Thursday, May 19, 2022

Daily Fintech News: Ex-InMobi team raises fund, A16Z to invest in India & more

1. Legistify Services, eShipz, Flatheads, others raise funding

Legistify Services is a tech-enabled legal concierge platform. It has raised an undisclosed amount of funds in a pre-Series A round from Titan Capital, Indiamart, and GSF Accelerator.

The company said that it has facilitated a highly profitable 5x cash payout for early investors which made partial exits. These investors continue to hold minority stakes in the company.

The new capital will be used to fund the expansion of services across geographies and towards the development of new products and services.

Read more about it here.

2.Ex-InMobi team launches fintech startup Bright Money, raises $31M

Bright Money was founded in 2019. The startup is based out of San Francisco and Bengaluru, and has been inactive for two years.

On Thursday, Bright Money announced its launch along with a fundraise of $31 million from Sequoia Capital India, Falcon Edge Capital, and Hummingbird Ventures. The company uses data science to build and scale a “consumer fintech startup for the world from India”.

Read more about it here.

3. Pine Labs raises $100M from Invesco Developing Markets Fund

Pine Labs is a merchant commerce platform. It is shoring up capital and raising more from investors with an initial public offering (IPO) in its line of sight. It has appointed Wall Street banks, including Morgan Stanley and Goldman Sachs, as advisors for its US IPO next year, as Economic Times reported.

The IPO might value the company at $6 billion, nearly double the $3.5 billion price tag it attracted in July when it raised $600 million, the report added.

Read more about it here.

4. Castler Launches India’s First Escrow Management API Sandbox for Fintech players

Castler is an Escrow-as-a-service provider. It has announced the launch of India’s first Escrow Management API Sandbox to help developers and businesses create disruptive fintech products at an affordable cost.

The Escrow Sandbox allows businesses and other fintech players to integrate Castler’s escrow management API into their solutions. It also provides a platform for fintech firms to expand their services to new markets, leverage Castler’s API suite’s credibility, and earn their end users’ trust by managing their transactions safely via the escrow management process.

Read more about it here.

5. Fintech startup Paytail raises $1.5 mn seed from Cholamandalam, others

Buy-now-pay-later Fintech startup Paytail has raised $1.5 million from Cholamandalam and other marquee angel investors as part of its seed round. Paytail will use the fresh funds to enhance the product, build a strong team to change the experience of offline buyers & sellers & achieve 10x-15x growth rate in the monthly transactions in the next 12 months.

Paytail is building a network of other large financial institutions to cater to the pre-approved loan offers for consumers.

Read more about it here.

Interested to know more about Buy Now Pay Later (BNPL), you can check out our course here.

6. Rupifi, Retailio Deal Gives India Pharma SMBs BNPL Options

The Indian lending FinTech Rupifi has partnered with Retailio to enable credit for its pharma retailers, as announced by the company. The company was founded in 2020 & it provides flexible buy now, pay later (BNPL) loans to SMBs on B2B marketplaces.

It is currently working with partners across sectors like fast-moving consumer goods, food, pharma, fashion, electronics, agriculture and general merchandise. Rupifi aims to ensure that SMB retailers in metros as well as in Tier-1/2/3 cities and towns get access to digital and real-time credit through its BNPL offering.

Read more about it here.

7. Systematix: Digital MSME Lending Poised For A Long Runway Of Growth in India

The fintech industry in India is already looming. The innovation provided by the companies and startups backed by the high approval rating of Indians is only proving to be beneficial for the country.

BloombergQuint published a report where they described how Digital MSME Lending in India will prove to be long run in India.

Get the report here.

8. Andreessen Horowitz in talks with CoinSwitch Kuber for its first India bet

Since April, CoinSwitch has more than doubled its user base from 4.5 million to 10 million. This makes it India’s largest crypto platform. It is followed by Binance-owned WazirX, which has more than 7.5 million users.

The company was founded in 2017 as a global aggregator of cryptocurrency exchanges. It launched its India-exclusive crypto platform, CoinSwitch Kuber, in June 2020. The latest fundraise comes amid continuing policy uncertainty around the status of crypto assets in India.

Read more about it here.

9. Fintech start-up Ezeepay plans to expand in Southern markets

Ezeepay is a fintech start-up focussed on financial inclusion and promoting digital transactions in rural and semi-urban areas. It is now planning to expand its services in the southern market over the next few months, a senior official of the company said.

Delhi-based Ezeepay offers a range of banking and digital services to rural India including Aeps service, Aadhaar Pay, Money transfer, Micro ATM, Bank account opening & much more.

Read more about it here.

10. Govt to fund best ideas for taking digital payments beyond cities

The government has invited proposals from startups and fintech firms to build products that will take digital payments to India’s semi-urban and rural areas. It had given companies until September 15 to submit detailed project ideas. It will now shortlist the best ideas and fund them.

The government said it was looking for things like voice-based digital payments solutions using mobile phones; local language apps for digital payments; and solutions for digital payments using feature phones. It also added these are some areas in which past efforts have been unsuccessful and that need a new, innovative approach.

Read more about it here.

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