Niyo will use the funds to expand its product offerings by adding more consumer-focused products such as credit cards, remittances, loans, etc
The move may impact credit products of fintech players who extend credit through prepaid payment instruments such as prepaid cards and wallets.
The planned fundraise is said to fetch the company a valuation of $500 million and is likely to be led by private equity firm Multiples.
Meanwhile, fintechs and banks are working on a way that will allow a separate entity under the card-issuing entity to access data, while another co-branding entity will not have access to data as per the norms.
According to Shalini Warrier, fintechs with the right customer proposition, a strong segment strategy, and proven founder capability will not find it difficult to raise funds
The startup will look at adding more lending products, starting with unsecured personal loans in the next 12 months. Fi's co-founders added that they do not see any constraints in terms of raising more funds despite the slowdown in startup funding.
These banks are expanding their digital presence with a branch-lite, distribution heavy model. With a strong digital presence through fintechs, the banks are looking to serve the next set of digital customers.
The two-day conference, beginning November 17, would see participation from all public sector banks and financial institutions (FIs).
Fi offers a zero-balance savings account targeting working professionals, with the goal of simplifying banking and savings for them. While it was invite-only until recently, it has now opened up to all users
Open had announced on October 12 that it raised $100 million in its Series C round led by Temasek and that it plans to use the funding to further strengthen its new product lines and foray into global markets.
There have been vacancies at the independent director level across the public sector space leading to regulatory non-compliance, sources said.
F&O cues: Nifty 8300 Call sheds 6.4 lakh shares in Open Interest and Nifty 8200 Put sheds 9 lakh shares in Open Interest.
"The food processing sector has immense potential for future growth that needs to be further tapped against the global landscape. The present environment in conducive to Make in India in the sector and needs to be backed by innovation and technology," Harshdeep Kamble said.
Vodafone McLaren Mercedes F1 team is accessing valuable consumer data, by tapping into the pulse of social media data, with SAP Social Media Analytics by NetBase during the Indian Grand Prix event.
Timo Glock's sudden exit from Marussia has brought into sharper focus an age-old truth of Formula One - that money makes the wheels go round - and highlighted the gulf between cash-rich rights holders and struggling teams.