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Fino Payments Bank proves fintechs can be profitable: MD & CEO Rishi Gupta

Fino Payments Bank turned profitable in FY21 and its merchant network has grown from 2.77 lakh in FY20 to 7.77 lakh currently. The fintech company will use the funds raised from its IPO to build its digital infrastructure and on branding and marketing.

October 29, 2021 / 09:56 AM IST
Moneycontrol spoke to Fino Payments Bank MD and CEO Rishi Gupta

Moneycontrol spoke to Fino Payments Bank MD and CEO Rishi Gupta

Incorporated in 2007, Fino Payments Bank's aim is to give Indian customers the choice of banking both through digital and physical modes.

Over 14 years after its inception and four years after it got approval to become a Payments Bank, Fino is set to go public with a Rs 1,200 crore Initial Public Offering (IPO). The issue opens on October 29 and will close on November 2. The price band has been set between Rs 560 and 577 per equity share of face value of Rs 10 each.

The company has already raised Rs 538 crore from 29 anchor investors including Fidelity, HSBC Global, Pinebridge, Birla Mutual Fund, Motilal Oswal, TATA Mutual Fund, SBI Life, Invesco, BNP Paribas and Societe Generale among others.

Of the Rs 1,200 crore, the primary fundraise is only Rs 300 crore, while the offer for sale (OFS) by promoter Fino Paytech is Rs 900 crore. Moneycontrol spoke to MD and CEO Rishi Gupta, who said that the bank prides itself on its asset-light model, built on a network of merchants that serve as points for customers to carry out financial transactions.


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