Fintech
InCred Secures $60 Million in Funding, Attains Unicorn Status as India's Second in 2023
According to insights from Entrackr, the funding drive was spearheaded by InCred Wealth, the wealth management arm of InCred, contributing an impressive $36.76 million. MEMG Family Office followed suit with a noteworthy investment of $9 million.
Bolt, E-commerce, and Fintech Firm, Implements Workforce Reduction with 29% Staff Layoffs
The move echoes a broader trend, as seen with music streaming giant Spotify, which recently announced a 17% reduction in its workforce to enhance productivity and efficiency, citing economic challenges and increased capital costs.
Kiwi, Fintech Startup, Secures $13 Million Funding Round Led by Omidyar Network India
Established in November 2022, Kiwi highlighted that this infusion of funds will serve as a catalyst for further amplifying its 'credit cards on UPI' offerings within India's financial landscape.
Rise in Delinquencies Noted in Unsecured Loans, Particularly in Small Ticket Personal Loans
Despite small ticket personal loans contributing about 25% of the incremental origination volume in the past two years, their value accounted for only 2.5% of the overall system personal loans.
Fintech firm Groww’s revenue surges 266% in FY23, turns profitable
The Zerodha rival reported a net profit of Rs 448.7 crore in FY23 against Rs 239 crore in net loss in the previous fiscal year.
India becomes 4th-highest funded fintech startup ecosystem globally
Overall, the country is the third largest startup ecosystem globally with nearly 1 lakh startups, behind the US and China.
Fintech firm Bright Money raises $62 mn in equity, debt round
The funding includes $50 million in debt from Encina Lender Finance and $12 million in equity led by Alpha Wave, Hummingbird, and PeakXV.
India’s fintech ecosystem to reach $70 bn in annual revenue by FY30
India’s fintech industry offers a $400 billion value creation opportunity by 2030, according to the report by Elevation Capital, a leading early-stage venture capital firm.
Gieom's Ops and Risk Central is now available on Temenos Exchange
Temenos Exchange brings innovation to market faster, and at scale. The ecosystem offers pre-integrated and approved fintech solutions that can be easily deployed on top of Temenos open platform for composable banking, enabling banks to accelerate the creation of new financial services, while reducing the costs of development.
Fintech company Lendingkart raises Rs 200 cr from EvolutionX Debt Capital
The company said it will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its core business growth by enabling financing for a much higher number of MSMEs across the country. Lendingkart will continue to invest in its tech capabilities which bolster its lending platform which in turn will further partnerships with marquee banks and NBFCs of India.
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