Thursday, May 19, 2022

Daily News – FinBox launches Account Aggregator enabled digital lending, MobiKwik gives ₹300 crore windfall for 450 employees & more

1. FinBox launches Account Aggregator enabled digital lending

FinBox launches Account Aggregator enabled digital lending thus becoming the fintech startup that has become one of the first companies to go live with the Account Aggregator ecosystem that’s integrated deeply into its user journey.

It partnered with Finvu, an RBI-licensed NBFC Account Aggregator. FinBox has further strengthened and consolidated its credit intelligence portfolio that already has a robust risk assessment and alternative data decisioning engine.

Read more about it here.

2. How Far Can Fintech Drive BFSI Employment In The Post Pandemic World?

According to Michael Page’s India Talent Trends report (2021), over 63% of companies in the Indian BFSI space expect their headcount to increase by 11% in 2021 itself. The Reserve Bank Of India (RBI) expects the fintech ecosystem, flushed with funds and higher user adoption to drive employment growth for the financial ecosystem.

While a few traditional banking roles across underwriting, customer support and sales are likely to be lost to the fintech boom, many more are expected to be generated across product and compliance in the sector.

Read more about it here.

3. Australia’s Zip enters Indian buy-now-pay-later space with ZestMoney deal

Australian buy-now-pay-later (BNPL) company Zip Co Ltd said on Wednesday it will invest $50 million to acquire a minority interest in Indian BNPL company, ZestMoney, as part of its plans to enter into new growth markets and add investors.

Zip is Australia’s second-biggest BNPL player. It is expanding its footprint in the rapidly growing sector while acquiring companies in Europe and the Middle East over the past year.

Read more about it here.

4. HCL Tech stock hits new high after tie-up with Lendico to deliver application and engineering services

HCL Technologies (HCL) has entered a multi-year application services transformation partnership with Lendico, a brand of ING Germany. They aim to deliver application and engineering services to help Lendico create a state-of-the-art digital platform that makes business banking faster and more convenient for small- and medium-sized enterprises (SMEs).

HCL will build a tech lab in Berlin that will combine fintech mindset, agile culture and customer focus with engineering expertise, global delivery capabilities, and deep domain knowledge of financial services and risk management.

Read more about it here.

5. Funding in Indian Fintech startups from 13 Sep-18 Sep

This week 40 Indian startups raised funding, of which 32 received a total of $513 million. Out of this, Apna and Pine Labs raised $100 million each.

Pine Labs: Merchant commerce platform Pine Lab has raised $100 million from Invesco Developing Markets Fund.

Bright Money: Bright Money has raised $31 Mn in funding from Sequoia Capital India, Falcon Edge Capital and Hummingbird Ventures.

Livquik Technology: Chennai-based M2P FINTECH has announced an investment of $4 million in Livquik Technology.

Paytail: BNPL fintech startup Paytail has raised $1.5 million from Cholamandalam and other marquee angel investors as part of its seed round.

4Fin: 4Fin, a Pune-based fintech startup, has raised $1.1 million in a pre-seed round.

Easiloan: EasiLoan has raised Rs 8 crore or a little over $1 million in its maiden round led by Tomorrow Capital.

Read more about it here.

6. Fintech startup Tag valued at $100 million in Pakistan’s largest seed round

Tag, a one-year-old startup that offers banking and financial services in Pakistan, has raised over $12 million. It is said to be the largest seed financing round in the South Asian market.

The founder of the company says it is both Revolut and Paytm in Pakistan.

Tag partners with public and private firms to offer their employees banking services including getting their salaries on the Tag account and Visa-powered virtual and physical cards. Signing up on Tag — which includes some verification of an individual’s identity — just takes three minutes, he added.

Read more about it here.

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7. M2P acquires credit card management fintech Wizi

Chennai-based M2P Fintech, also known as Yap, announced yesterday the acquisition of credit card-focussed fintech Wizi for an undisclosed sum.

M2P is an application programming interface (API) infrastructure company that helps businesses roll out their branded products. It offers banks and financial institutions end-to-end programme management services covering bank accounts, term deposits, and payment products including debit, credit, prepaid and travel cards, QR, UPI, and NETC toll payments.

Read more about it here.

8. ₹300 crore windfall for 450 employees of IPO-bound MobiKwik

Fintech major MobiKwik, which has filed its draft red herring prospectus (DRHP), on Tuesday said the listing should provide generous rewards to its employees through the ESOPs issued to them.

Following the successful listing of Zomato, many technology-driven companies filed draft papers with the Securities and Exchange Board of India (Sebi) to float their IPOs. These include Paytm, Policybazaar, Mobikwik and Nykaa.

Read more about it here.

9. Banks should not imitate fintech: former RBI deputy governor

banks should not “try to imitate” fintech companies in totality as this is not the right approach, former RBI deputy governor S S Mundra said.

According to him, it would be beneficial for both the banks and the fintech companies to have meaningful cooperation, and in this way, both can leverage their respective strengths. Both entities should compliment each other.

Read more about it here.

10. India a priority market, will continue to see growth here: Salesforce

Salesforce, which recently invested in Razorpay, said that India is a priority market for Salesforce and it will continue to invest in the ecosystem to maintain its strong pace of growth in the country.

It is also the second-largest employee base of the company outside of the USA. Salesforce’s Bret Taylor added that India is a hub for innovation, a hub for talent, that’s why it’s not just about growing our own employee base and our customer base, it’s about Salesforce Ventures, which inspired that investment (in Razorpay) and we’re really investing into that ecosystem.

Read more about it here.

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