Thursday, May 19, 2022

Homeville Raises $7 million, WhatsApp adds Rupee symbol and more.

1. Housing credit fintech Homeville raises $7 million

Homeville is a financial technology company in the housing finance space. Recently it has raised $7 million in funding with participation from 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, BlackSoil and Earlsfield Capital, among other investors.

It was founded by IIM alumni Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya. The startup offers technology-enabled solutions for home buyers.

Read more about it here.

2. CRED’s Kunal Shah: Self-regulation will save fintech ecosystem

Speaking at the Global Fintech Fest 2021, Kunal Shah spoke on why it was important for fintech players to self-regulate, the need to increase the inclusion of women in financial services, why he was an angel investor in over 200 startups and more.

He also added that while the fintech ecosystem was witnessing immense growth, the opportunities would come with setbacks of malpractices by a few players in the ecosystem. Regardless of this, founders must focus on doing the right thing themselves to avoid coming under the lens of regulators.

Read more about it here.

3. 3 stocks riding the fintech megatrend in India

India’s fintech industry is the fastest growing industry in the world. This comes as no surprise. Here are three stocks riding the fintech megatrend in India.

CDSL: the largest securities depository in India and a key beneficiary of the fintech megatrend.

CAMS: a mutual funds registrar and transfer agent. The company is seen as one of the best plays on the country’s adoption of financial technology.

Paytm: Although not listed, it is a direct play on the fintech megatrend. The company is the largest payments platform in India with a gross merchandise value (GMV) of ₹4 trillion.

Read more about it here.

4. India is poised to become one of the largest digital markets in the world: Piyush Goyal

India’s fintech adoption rate of 87 per cent easily trumps the global average of 64 per cent, Commerce & Industry Minister Piyush Goyal has said. Goyal has said the government will continue to support the sector.

He was speaking at the 2nd Global Fintech Fest-2021 hosted by the Fintech Convergence Council, Payments Council of India, National Payments Corporation of India (NPCI) and Internet and Mobile Association of India.

He also mentioned that 224 banks participated with UPI and recorded 2.6 billion transactions worth over $68 billion and the highest ever, more than 3.6 billion transactions, in Aug’21.

Read more about it here.

5. American fintech firm FIS will hire over 10,000 people in India

Florida-based fintech firm Fidelity Information Services (FIS) provides technology solutions for merchants, banks and capital markets firms globally. Now, it is looking to hire over 10,000 individuals in India over the next 12-months to fill positions across various roles at all levels to fuel its future growth.

The recruitment drive will focus on hiring people through campus placements at leading educational institutes in India. The successful applicants will be staffed across FIS offices in Mumbai, Bangalore, Chennai, Pune, Indore, Mohali, Gurugram, as mentioned by the company.

Read more about it here.

6. DMI Alternatives raises $40 mn for fintech fund

DMI Alternatives Pvt. Ltd on Thursday announced it has raised $40 million for The Sparkle Fund, which is part of its DMI Alternative Investment Fund (DMI AIF).

The Sparkle Fund by DMI Alternatives was set up in 2017 to participate in investment opportunities in India’s rapidly growing digital finance ecosystem. This fund has invested $10 million across multiple companies, including M2P, Credgenics, Servify, Uni, and Mobikwik.

Read more about it here.

7. M2P Fintech acquires SaaS platform

Chennai-based M2P Fintech, formerly known as Yap, on Thursday announced the acquisition of – a Bengaluru-based Software as a service (SaaS) technology platform. allows both fintech and traditional lenders to manage their collection operations and repayment analytics through intuitive analytics.

The integration of into M2P Fintech’s platform offering sits perfectly with our vision of co-creating products by leveraging our API infrastructure,” M2P Fintech co-founder Muthukumar A said in a statement.

Read more about it here.

8. India is Set for Next Evolution Arc in Financial Services with Neobanks: Report

On day two of the Global FinTech Fest 2021 (GFF 2021), Jitendra Gupta who is the Chairman of the FCC’s Neo Banking committee and CEO of Jupiter Money; Anish Achuthan, Co-Founder and CEO, Open Financial Technologies; Anurag Sinha, Co-Founder and CEO, FPL tech/One Card and Vivek Belgavi Partner, Technology Consulting, Alliances & Ecosystems at PwC, released a report on “The Evolution of Neobanks in India”. The Neobanks strive to achieve superior digital experience, superior customer experience.

The report highlights that India is seeing a radical shift towards digitised banking services, provided by FinTechs for a niche set of customers. As Neo Banking is a fast-evolving segment, it will be important to assess its impact on other stakeholders such as banks, customers, regulators, etc.

Read more about it here.

9. The International Cricket Council Announces Strategic Partnership With FinTech Infrastructure Leader, Nium

The International Cricket Council (ICC) announced today that it has entered a multi-year strategic partnership with Nium, a leading global financial technology (FinTech) infrastructure company.

Nium is founded by Prajit Nanu. It provides banks and businesses with access to a suite of fintech infrastructure services through one API. This partnership includes involvement and integration in three global ICC events through to the end of 2023 such as the ICC Men’s T20 World Cup in the United Arab Emirates and Oman, the ICC World Test Championship Final in 2023 and the ICC Men’s Cricket World Cup 2023 to be hosted in India.

Read more about it here.

10. WhatsApp adds Rupee symbol in chat composer to ease sending payments.

WhatsApp on Thursday presented the ₹ symbol in its chat composer to make sending payments using the app easier for users in India. It has also announced that the camera icon in the composer can now scan any QR code to enable paying at more than 20 million stores in India.

With these features, payments on WhatsApp are expected to become more inclusive and intuitive as users can now send money using two of the most iconic and recognizable symbols all within the WhatsApp chat composer.

Read more about it here

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