Fintech
Asia-Pacific logs record $41.8 bn in fintech investment in 2022 1st half
The region saw a diversity of jurisdictions attract good-sized deals, according to the KPMG in India report. In the Asia-Pacific region, a number of fintech subsectors that attracted substantial interest and hype over the past 12 to 24 months cooled off considerably in the reported period, including retail payments, insurtech, and B2C solutions. Crypto, NFTs and blockchain also came off the investment burner.
At $29 bn, Indian fintech sector now has 14% global funding share: Report
India's CAGR in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to 'State of the Fintech Union 2022' report by the Boston Consulting Group (BCG) and Matrix Partners India. With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870).
Indian fintech market to reach $1tn in AUM, $200 bn in sales by 2030
Much of the growth will be driven in the digital lending market, which is expected to grow to $515 billion in book size by 2030, according to the report by Chiratae Ventures in collaboration with Ernst and Young (EY).
India is currently home to 21 fintech unicorns and factors like favourable demographics, growing technology adoption, higher disposable incomes and an aware customer is fuelling this growth.
ED takes action against Chinese fintech companies
This was done in connection with an ongoing probe in a Prevention of Money Laundering case. The ED initiated the money laundering investigation on the basis of two separate FIRs registered at the Marathahalli Police station and the Mahalakshmipuram Police Station, Bengaluru, under various sections of the IPC.
Pine Labs raises $50 million, to expand BNPL offering in Southeast Asia
Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia, and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia. "We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations," saidAB. Amrish Rau, CEO, Pine Labs.
Razorpay acquires fintech startup IZealiant to empower banks
Fintech platform Razorpay on Wednesday announced to acquire IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undisclosed sum. The acquisition of Pune-based IZealiant, the fifth by Razorpay to date, will strengthen its banking solutions arm that builds innovative tech solutions for banks, the company said in a statement.
CredAvenue fastest Indian fintech unicorn after raising $137 mn
Debt marketplace CredAvenue on Sunday announced that it is India's fastest fintech to join the unicorn club with a Series B fundraising round of $137 million. The fundraising round was led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer, with participation from existing investors. As a result, the company's post-money valuation has grown to $1.3 billion.
Ashneer tells BharatPe Board to do its actual job and stop vilifying him.
Ashneer Grover, who quit fintech platform BharatPe he co-founded amid serious allegations of financial wrongdoings against him and his wife, has hit back at the Board of the company, saying he is "appalled at the personal nature of the BharatPe Board's statement, but not surprised".BharatPe said it reserves all rights to take further legal action against him and his family.
Ashneer Grover resigns as BharatPe MD and Director
“I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which they are ostensibly trying to protect,” Mr. Grover wrote in a letter to the board.
Fintech platform Propelld raises $35 mn to boost education finance biz
Currently employing around 150, Propelld plans to add another 100-150 employees over the next year across technology, business development and collections. The startup was founded in 2017 by IIT Madras trio of Bibhu Prasad Das, Victor Senapaty and Brijesh Samantaray, Propelld has tie-ups with over 550 educational institutes and is currently clocking an annual loan disbursal run rate of Rs 600 crore, it said in a statement.
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