UNI CARDS NBFC LICENCE
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
Neobanking startup Jupiter gets RBI nod for mobile wallet licence
Neobanking startup Jupiter, backed by Tiger Global and Peak XV Partners, secures a prepaid payments instrument licence from the RBI to offer digital wallets for UPI payments, fund transfers, and bill payments.
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.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Neobanking startup Fi secures NBFC licence from RBI
Fi, backed by Peak XV and Temasek, obtained an NBFC licence from RBI for independent lending. Like Jupiter, Groww, and Cred, Fi now offers loans and additional financial services.
Uni Cards reports rise in FY23 revenue to Rs 34 crore, loss up 13%
Uniorbit Technologies, which was impacted by the Reserve Bank of India's order to stop linking credit lines to prepaid cards in June 2022, saw its revenue from operations growing to nearly Rs 34 crore in FY23.
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Jio Financial’s Q2 report card; Invesco raises Swiggy's valuation
Jio Financial Services, which was recently spun off from Reliance Industries and listed as a separate entity, made a strong showing in the September quarter.
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).
Australian NBFC Pepper Money looks to set up NBFC business in India
In an exclusive chat with ET, group CEO Mike Culhane said there is scope to build for tier 2 and tier 3 India for the long term and that Pepper Money India was targeting that opportunity.
Aditya L1: young scientists, women trailblazers behind India’s solar mission
As India's first space-based solar observatory, Aditya L1, takes giant strides in its sun mission, what’s not much known is that it was a group of youngsters, and the country’s women in science back home, who made the endeavour a reality. This and more in today’s ETtech Morning Dispatch.
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.
Dunzo asks rainmaker Reliance for more monies; OneCard, WintWealth apply for NBFC licences
A week after ET reported that Dunzo may lay off more employees after the April carnage when it cut 300 jobs, more bad news is coming. The quick commerce company is turning to Reliance Retail, its largest investor, for a fresh cash infusion. It is not known if Reliance will oblige. This and more in today’s ETtech Morning Dispatch.
Fintech startups crowd NBFC queue to enter credit lane
A growing number of fintechs are hoping to play the credit game to keep users sticky and expand revenue opportunities
NPCI leans on bank partnerships to push RuPay credit cards
With UPI being allowed on RuPay credit cards, NPCI is hoping to attract more lenders as it could be a major source of attraction for consumers.
Cred’s NBFC may raise $50-70 million; MapmyIndia CEO wants internet body IAMAI to reflect Indian voices
Kunal Shah-owned Newtap Technologies, which acquired Parfait Finance, an RBI-registered NBFC, is in talks to raise equity capital from Cred’s existing investors.
Card fintech company Slice receives prepaid pay licence from RBI
Fintech platform Slice to open minimum KYC PPI accounts for teens as it looks to widen its user base, say sources. The licence is also in line to double down on offerings for its waitlisted customers.
IDFC First Bank's transformation to retail complete; NPA woes behind, says CEO V Vaidyanathan
" I don't look a gift horse in the mouth. The merger(of Capital First and IDFC Bank) brought with it a banking licence which is super precious," said V Vaidyanathan.
We need more modern banks to build an advanced economy: Sachin Bansal
Flipkart founder keen to take his financial services co public this fiscal year; getting banking licence remains long-term ambition; NBFC arm turns profitable in June qtr
RBI rules may force fintech firms to leverage NBFC operations
This is a shift for the digital lending industry, which has largely focused on growing the lending-distribution platform to show scale and rely on loss guarantee cover practices such as First Loss Default Guarantee (FLDG) to participate in lending activity through risk-taking with banks and financial institutions.
Prepaid card numbers crash; Tech Mahindra CEO bats for free spectrum
Until May, fintech companies were issuing five to seven lakh prepaid cards a month to customers. But in June the RBI barred non-banks from loading credit lines onto online wallets and other prepaid payment instruments. The central bank’s mandate had an immediate impact – fintech firms have issued fewer than a lakh prepaid cards so far this month.
Slice fundraising on hold as RBI note triggering uncertainty for sector
People aware of the matter said the company’s funding round, of which $50 million was raised last month led by Tiger Global, is on hold now as stakeholders wait for clarity. Fintechs that are in a tizzy following the RBI circular have written to the central bank seeking more information on its action.
As card-based fintechs seek Plan B, FPL Tech set for unicorn club
The banking regulator has, however, told some fintech firms that they should seek licences to continue operating.
Card-based fintechs switch to plan B for biz continuity
Several fintech firms have reached out to leading banks to explore alternative credit models, sources told ET. These include opening a bank account — plus an add-on debit card — with lenders to disburse loans, issuing co-branded credit cards instead of PPIs and disbursing the credit as cash directly into a customer’s existing bank account.
Why India is no fan of buy now, pay later plan
The RBI doesn’t have a problem with 90-second credit. The regulator was even willing to let nonbank finance companies, or NBFCs, retain their existing lead over banks in the origination of short-term consumer credit, especially for really small-ticket transactions.
Fintechs behaving like banks may have triggered RBI order on credit lines
The fintech companies likened the order to giving traditional banks significant control of the sector's innovation stack, potentially affecting their business models.
Kissht raises $80 mn, to foray into challenger card segment
Along with the fundraise, the company also said it would foray into the challenger card segment, where it will issue its buy-now-pay-later cards called Ring in association with RBL and SBM Bank to customers linked with a credit line.
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.
Not looking at applying for a banking licence now: Sanjiv Bajaj
"We have to get away from the thinking that no businessman can be trusted."
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