Author: yourfintech

Fintech unicorn PhonePe has raised an additional $100 million from US-based investment firm General Atlantic as part of its on-going $1 billion funding round. It has raised $550 million from the investor till date. With the latest tranche, PhonePe has raised a total of $850 million since moving its domicile in India and fully separating from the Flipkart Group. US-based retailer Walmart continues to be the majority stakeholder in both the companies.  Business Today reported in April when the company received $100 million from the investor. Moreover, General Atlantic previously infused $350 million into the company in January 2023. The round was raised…

Indian fintec h start-up ZestMoney has seen three of its founders quit after its acquisition by PhonePe fell through.  ZestMoney is among India’s larger fintech players focusing on buy-now-pay-later (BNPL) but appears to have run into troubled times recently. However, when one looks at global BNPL players, many others also seem troubled. A slowing global economy and layoffs mean that the lower-than-prime borrowers that BNPL players targeted are now having trouble making repayments on their loans. How did BNPL Lending Lose Its Sheen? After coming into vogue in 2020, BNPL attracted billions of dollars in funding globally. It became especially…

Fintech startup CapitalSetu has raised $350K in its seed funding round led by Real Time Angel Fund. Individuals investors including Ashish Kacholia, Vikas Khemani, Rajat Mehta, Sunaina Bhattacharya, and others also participated in the round. According to CapitalSetu, the funds will be used to add new technology products for businesses in the next 12 months and hire key team members and grow market share. Founded by Pankaj Goel and Ayushi Gupta, CapitalSetu is aggregators for small and medium manufacturing businesses in supply chain financing. At present, it services across India focuses on helping customers by saving time and money as…

African fintech M-Kopa has closed over $250m in new debt and equity funding to expand its financial services offering to underbanked consumers across Sub-Saharan Africa. Over $200m in sustainability-linked debt financing was led and arranged by Standard Bank Group, Africa’s largest bank, with support from The International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO, Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder and Nithio. The debt financing is structured to support sustainability-linked goals with pricing that is linked to the achievement of environmental and social targets. A further $55m in equity investment was backed by…

Once pitted against each other, fintechs and more traditional banks are now closely intertwined. Today, they are developing products, solving problems together and creating new technologies in a cooperative way. Businesses like Mastercard play an important role building partnerships with emerging and established fintechs, helping to drive benefits across the financial services sector. The global payments giant invests in new technology that makes connecting buyers and sellers more efficient. This collaborative approach means fintechs benefit from its expertise, insights and solutions to build scalable businesses with the potential to lead their categories. If you have opened your banking app recently…

MAP FinTech and Tools for Brokers have partnered to integrate the former’s reporting solution with the latter’s trade processor liquidity bridge. By integrating their cutting-edge technologies, TFB and MAP FinTech will place a strong emphasis on facilitating regulatory compliance for EMIR, MiFIR, ASIC, and Best Execution Monitoring. This integrated solution, MAP FinTech claims, will provide clients with seamless and quick onboarding, enhanced safety and continuity, increased robustness of the reporting process, cost efficiencies, and a continuance of the excellent after-sales support services provided by both firms. Tools for Brokers claims it provides top-notch technology solutions for retail brokerages and hedge…

Online hiring activities for white-collar jobs declined in April compared to the year-ago period amid a challenging environment for businesses, according to a report. The report also suggested that despite economic uncertainties, hiring activities among startups significantly increased in April. While there has been a 6% decline in e-recruitment for white-collar jobs in April, compared to the same month last year, the market for new and emerging job roles was up, according to foundit Insights Tracker (fIT). “The current global economic uncertainties have created a challenging environment for businesses, forcing them to navigate a rapidly changing environment. Although hiring has…

FinTech Magazine has announced that it will sponsor Money20/20 Europe 2023, which will take place in Amsterdam from 6-8 JuneFinTech Magazine is pleased to announce that it will sponsor Money20/20 Europe in Amsterdam from 6-8 June 2023. As sponsors, FinTech Magazine will have a dedicated space (Stand D190) where we’ll be networking, conducting interviews with important guest speakers, and showcasing the work that FinTech Magazine does championing the fintech industry. As part of the show, we will also have a limited-edition run of a special in-print Money20/20 issue of FinTech Magazine. Attendees are invited to attend our Happy Hour drinks…

PayPal’s shares are off around 11% this morning despite the company reporting better-than-expected revenue and profit in the first quarter. The company also raised its forecast for the year, though that was apparently not enough to sate investors. But frankly, it isn’t shocking to see another well-known fintech company losing value in today’s market. Indeed, fintechs haven’t fared well at all even when you account for the broader dip in valuations at tech companies. It almost feels unfair. Comparing data from F Prime’s fintech index with valuation marks for SaaS and cloud companies in terms of historical revenue multiples, it appears that fintech companies are being clobbered a little too…

If you walk through any Indian market, you’ll discover QR codes displayed at practically every pay register. It is a quick and easy way to pay. Consider utilizing the same strategy to transact in the Bangkok flea markets or the Ho Chi Minh City food court. There’s no need to worry about currency exchange or pickpockets. The India Stack digital infrastructure has already transformed access to banking in India, and it is now time to go global.Our financial sector grew atop the India Stack’s Application Programme Interface (APIs) layer, with innovations like UPI (Unified Payment Interface) acting as growth accelerators.…