FINTECH PLATFORM
How Sebi action will impact profits of discount stock broking firms like Zerodha and Groww
Market regulator Sebi mandated in its July 1 circular uniform brokerage charges that are not based on volumes. Due to this, tech-first brokers are staring at impact on valuations. Platforms like Shoonya and Mstock charge zero brokerage fees, and they are bracing for impact from Sebi's instructions. Venture fund-backed startups like Groww, Upstox, Zerodha and listed discount broker Angel One will also have to start charging their customers.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
ONDC to add banks, fintechs to take credit services to last mile
The homegrown Open Network for Digital Commerce (ONDC) will soon integrate banks such as HDFC Bank, IDFC First Bank and Karnataka Bank, alongside fintech companies like Fibe, sources told us. This comes as the network began early pilots for credit disbursal through its platform, by partnering with Tata Group superapp Tata Neu and Paisabazaar.
US fintech platform TIFIN debuts in Indian market with conversational AI assistant MyFi
MyFi is a personalised product created specifically for India, taking inspiration from its successful US counterpart, Magnifi, as explained by Kiram Nambiar, cofounder and CEO of MyFi said. MyFi is compatible with Android and iOS operating systems, it is a subscription-based model with plans starting at Rs 299/month
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
- Go To Page 1
Indian financial services sector is experiencing a significant upswing: Inventure Growth & Securities’ Kanji B Rita
India's financial services sector is poised for sustained growth. By leveraging the demographic advantage, embracing technological advancements, and prioritizing financial inclusion, a robust and inclusive financial ecosystem can be built, says Inventure Growth’s Kanji B Rita.
Amazon tops up India payments business with Rs 600 crore
Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.
Flipkart launches beta version of its new fintech venture, Super.Money
Ecommerce major Flipkart launched a beta version of their financial app, Super .Money, on the Google Play Store. This app aims to be a one-stop shop for digital financial needs, offering features like payments, credit, and deposits.
Fintech focused venture fund Cedar-IBSI Capital secures investment commitment from Hades Group
Fintech-focused venture capital fund Cedar-IBSi Capital has raised funding from Middle East-based AMC HFPCG. It did not disclose the size of the investment.
Women-focused fintech startup Lxme raises $1.2 million from Kalaari Capital, others
Focused on women's finances, Lxme has secured $1.2 million in seed funding. Kalaari Capital led the round through its CXXO initiative, backing female-led businesses. The startup will capital for brand building and user acquisition across the country.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Global Economic Summit 2024 to empower MSMEs through fintech solutions
India's fintech sector is set to host the 9th Global Economic Summit in Mumbai from August 8-10, 2024, focusing on 'FinTech: Accelerating the Digital Revolution.' The event features support from ONDC, DLAI, and Atal Incubation Centre - RMP, with notable speakers discussing evolving market trends and critical technologies.
MarketsMojo appoints Tata Digital's Amit Golia as group CEO
MarketsMojo appointed Amit Golia as group chief executive. Golia led investments at Tata Digital and has experience in fintech and securities firms.
M2P fintech teams up with Bureau for enhanced fraud prevention
The number of frauds detected in the banking system last fiscal almost tripled on year, according to the central banks’ annual report with the RBI governor highlighting the need for a system wide approach to mitigate such frauds.
Tech-based NBFCs try a balancing act after RBI action on unsecured loans
NBFCs like DMI Finance, Vivriti Capital and InCred Capital expanded unsecured retail and small business lending, leveraging strong fintech partnerships over to grow their business coming out of Covid. Some of these companies took the acquisition route to scale up this business quickly.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Volt Money partners with PhonePe for loans against mutual funds
Loans against mutual funds are rapidly gaining popularity as a cost-effective alternative to expensive personal and business loans, by offering interest rates that are near to home loans.
RBI Guv Shaktikanta Das launches PRAVAAH, Retail Direct mobile app and FinTech Repository
The Reserve Bank of India (RBI) has launched three major initiatives to enhance regulatory processes, facilitate retail investment, and provide comprehensive data on the fintech sector. The PRAVAAH portal is a secure web-based platform for individuals and entities seeking authorizations, licenses, or approvals from the RBI. The RBI Retail Direct mobile application simplifies transactions for retail investors, and the FinTech Repository provides data on Indian fintech firms for better regulatory understanding and policy formulation.
Ashish Kacholia-backed smallcap stock jumps 8% after company's Q4 PAT rises 153%
Zaggle Prepaid Ocean Services, a smallcap company supported by ace investor Ashish Kacholia, saw its shares surge by almost 8% to Rs 338 on Friday's trading session on the BSE. This spike followed the announcement of strong fourth-quarter results.
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
Zaggle Q4 Results: Net profit jumps to Rs 19 crore
SaaS fintech platform Zaggle Prepaid Ocean Services on Thursday said its consolidated net profit more than doubled to Rs 19.15 crore in the March 2024 quarter. The company had reported a net profit of Rs 7.56 crore in the year-ago period, according to a regulatory filing.
Paytm witnesses slowdown in core businesses of merchant payments, consumer lending
In the first four months of 2024, Paytm’s user base shrank by 24% to 80 million, while the count of its active devices dropped by about 1 million over February and March on account of attrition, according to its quarterly filings with the stock exchanges. User attrition happened as a result of regulatory action by the RBI, it said.
Traditional financial services catch the super app bug
Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Paytm app launches auto-rickshaw booking feature via ONDC
Paytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
Paytm shares hit 5% upper circuit on dip buying
Paytm Share Price: The stock, which stooped to a new all-time low of Rs 310 on Wednesday, witnessed a reversal on Thursday amid strong volumes with over 88 lakh shares getting traded on the NSE around 12:20 pm.
Ugro Capital raises Rs 1,322 crore, acquires fintech lender MyShubhLife for Rs 45 crore
The deal with MSL enables Ugro Capital to enter the tech-enabled embedded finance market. The non-bank lender will initially pay Rs 28 crore to acquire 76% of MSL, while the remaining Rs 17 crore will be paid later to secure full ownership of the company.
Trust Fintech stock lists at 42% premium on NSE SME platform
Trust Fintech debuted on NSE SME platform at a 41.8% premium. The IPO had overwhelming investor response, issuing 62.82 lakh shares. Proceeds will be utilized for various purposes including development and global expansion.
Rakuten Group aims to integrate bank, fintech units
The finances of the parent, centred on ecommerce platform Rakuten Ichiba, have suffered since its 2020 launch of a mobile carrier that led to 14 straight quarters of operating losses.
Load More
