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Daily News : HappyCredit Raises Funds, how  Equitas-Google Pay deal reflects the confluence of banking and fintech & more

1. Fintech Startup HappyCredit Raises INR 5 Cr Pre-Seed Funding

Bengaluru-based startup HappyCredit on Tuesday announced to have raised INR 5 crore in a pre-seed round to accelerate its growth. The fresh funds will be used to launch new products, build talent and enhance the company’s growth.

It was founded by Jitendra Kumar and Ashish Virmani. HappyCredit is an instant cashback rewards application that offers shoppers rewards, credit, and shopping inspiration. For making rewards on shopping delightful, HappyCredit has launched its rewards product ‘Aishback’ in the market earlier this year. Aishback is a superior form of usual cashback rewards because it’s instant and can be transferred to the bank directly.

Read more about it here.

2. How fintech startup Coine.ai is reshaping lending for lower economic sections of India?

Coine.ai is a Hyderabad-based fintech startup which is making credit accessible to people in the lower economic sections with digital lending. The team partnered with Goyal Associates Ltd., a listed NBFC in BSE and Liqui Loans.

Coine provides small ticket loans ranging between Rs 1,000 and Rs 30,000, making lending accessible to millennials who are new to credit with low or no-CIBIL score for any unforeseen expenses. It was launched in December 2020 and is a team of 100 now.

Read more about it here.

3. Fintech Startup ZestMoney Bags $50 Mn In Series C Led by Zip Co

Australian stock exchange limited firm Zip Co will acquire a minority stake in ZestMoney and will get a board seat as part of the deal. ZestMoney claimed that this investment is part of a larger Series C round and will see participation from existing investors.

ZestMoney will utilise the fund raise to expand the product suite, deepen the transaction network, strengthen its balance sheet capacity and launch new business lines in insurance and savings.

Read more about it here.

4. Share India Securities to strengthen its position in fintech space

Share India Securities has announced the acquisition of two companies, namely – Algowire Trading Technologies and Utrade Solutions. The company has principally agreed to invest INR 15 crores to gain a majority stake in both entities.

With these acquisitions, Share India Securities has taken the next step towards providing a platform for Al-driven automated trading, strategy development and execution for its retail investors, as it continues to strengthen its position as a market leader and technology innovator in the fintech industry.

Read more about it here.

5. Fintech Will Have Spillover Effects On Ease Of Doing Business Says RBI Governor

Shaktikanta Das, Governor of Reserve Bank of India mentioned in a speech that India’s digital momentum is expected to continue with a strong demand in areas such as cloud computing, fintech, data analytics, workplace transformation, supply chain automation, 5G modernisation and cyber security capabilities.

India has benefited a lot from the emerging trends in these areas. The drive towards full fiberization of the economy has to go hand in hand with the establishment of data centres across the nation for data storage and processing. For this, universal, affordable and fast broadband internet access all through the country has played a critical role in advancing productivity and employment opportunities.

Read more about it here.

Interested to know more about Fintech for inclusion, you can check out our course here.

6. Chqbook Raises Rs 40 Crore In Pre-Series B Funding Round

Gurugram and Bengaluru based fintech startup Chqbook has raised Rs 40 crore in a pre-Series B round of funding led by existing investor Aavishkaar Capital and the Rajiv Dadlani Group. The round also saw participation from Earlsfield Capital UK and reputed Family Offices and HNI investors including Jeremy Lim, Bhupesh Kumar, Nilesh Srivastava, and others.

The company mentioned in a press release that it will use the funds for ramping up user acquisition and strengthening technology. In addition, the adoption of 5G services will expand the scope of services customers can access, Vipul Sharma, Founder & CEO also added.

Read more about it here.

7. Equitas-Google Pay deal reflects the confluence of banking and fintech

Last month, Equitas Small Finance Bank (SFB) and Google Pay made an interesting deal. Under it Google Pay subscribers could invest their savings in Equitas SFB’s special fixed deposit without opening a bank account.

Under this one-year deposit scheme, the investors will earn an interest of 6.5 percent, which is higher than the 6.35 percent interest available to Equitas SFB account holders. The Equitas-Google Pay deal marks the first of many such possible deals between traditional banks and technology players. RBI is worried about the entry of Big Tech into the Indian financial markets.

Read more about it here.

8. Y Combinator-backed Indian fintech Karbon raises $12 mn in pre-Series A

Karbon Card, a fintech offering corporate cards, has raised $12 million (INR 88.8 crore) in a Pre-Series A round from US-based fintech Unicorn Ramp, Rainfall Ventures, Roka Works, Y Combinator, and other global investors.

Ramp’s investment in Karbon Card is evidence of a boom in the corporate card segment in India. The startup plans to use the funds to step up its product development, hiring plans and operations. It expects to double its head count to 60 over the next 6 months.

It was founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha. Karbon was selected by Y Combinator in the Summer 2021 batch and had earlier raised $3.5 million from Orios Venture Partner and US-based 2AM VC.

Read more about it here.

9. ePayLater announced a round of fresh funding

The startup, ePayLater, raised USD 10 million in a round of funding, as announced on September 20,2021. The investors who participated in raising these funds are- Responsibility Investments AG, which is a Zurich-based investment firm, Blue Ashva Capital, Pravega Ventures, and many others.

The funds raised by the startup will be used in expansion of the presence of the startup across more retailers and expand and enhance the products offered by the startup. Prior to this round of funding, the startup in February 2021, had raised INR 18 crore in a round of funding which was led by Pravega Ventures and other internal investors.

Read more about it here.

10. Things to know before opening a neobank account

Neobanks are increasingly making inroads into the Indian market. The need to go to bank branches has also come down steadily. Also, it eases the headache of business owners.

They came up with an alternative tool that would link all the required and distinct interfaces such as payment collection, bookkeeping, raising invoices, etc in a single process. This makes the business banking process totally easy, convenient and relatively cheaper.

Mint explains how neobanks work and whether you should open an account with one. Neobanking has been a life-changing experience for small businesses as it has completely changed the way traditional banking operates.

Read more about it here.

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