FINTECHS
Global firms buy PB Fintech stakes from early backers
Foreign portfolio investors (FPIs) have lapped up shares in Gurugram-based listed fintech firm PB Fintech, as its founders and early investors sold their shares, in full or in part, in multiple tranches. These transactions happened through bulk deals when several early-stage investors of the company exited the firm fully or partly after 2021, when it went public.
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.
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.
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Fintech sector will dominate future Unicorns at USD 58 billion: Hurun report
The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future.
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.
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 prices of new-age firms swing on poll results
Major new-age companies including Zomato, Paytm, Delhivery, Nykaa and PB Fintech saw their stock prices plummet on Tuesday. However, as the broader markets recovered some losses on Wednesday, these stocks also saw their prices rise. This plunge followed massive gains on Monday when exit polls had suggested a clear mandate for the ruling Bharatiya Janata Party (BJP).
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Google Wallet in India partners with Pine Labs to offer gift cards
Google Wallet users can store and manage Gift Cards within the app and will receive reminders to use them at checkout. Google had launched the Google Wallet app for Android users in India earlier this month.
RBI unveils final guidelines for fintech SRO
The RBI had unveiled draft guidelines in January this year, following which industry participants sent in their responses. The regulator wants the SRO to be truly representative of multiple participants across the fintech space.
PhonePe launches secured loans in partnership with a bunch of NBFCs
PhonePe, a Bengaluru based fintech major, has launched secured loan products in partnership with non-banking finance companies like Tata Capital and L&T Finance. The Walmart owned company is offering six credit products to its customers.
PhonePe, BharatPe settle legal dispute over 'Pe'
The legal battle began in 2018 when PhonePe issued a legal notice to BharatPe, asking the latter to stop using 'Pe' in Devanagari script in their brand name.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
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.
Singapore court clears Pine Labs plea to move domicile to India
The approval from Singapore's court paves the way for Peak XV Partners-backed Pine Labs to shift its domicile to India. Multiple other companies of Indian origin including Meesho, Razorpay, Zepto and Udaan are in different stages of moving to India. PhonePe and Groww have already completed their migration to India.
Upstox enters insurance distribution business
HDFC Life is among the first insurers to partner with Mumbai-based Upstox, featuring its term insurance plans on the platform
Jupiter Money launches new savings feature for millennial users
Magic Spends allows investment of a predetermined amount every time a user of the company’s eponymous mobile app makes a transaction. The investment goes into digital gold and mutual funds.
Infibeam Avenues reports 55% jump in profits at Rs 147 crore for FY24
Infibeam Avenues, the Ahmedabad-based company behind CCAvenue payment gateway and BuildaBazaar enterprise software, saw its annual revenue soar by 61% to Rs 3,171 crore in FY24, compared to Rs 1,962 crore the previous year. Profit after tax also jumped significantly, rising 55% to Rs 147 crore from Rs 94.6 crore.
Fintech regulations to help those who follow rules: QED’s Nigel Morris
Nigel Morris, cofounder and managing partner at QED Investors, spoke to ET about the recent clampdown by India's central bank across various segments of new-age financial services, the funding environment, valuation of fintechs and more in an exclusive chat.
Zeta launches new stack for banks to power credit transactions on UPI
Zeta, led by Bhavin Turakhia, aims for $1 trillion UPI credit disbursals by 2030. The fintech startup launches a new tech stack for UPI transactions, targeting global break-even and strategic partnerships.
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 Paytments Bank moves bill pay business to Euronet India
Paytm Payments Bank transitions bill payment operations to Euronet Services India, impacting commission revenue. Senior executives resign amidst business challenges, influencing OCL's performance in the market.
Old guard is out as Tata Digital’s new CEO revamps deck
Tata Digital undergoes significant senior management changes under CEO Naveen Tahilyani, impacting the team behind Tata Neu superapp. Several executives from the original team that launched supperapp have now left.
Supreme Court dismisses PhonePe's appeal over trademark dispute with DigiPe Fintech
Supreme Court dismissed PhonePe's appeal against DigiPe's trademark use. The court noted other companies with similar 'Pe' suffix. The ongoing lawsuit readiness and differences in services between PhonePe and DigiPe were highlighted.
RBI cautions banks on gold loan disbursals through fintech startups
RBI cautions banks on gold loan disbursement concerns through fintechs like Rupeek, IndiaGold, and Oro Money. Banks evaluating next steps post IIFL Finance issue. Asset quality improved at Rupeek, with partnerships with Federal Bank, Indian Bank, and South Indian Bank.
Fintechs seek clarity on digital currency tieups despite RBI blessing
Blockchain-based digital currency allows programmability of money. This means, in some cases, usage can be restricted to specific merchants only. This feature has caught the attention of the government, which is considering using it for targeted subsidy disbursements and preventing unauthorised access or misuse.
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