FINTECH PLATFORM
Top startup and tech stories this week Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
06 Jul, 2024, 07.10 AM ISTIndian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
05 Jul, 2024, 06.31 PM ISTONDC 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 d...
04 Jul, 2024, 06.01 AM IST- ADVERTISEMENT
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, ...
01 Jul, 2024, 11.26 AM ISTFintechs' 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.
01 Jul, 2024, 07.15 AM ISTTop 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...
01 Jul, 2024, 06.00 AM ISTWomen-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.
25 Jun, 2024, 06.00 AM ISTPause 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.
21 Jun, 2024, 06.01 AM ISTM2P 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.
12 Jun, 2024, 08.30 AM ISTVolt 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.
30 May, 2024, 02.51 PM ISTAshish 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.
24 May, 2024, 12.40 PM ISTZaggle 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...
23 May, 2024, 09.34 PM ISTPaytm 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 exch...
22 May, 2024, 07.41 PM ISTTraditional 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 Gr...
21 May, 2024, 06.01 AM ISTPaytm 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.
09 May, 2024, 05.22 PM ISTPaytm 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.
09 May, 2024, 04.03 PM ISTUgro 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 co...
02 May, 2024, 10.05 PM ISTTrust 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.
04 Apr, 2024, 10.03 AM ISTRakuten 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.
01 Apr, 2024, 10.13 AM IST'Fintech platforms are agile, but increase risk of misuse' RBI deputy governor Swaminathan J discussed the rise of 'agile' fintech platforms at the Global Money Week 2024 in Paris, emphasizing the need for robust regulatory frameworks, cybersecurity measures, and consumer awareness to mitigate fraud risks.
22 Mar, 2024, 12.34 AM IST