping the tweet anymore on his Twitter profile, he added.
Viral audio clip's fake, says BharatPe's Ashneer Grover
The audio clip suggests that the argument between Ashneer Grover, his wife and the unidentified Kotak Mahindra Bank representative was due to Grover missing out on share allotment during Nykaa’s IPO.
BharatPe raises Rs 200 crore in debt from IIFL Wealth, Northern Arc
Earlier this year, BharatPe had raised over Rs 300 crore from venture debt funds (Alteria Capital, InnoVen Capital and Trifecta Capital), banks (ICICI Bank and Axis Bank) and NBFC (Northern Arc Capital).
BharatPe banks on engineers
In today's ETtech Morning Dispatch: Making sense of BharatPe's banking foray; Mastercard ban gives Visa all the power; Over 150,000 IT jobs coming to Indian campuses this year; and WhatsApp's chief speaks up on the Pegasus project.
Making sense of BharatPe's banking foray
The story of how BharatPe, a three-year-old fintech startup, partnered 44-year-old NBFC Centrum Finance to acquire a banking licence and make a play for the troubled PMC Bank has more to it than meets the eye.
Mswipe appoints Cashe’s Ketan Patel as CEO, to apply for NBFC licence
Mswipe will apply to the Reserve Bank of India (RBI) for an NBFC licence in 2021-22, with plans to convert it into an small finance bank later. Bharatpe has become the first fintech company to win an SFB licence from RBI.
BharatPe gets $75 million from Coatue, Ribbit
BharatPe said one reason for the latest fundraising was to invest around $70 million in equity capital in its NBFC arm Resilient Capital, and leverage that by 3-4 times to raise a pool of around $300 million to service loans for merchants on its platform.
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