Thursday, May 19, 2022

Daily News: How PAAS models are growing & enabling financial inclusion for SMEs along with bank-fintech partnerships

1. Indian fintech market to offer multi-fold growth for newer business models

India’s fintech market is currently valued at $31 billion and is expected to grow to $84 billion by 2025, a compounded annual growth rate of 22 per cent.

In recent times banks and fintech also partnering with big tech players like Google and Amazon. Equitas Small Finance Bank, and Wealth Management Simplified has recently partnered with them as well.

Read more about it here.

2. What Policybazaar’s $6 Bn Fintech Juggernaut is about?

Several web aggregators started operations during consumer tech’s revival in India during 2008-2010. However, regulatory bodies slowed their growth.

Despite that Policybazaar has been able to thrive under the regulatory flux. It is because of the patient capital provided by the likes of InfoEdge, SoftBank and Tiger Global The fintech unicorn made a strategic reset over the past year, which helped it improve unit economics.

Read more about it here.

3. How Flexmoney is taking a different approach to BNPL?

Flexmoney was founded by Yezdi Lashkari. He previously mentored startups at Microsoft Ventures Accelerator. Flex money lets users avail bite-sized loans on eCommerce platforms.

The Mumbai-based fintech startup raised $4.8 million in a Series A round this June. It offers a broad set of instant BNPL checkout finance options, including EMI and ‘pay later’ from banks and NBFCs across 3,800+ merchants.

Read more about it here.

4. Neokred: The FinTech Catalyst

Neokred was founded in late 2019 and was still in its early stages at the time when the founders started working on a product with a few other employees. However, in terms of product development, scale hiring and sales, Neokred began hiring in the midst of the pandemic.

The company has been growing even in the pandemic. Fintech, NBFCs, and corporates are among their clientele. Even during COVID-19, they were able to scale and surpassed INR 150 crore in GMV.

Read more about the company here.

5. How PAAS models are growing & enabling financial inclusion for SMEs along with bank-fintech partnerships

Fintech players these days are complimenting the banks’ infra with their agile tech platforms to make them smart. Platform-as-a-Service (PaaS) offers such models to create cost-efficient integrated offerings that link the success of fintechs directly to banks’ business growth.

Merchants’ payments or payment acceptance is a further easing to establish a relationship with SME merchants. Even the largest tech companies like Google, Amazon, FB (Whatsapp) are working with banks for relevance alongside banks to ease merchant payments.

Read more about it here.

6. CrossTower, a US Crypto Exchange, Unveils Trading Platform in India

CrossTower, which operates fully regulated crypto exchanges in the US and Bermuda servicing 81 countries, claims to offer the most competitive fees to the Indian crypto community.

As part of its launch, CrossTower is offering its first 1,000 Indian customers an opportunity to earn extra Bitcoin up to INR500 on their first trade on the exchange.

Read more about it here.

7. Equitas-Google tie-up will target a clientele uneconomical for legacy banking to serve

Equitas is using Google Pay’s vast reach. It accounts for 35% of UPI transaction volumes and not too many other platforms can match that.

More importantly, GPay is used by youngsters in the gig economy and others who may not have sizable fixed deposits. A big chunk of these could be these workers, yet untouched by the traditional financial system. The creation of easy deposits and the relatively high rate of interest can be a winning combination.

Read more about it here.

8. Surge in APAC fintech funding could fuel more M&A activity

Fintech fundraising volume grew from 18% to 178 deals in the second quarter of 2021, increasing the number of transactions in the first half of the year to 329, or roughly two-thirds of 2019’s full-year figure.

This has been possible because of the flow of venture capital to mature fintechs. This gave them the firepower to become acquirers as they seek to accelerate product and geographical expansion.

Read more about it here.

9. Tax policy to boost India’s first international financial centre is planned

The central government is planning a tax policy specifically for Gujarat International Finance Tec-City, or GIFT City. It wants to boost its foreign investment prospects, targeting green energy financing and fintech, especially, to become a global hub.

The services this city offers are: fintech, alternative investments for green energy, aircraft leasing and financing, gold bullion exchange, insurance and reinsurance, global in-house centres for financial institutions, listing and trading of real investment trusts, investment banks and rating agencies.

Read more about it here.

10. Fintech startup EnKash issues over 2 lakh corporate cards

Mumbai based EnKash is a corporate cards and payments company. On Tuesday it said it has issued over 200,000 corporate cards across India’s corporate ecosystem, between February 2020 and July 2021.

EnKash corporate card program was launched in early 2020 for startups, small and medium-sized enterprises. As businesses’ depend mostly on corporate cards, the company said it is witnessing accelerated growth in its transaction volumes with more than 150% month-on-month growth this calendar year.

Read more about it here.

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