Fintech
PhonePe becomes first payment app to link 2 lakh RuPay credit cards to UPI
The company said it aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularize its usage among the customers and merchants alike. The company has already enabled the acceptance of RuPay credit cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.
BharatPe appoints Sandeep Indurkar as CBO-Banking & Alliances
"I look forward to strengthening the market for BharatSwipe and Speaker. Also, I look forward to fostering the right partnerships with relevant players in the financial services ecosystem, with the objective of making a larger impact across merchant businesses," Sandeep Indurkar said in a statement.
Early-stage investment in India to grow as gaming, EVs & AI top picks: Report
The interest in early-stage startups is due to the fact that overall funding saw a drop in 2022 led by a drop in late-stage large deals, according to a report by Bain & Company. 2023 will likely see the emergence of a more resilient ecosystem as stakeholders remain cautiously optimistic. SaaS and fintech will remain significant while regulatory oversight may have some impact on Fintech,
BharatPe strongly denies out-of-court settlement talks with Ashneer
BharatPe filed a fraud case against Grover and his family in Delhi High Court for allegedly siphoning off Rs 88.6 crore, which is currently ongoing. In a statement to IANS, the company said that reports "suggesting any settlement between BharatPe and Mr Grover or his family are completely baseless and untrue".
SVB saga: Recur Club allocates $15 mn to fund payroll for affected Indian startups
To further bolster and support the ecosystem, Recur Club will not charge any platform fees. "This incident tells us about the criticality of diversification, be it customers, banking, or investors in a business. Recur Club has received interest from more than 100 startups regarding immediate Payroll financing and managing short-term expenses," said Eklavya Gupta co-Founder, Recur Club.
Global fintech investment nosedives in 2022, payments space shows top growth
Payments space remained the strongest fintech sub-sector globally, attracting $53.1 billion in total investment, according to KPMG's 'Pulse of Fintech H2-2022' report. The sharp drop-off in fintech investment between the first half of 2022 and the second half -- from $119.2 billion to $44.9 billion -- highlights the rapidly shifting market conditions much more clearly.
Digital lending may pip traditional lending on unsecured loans by 2030
This will be driven by unsecured small-ticket size segment and the secured collateral-based high-ticket size market, according to the latest white paper by Experian India in collaboration with the Digital Lending Association of India (DLAI). As co-lending becomes the predominant operating model in India, more traditional lenders will collaborate with fintechs to reach.
PhonePe raises extra $100 mn at $12 bn valuation
"We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, CEO and Founder of PhonePe.
BharatPe losses swell in FY22 after change in fair value of CCPS
In FY21, the company had posted a net loss of Rs 1,619.2 crore. Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year, according to its financial statement with the Registrar of Company (RoC).
PhonePe's decision to shift domicile from Singapore to India cost its investors Rs 8,000 Cr in taxes: CEO Sameer Nigam
Nigam further stated that the challenges for startups shifting domicile to India are high, and that the move resulted in a loss of approximately $900 million dollars of accumulated losses, as it is treated as a restructuring event. Nigam also stated that at least 20 existing unicorns have expressed interest in shifting domicile to India if regulations become easier.
Advertisement