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Priyanka Iyer

Senior Correspondent

Moneycontrol.com

BharatPe claims PhonePe ‘turned turtle’ in court on its stand against usage of ‘Pe’

BUSINESS

BharatPe claims PhonePe ‘turned turtle’ in court on its stand against usage of ‘Pe’

PhonePe in a statement on October 22 had said that it had approached the Bombay HC and withdrew the injunction later to address certain observations made by the Court. However, the company added that it will follow up by filing a fresh suit.

PhonePe drags BharatPe to Bombay High Court over ‘Pe’ suffix in ‘PostPe’

BUSINESS

PhonePe drags BharatPe to Bombay High Court over ‘Pe’ suffix in ‘PostPe’

The dispute between both the digital payment players has been ongoing since September 2019 after PhonePe moved Delhi HC over the matter. PhonePe said the injunction in Bombay HC was withdrawn to address certain observations made by the court and a fresh suit will be filed.

PhonePe starts charging processing fees on phone recharges above Rs 50

BUSINESS

PhonePe starts charging processing fees on phone recharges above Rs 50

PhonePe said that these charges are being levied on an experimental basis in the range of Re 1 to Rs 2. Other transactions through UPI and money transfers on the platform are free, a company spokesperson said.

PayU-backed Fisdom enters online stockbroking, aims to be among top 5

BUSINESS

PayU-backed Fisdom enters online stockbroking, aims to be among top 5

Wealth management platform Fisdom is entering online stockbroking, dominated by the likes of Zerodha, Groww, Upstox and Angel Broking. It hopes to gain a million customers in a year, benefiting from the segment’s rapid growth.

Stripe acquires fintech startup Recko in first Indian acquisition

BUSINESS

Stripe acquires fintech startup Recko in first Indian acquisition

The deal comes at a time when Stripe is accelerating its investments in India by adding payment methods and increasing local hiring. Recko will help Stripe add payments reconciliation to its product offerings.

Going beyond Netflix subscription lapses: The widespread impact of failed recurring payments

BUSINESS

Going beyond Netflix subscription lapses: The widespread impact of failed recurring payments

Small businesses and not-for-profit organisations have taken a hit as their revenue stream of monthly payments dwindled after new recurring payment norms. International payments have failed for key B2B services used by Indian companies.

Pine Labs appoints former Flipkart executive Phanimohan Kalagara as CTO ahead of IPO

BUSINESS

Pine Labs appoints former Flipkart executive Phanimohan Kalagara as CTO ahead of IPO

Prior to Flipkart, Kalagara led PayPal’s Product and Engineering verticals. The appointment comes at a time when the company is strengthening its technological capabilities and planning to go public.

Startups' salary expenses jump 43% in April-Sept amid hiring spree

BUSINESS

Startups' salary expenses jump 43% in April-Sept amid hiring spree

Employee headcount grew by 30 percent, with senior levels seeing the highest growth at 43 percent compared to the previous six months, RazorpayX Payroll data shows

Offline merchants outpace online peers in digital payments, says PhonePe study

BUSINESS

Offline merchants outpace online peers in digital payments, says PhonePe study

The Pulse report which is based on PhonePe’s 32 crore user base said that transactions in the July to September quarter grew by 33.6 percent QoQ to 526.4 crore. Chandigarh topped the charts in digital payments with a 50 percent QoQ growth.

PayPal-backed fintech Tala raises $145 million in Series E round

BUSINESS

PayPal-backed fintech Tala raises $145 million in Series E round

PayPal-backed fintech Tala disburses loans to 6 million customers across Kenya, India, the Philippines, Mexico and the United States. the round was led by Upstart and takes the total funds raised by the company to $350 million. Tala will use these funds to rollout new products and expand its team across geographies.

Cryptocurrency job postings up 37% in August 2021 versus a year ago: Indeed data

BUSINESS

Cryptocurrency job postings up 37% in August 2021 versus a year ago: Indeed data

Cryptocurrency job postings increased in August this year as compared to only a 13 percent year-on-year rise seen in August last year, as per data from Indeed. India ranks second in global cryptocurrency users.

Pine Labs enters online payments space with payment gateway platform Plural

BUSINESS

Pine Labs enters online payments space with payment gateway platform Plural

The company is targeting online stores, big e-commerce companies, large-scale government institutions, and large financial services companies to partner with. Plural will help make the offline-to-online transition easier for merchants.

Crypto investments now 50% of all SE Asia deals discussed at Sequoia Capital, says MD Shailendra Singh

BUSINESS

Crypto investments now 50% of all SE Asia deals discussed at Sequoia Capital, says MD Shailendra Singh

Merchants, customers and bankers trust fintech platforms to manage their money, and this trust helps these firms to upsell and cross-sell other services, says Singh.

PhonePe sees 85% jump in revenue, 44% drop in losses for FY21

BUSINESS

PhonePe sees 85% jump in revenue, 44% drop in losses for FY21

The company saw a jump in revenue owing to a significant rise in transactions on the platform as it became the largest player in UPI payments in FY21. PhonePe's gross margins grew from 60 percent in FY20 to 84 percent in FY21.

Started Mobikwik from my living room; we are very kicked to go public, says Founder Upasana Taku

BUSINESS

Started Mobikwik from my living room; we are very kicked to go public, says Founder Upasana Taku

Markets regulator SEBI has cleared the decks for Mobikwik’s Rs 1,900 crore IPO. Founder Upasana Taku takes us through the fintech’s ups and downs from its humble beginnings 12 years ago as well as its plans for the future

Neo bank Open raises $100 million led by Google, Temasek, Visa, and Japan’s SoftBank Investments

BUSINESS

Neo bank Open raises $100 million led by Google, Temasek, Visa, and Japan’s SoftBank Investments

This funding round values Open at $500 million and sets up the company to achieve the unicorn status in the course of the next year. Moneycontrol learns that Open may consider raising another round of funds in the next six months.

M2P Fintech raises $35 million in Series C round led by Tiger Global

BUSINESS

M2P Fintech raises $35 million in Series C round led by Tiger Global

The Chennai-headquartered company is now valued at $335 million and intends to use these funds to grow its network to Indonesia, Bangladesh, Vietnam, and the Middle East and North Africa (MENA) region.

PhonePe, Google Pay, Paytm retain UPI market share, even as WhatsApp transactions double

BUSINESS

PhonePe, Google Pay, Paytm retain UPI market share, even as WhatsApp transactions double

After WhatsApp said last month that it is adding a Rupee icon to make the payments option more visible and is on the path of scaling up, its UPI volumes grew to 10 lakh in September from five lakh in August.

Can this Chennai startup disrupt India’s bond market?

BUSINESS

Can this Chennai startup disrupt India’s bond market?

Investors and industry watchers believe that the company’s platform will make it easier for enterprises to access secure loans and raise funds from the bond market. The startup raised $90 million in a Series A round led by Sequoia Capital on September 29.

Weekly startup funding roundup: CoinSwitch and Licious emerge as new unicorns

BUSINESS

Weekly startup funding roundup: CoinSwitch and Licious emerge as new unicorns

Licious and CoinSwitch became the 29th and 30th unicorns in 2021. Totally, the top fundraises in the week amounted to close to half a billion dollars.

With 10x growth for BNPL products during sales, fintechs gear up for a bumper festive season

BUSINESS

With 10x growth for BNPL products during sales, fintechs gear up for a bumper festive season

Fintechs are hoping for a growth of anywhere between 50 and 150 percent in the usage of buy now, pay later products by customers for festive season purchases. Tier-II and III cities are driving demand across ticket sizes.

In a first for India, Visa introduces CoF Tokenisation on Grofers, BigBasket and MakeMyTrip

BUSINESS

In a first for India, Visa introduces CoF Tokenisation on Grofers, BigBasket and MakeMyTrip

Card-on-File Tokenisation replaces actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions. This will save customers the hassle of having to enter all card details afresh for each transaction once the RBI’s PA and PG guidelines kick in on December 31.

Rajan Bajaj hopes to see next Zuckerberg from 3-day work week at Slice

BUSINESS

Rajan Bajaj hopes to see next Zuckerberg from 3-day work week at Slice

While IT giants are soon looking to get back to the office, startup Slice is offering techies a three-day workweek. The company’s Founder and CEO Rajan Bajaj says the program will allow the company to recruit a certain caliber of talent because it’s a perk that big tech companies like Google and Amazon don’t offer.

Know more about IPO-bound Fino Payments Bank In five charts

BUSINESS

Know more about IPO-bound Fino Payments Bank In five charts

Fino Payments Bank is likely to raise Rs 1,300 crore through the IPO. The company has incurred losses over the past three years but has seen a six-fold growth in its merchant base between FY19 and FY21.

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