BUSINESS
Exclusive | Temasek invests $15 million in neobanking platform Fi as part of ongoing Series C round
According to sources aware of the fundraise, the total size of the round is expected to be around $90 million. Alpha Wave Global, which is leading the round has already invested $45 million.
BUSINESS
RBI’s digital lending rules cover the same ground, long way to go
Months after the RBI hinted that it is ready to release the norms, it has only approved 12 guidelines as hygiene norms to be followed by regulated entities keeping in mind customer safety. The key issue of thwarting unregulated fake apps through norms still remains unresolved.
BUSINESS
WhatsApp UPI volumes drop 73% in July as cashback fervour fades away
In June, WhatsApp had registered a six-fold jump in transactions at 23.04 million as against 3.48 million in recorded May, after it introduced a cashback offer to attract users
BUSINESS
India's fintech assets likely to grow to $1 trillion by 2030
More than $1 billion worth of investments were made in digital lending in 2021 and the market is expected to grow to $515 billion in book size by 2030, a report by Chiratae Ventures and Ernst & Young says
BUSINESS
Binance-WazirX spat: Opaque ownership, a hazy acquisition deal, and off-chain transactions
The ED’s investigation into forex rule violations has only led to more unanswered questions about the two cryptocurrency exchanges in an unregulated space
BUSINESS
Exclusive | MSwipe to enter online payment gateway business, launch sound device for merchants
MSwipe received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregator license on August 8. The company also cross-sells loans to merchants.
BUSINESS
After ED probe, Binance now says it never owned WazirX in major revelation
The acquisition of WazirX by Binance was understood to be closed back in 2019 after Binance had posted a blog announcing the same.
BUSINESS
Paytm vs PhonePe: Merchant sound device may be at heart of feud
Fintech unicorns have discovered that the offline merchant has to be first won over with a speaker that announces the payment has been received
BUSINESS
PhonePe alleges mass burning of QR codes by Paytm employees, approaches police authorities
A Paytm spokesperson said that the employees involved in the burning of the QR codes have been suspended by the company, pending investigation.
BUSINESS
Equitas Small Finance Bank plans a super app, double down on fintech ties
The bank is looking to double its current and savings account deposits in the next six months by leveraging its digital capabilities.
BUSINESS
PhonePe acquires Indus OS, says amicable settlement reached with Affle Global
The closure of the deal comes after a long-winding legal wrangle between PhonePe and IndusOS shareholders Affle and Ventureast Fund on the valuation of IndusOS.
BUSINESS
Will assess timing of IPO based on market conditions: Digit Insurance Chairman Kamesh Goyal
Separately, Digit has applied to the IRDAI for life insurance and reinsurance licences. Goyal said that while it will be tough to be a new life insurance player, the company will have the advantage and flexibility to build its tech and operations afresh.
BUSINESS
Slice will now lend like its BNPL peers through its card to adhere to RBI directive
In a mail to customers, Slice has said that customers will have to seek fresh credit approval every time they use their card, as opposed to a free-to-use credit line. This is similar to how pure play BNPL players like ZestMoney and Axio lend.
STARTUP
M2P Fintech acquires identity validation startup Syntizen
While the company did not disclose the amount of the acquisition, Moneycontrol learns that the deal was valued at around $10-12 million.
BUSINESS
Slice seeks RBI nod to issue credit cards amidst uncertainty over business model
Industry experts however, believe that it may be difficult for Slice to get RBI approval as the regulator may be selective in giving the green signal to NBFCs to issue credit cards.
BUSINESS
With rising interest rates, inflation, RBI’s lens, India’s BNPL players may face speed breakers ahead
Experts are revising growth estimates downwards for the industry for FY23 in light of the current macro environment. Besides, increased focus on compliance may make these players lend in a more structured manner and not at the same pace as earlier.
BUSINESS
Pine Labs, Razorpay, Stripe become first to bag RBI's payment aggregator licences
Players like PhonePe, BharatPe, Razorpay, Cred, Tata Group, Amazon, Reliance Industries, Zomato, PayU, and Pine Labs among others had submitted applications for the license before September 30, 2021
BUSINESS
WhatsApp sees six-fold jump in UPI transactions in June driven by newly introduced cashbacks
The Meta-owned company still has a minuscule share in overall UPI payments and makes up only 0.39 percent of transactions in the month
BUSINESS
Pine Labs-owned Setu gets RBI's in-principal approval to operate as account aggregator
The in-principal nod for the Account Aggregator license was received through Setu's subsidiary Agya Technologies.
CRYPTOCURRENCY
Are investments safe amidst the crypto crash: Vauld’s suspension of trading, withdrawals raises many questions
This week’s move by crypto platform Vauld to suspend trading and withdrawals with immediate effect has shocked the crypto investor community.
BUSINESS
Row over Alt News donor data: Personally identifiable info of donors not shared by Razorpay, say sources
Lawyers say that most companies comply with such notices as failure to do so can lead to proceedings being initiated against them.
BUSINESS
Razorpay on AltNews donor data: Handed over data after receiving official notice
Razorpay's comment comes after AltNews said in a statement that the payments gateway had shared the data of its donors with police authorities without informing them of the move.
BUSINESS
Coinbase-backed Vauld suspends crypto withdrawals, seeks new investors citing financial challenges
Vauld intends to apply to Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the company until it figures the best course of action.
BUSINESS
TDS on crypto gains comes into effect, exchanges brace for implementation hitches
Crypto exchanges were strapped for time in meeting the responsibility placed on them of managing the logistics of TDS.
