Author: yourfintech

Retail giant Walmart’s shareholding in decacorn fintech firm PhonePe has dropped to 85 per cent from 89 per cent following its ongoing fundraise of $1 billion, the US based firm said. PhonePe has now raised a total of $850 million of primary capital in the current round till the end of May, according to news agnecy PTI. “During the three months ended April 30, 2023, the company received $0.5 billion related to new rounds of equity funding for the company’s majority-owned PhonePe subsidiary, which reduced the company’s ownership from approximately 89 per cent as of January 31, 2023 to approximately…

Fintech infrastructure plays a vital role in enabling financial institutions and tech platforms to innovate and offer a wide range of financial services While fintech infrastructure is already widespread in India’s financial ecosystem, we are now at a real inflexion point, where several significant outcomes will emerge from India, addressing not only the Indian market but also global financial markets The Indian fintech infrastructure industry has the potential to grow to a $10 Bn revenue opportunity in 2030 It is now easier for users to obtain financial services products than it is to shop online. Account opening, credit approval, and…

Fintech giant Stripe announced a new charge card program from its commercial card issuing product, TechCrunch reported. Stripe launched its Stripe Issuing product in 2018, and it has helped companies issue over 100 million cards in the US, the UK, and the European Union. Some of its clients include Shopify and Ramp. Previously, Stripe-issued cards could only be used to spend money from a pre-funded account. The recent expansion into charge cards will help companies distribute virtual or physical charge cards to their customers that will allow them to spend on credit rather than using just the funds available in…

India’s financial technology, or fintech, sector is experiencing rapid evolution but it exemplifies the nation’s striking contrasts. While we boast one of the highest number of bank accounts globally, the average balance per account remains notably low. Our banking system is immense, comprising 137 banks, 120,000 branches, with deposits totalling $1.35 trillion and outstanding credit of $900 billion, and it’s growing at a remarkable pace with the sector doubling in size every five to six years. However, when it comes to per capita metrics, we still reflect the developing nature of our economy. A noteworthy divide is evident in the…

Colombia Fintech Association, FinTech México, Belvo, and other associations have partnered to propose joint standards for Open Finance in LATAM. Fintech associations from Colombia, Peru, Mexico, and Chile published a paper in which it was proposed a series of joint standards for Open Finance. According to the comments published in the press release by officials from the Colombian Fintech Association, FinTech México, and Belvo, the collaboration has the objective to make the needed information available to regulators in the areas, in order for them to establish a common standard and develop an improved fintech ecosystem while providing lower costs for end-users. The aim of…

Execs at AmEx Digital Labs, the company’s innovation arm, say they likely won’t launch their own LLM and will instead rely on integrating existing offerings The wave of new business products and services launching with generative artificial intelligence ( generative AI) features isn’t slowing down, but many established companies are taking a measured approach when evaluating how to use and deploy the technology.  Among those exploring AI for business is American Express (AmEx), the financial services, credit card and remote concierge giant. Founded in the United States in 1850 originally as a physical goods delivery company, AmEx has transformed itself into a global fintech leader, steadily…

In the fast-growing world of fintech, effectively managing fraud poses a critical challenge for startups. In fact, according to a report by the World Economic Forum, the global cost of cybercrime is expected to reach $10.5 trillion by 2025. In Africa, the financial sector is the most targeted by cybercriminals, accounting for 60% of all attacks and resulting in losses estimated at $4 billion every year, per a report by IDC. Per 2023 Africa Financial Industry Barometer, developed in partnership with the Africa Financial Industry Summit and Deloitte, 97% of surveyed executives at top financial institutions in Africa consider cybercrime a significant threat.…

Fixed Invest, a fintech platform for fixed income assets, has launched a fixed deposit (FD) marketplace that is available over WhatsApp for investors looking for safer and better returns. Fixed Invest has developed BetterFD, a WhatsApp marketplace where investors can find options for FDs with highest interest rates and invest without having to open a savings account.  further, investors can directly begin new investments online through the marketplace at the click of a button.For instance, an investor in the age group of 18-40 who has an account in HDFC Bank could be looking for a short-term FD for two years.…

QED Investors, the financial technology-focused venture firm that was an early backer of Credit Karma, has raised $925 million for two new funds. The firm, based in Alexandria, Virginia, said it has closed on $650 million for its early-stage fund and $275 million for what it calls an early growth-stage fund. QED, which has also backed Klarna, Remitly and Nubank, will continue to invest globally. The firm was started in 2007 by Nigel Morris and Frank Rotman. In an interview, Morris acknowledged that it’s been tough watching fintech valuations collapse. “The market is really different to how it was two…

Shares of PB Fintech, the parent company of Policybazaar, gained 5.6% to Rs 654 in Tuesday’s trade on BSE after the company reported a sharp decline in its losses for the January-March quarter. The new-age company narrowed its Q4FY23 losses to Rs 8.9 crore as compared to the loss of Rs 220 crore it reported in the same quarter of the last financial year. In the December quarter, the loss stood at Rs 87 crore. Revenue from operations jumped 61% year-on-year (YoY) to Rs 869 crore fo .. Brokerage firm Morgan Stanley has an ‘overweight’ call on the counter, JM…