Saturday, August 20, 2022
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Daily Fintech News : HSBC India Launch HSBC UniTransact To Ease Cross Border Transactions

1. Groww is set to triple its valuation

Groww is all set to raise $250 million, which would increase its valuation to $3 billion, up from $1 billion in April, this year per TechCrunch. Groww is growing thanks to India’s huge user acquisition opportunities.

After becoming a unicorn in April, Groww acquired asset manager Indiabulls’ mutual fund business to widen investing options for users and is on its way to hit $35 million in annual recurring revenues (ARR).

Read more about it here.

2. Bright Money raises $31 million from Sequoia & others

Bright Money is an AI-enabled personal finance platform. Recently, it has raised $31 million from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures in a Series A funding round at an undisclosed valuation.

The capital raised will be used for team building as well as developing the product suite before launch. Bright Money uses artificial intelligence to help users make better financial decisions.

Read more about it here.

3. HSBC India Launch HSBC UniTransact To Ease Cross Border Transactions

HSBC UniTransact’, a first-of-its-kind digital proposition. It aims at simplifying cross-border transactions. This product is a one-stop solution that will bring clients the benefit of seamless integration of all aspects of transaction banking while reducing manual intervention through the course of the transaction journey.

It provides a range of benefits such as Comprehensive Dashboard, Enhanced Visibility & more.

Read more about it here.

4. Payments firm Pine Labs hires bankers for IPO

Payments firm Pine Labs has appointed Morgan Stanley and Goldman Sachs as advisors for its initial public offering (IPO) in the US next http://year.As for the timing of the IPO, the source said it might be next year, or early 2023.”

It is looking to raise a valuation of around $6 billion through the IPO but this could increase. The company was last valued at $3.5 billion earlier this year, after raising around $600 million in two tranches. It is the third-highest-valued fintech in India after Paytm and PhonePe.

Read more about it here.

5. How Open Financial Technologies uses blockchain for cross-border pay?

Open Financial Technologies Pvt Ltd is a startup that helps businesses send and receive payments, automate accounting and expenses, and uses application programming interface tools to help integrate banking processes with SME workflows.

The Reserve Bank of India has selected this company to build a blockchain-based cross-border payment system.

Read more about it here.

6. Prodigy Finance Bags $750 Mn, To Help More Indian Students Go Abroad

Prodigy Finance raised $750 Mn in funding from CPP Investments which will further help it expand its operation in India where it is witnessing 50% rise in terms of student applications.

Prodigy Finance will utilise upto $500 Mn of the raised capital for financing of deserving students through its subsidiary CPPIB Credit Investments Inc. Prodigy Finance has till date has funded over $1 Bn in graduate education loans to more than 20,000 students from over 100 countries, including India.

Read more about it here.

7. Pincap: Taking a Quantum Leap in Navigating the Fintech Industry Towards Success

Only 7 NBFCs in India were given factoring licenses and Pincap is one of them. PinCap is a company that uses AI-ML and advanced analytics that seamlessly facilitate its design, launch, implementation, and execution of FinTech with swift structured & transparent processes.

PinCap has emerged as a technology-led data-driven company that has enabled various industry verticals to leverage their expertise to scale new-age financial solutions.

Read more about it here.

8. How to Avoid Digital Lending Scams?

Digital lending scams have increased amid the Covid-19 pandemic. Economic stress has caused fraudsters to prey on unsuspecting people in dire need of money. The dire their need for quick money, the more susceptible they are to loan scams.

A basic understanding of digital loans and their modalities could help people stay safe from frauds. Here are some relevant points to know before selecting who is the lender and relying on them.

Read this to know more about it.

9. Soon, Delhiites can skip visiting banks for hypothecating vehicle loans.

ICICI Bank has partnered with the Transport Department to allow automatic termination. Since the launch of faceless services, the Transport Department has received the data of over 7,800 applicants who have loans on vehicles so far.

Hypothecation services (HPT), including addition, continuation and termination of hypothecation on vehicle loans, are one of the most availed services of the Transport Department.

Read more about it here.

10. DG Financial Technology, Japan acquires majority stake in Pune-based Vizitech Solutions

DG financial technology is a leading Japanese payment service provider. It has acquired a 60% stake in Pune based Vizitech Solutions.

After the pandemic, there have been demands to acquire well run companies that have successfully tackled the pandemic induced challenges. Despite the pandemic, Vizitech successfully continued its operations and resulted in an increase in transaction volumes.

Read more about it here.

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