Uni

FPL Technologies Pvt, which operates the credit-card platform, reported a revenue of Rs 97.9 crore in FY22 against Rs 16.4 crore in FY21 (2020-21). The company’s net loss, however, widened to Rs 182.8 crore in FY22 from Rs 33.2 crore in FY21 (2020-21), thanks to a massive rise in its marketing expenses

Uni to offer co-branded credit cards, loans after RBI norms disallowed pre-paid card offering

In a communication to customers, Uni said that it will now offer a co-branded credit card, besides a product that will enable customers to avail a part of their salary in the form of an interest-free deposit in the middle of the month.

Fintech Files: Part 3 | When the RBI sneezes, fintechs catch a cold

A slew of circulars from the Reserve Bank of India has forced the fintech industry to abandon its growth-at-all-costs approach and scramble to comply with the stringent regulations

BNPL players expect up to 8X credit spike in festive bonanza despite RBI speed-breakers

Fintechs looking to capture market share from players restricted by new norms; see inflation as a tailwind for credit demand.

Uni suspends card services after RBI's digital lending norms hint at tighter scrutiny against PPI lending

Uni's move of inactivating its existing cards comes a day after Moneycontrol had reported that its prepaid card partner State Bank of Mauritius India is looking to pause the onboarding of new customers until further clarity emerges on the RBI's views on the model.

More trouble for Slice: SBM Bank India to stop onboarding new customers for credit on PPI

The bank had sent a communication to Slice, Uni and PayU's LazyPay on pausing new customer onboarding after the Reserve Bank of India (RBI) approved the first set of guidelines on digital lending on August 10. Uni and LazyPay had stopped onboarding new customers since June.

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.

Licensed digital lenders violating specified domain not acceptable, says RBI governor

Shaktikanta Das' comments come after the RBI said that loading of credit lines on to prepaid payment instruments (PPIs) is prohibited, a model adopted by many fintechs. RBI to come up with digital lending guidelines within a few weeks, he added.

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.

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.

Exclusive: PayU’s LazyPay mulls major shift to credit card from prepaid card after RBI’s diktat

The company has been in talks with its partner bank SBM Bank India for the move since RBI restricted the role of co-branding entities to only marketing and distribution of prepaid cards in April. The pivot to credit cards is likely to be fast-tracked now.

Slice updates terms, will levy 36% interest if repayment not done in one instalment

The company has also detailed that the credit lines are extended by its partner NBFCs after the RBI said that issuing credit through prepaid payment instruments like the Slice card is prohibited

Payments council urges RBI to treat full KYC prepaid instruments like bank accounts

The Payments Council of India's letter estimates that over 10 million credit-linked prepaid instruments are active currently with over Rs 3,500 crore of payment volumes processed in May 2022.

Digital lenders seek 6-month extension, meeting with RBI, on PPI-based lending

The representation by the Digital Lenders Association of India (DLAI) after RBI barred loading credit lines into prepaid payment instruments (PPIs) such as wallets and prepaid cards, impacting players like Slice and Uni.

RBI's freeze on PPI-led lending: Industry bodies to write to RBI, Govt on their stance on supporting innovation

The representations will seek further clarity to assess the impact of RBI’s notice on lending through PPIs.

RBI nukes multiple Indian fintechs through guidelines on prepaid instruments

RBI’s notice to many fintechs on June 20 is pushing fast-growing fintechs to pull breaks and reconsider their core business offerings.

Non-banks can't load credit lines into prepaid payment instruments: RBI tells fintechs

The move may impact credit products of fintech players who extend credit through prepaid payment instruments such as prepaid cards and wallets.

Banks seek six-month extension from RBI to implement new norms for credit, debit and co-branded cards

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.

Accel-backed fintech Uni raises Rs 50 crore in debt from Stride Ventures

Uni’s debt fundraise comes at a time when equity funding to Indian startups is slowing. Consequently, many startups, especially the ones that need cash to survive, are shifting to offshore debt and venture debt.

RBI in discussion with industry bodies ahead of finalising digital lending guidelines

After the associations submit their responses, the RBI is likely to share its final views on key norms with the industry before making the guidelines public

RBI's new credit card issuance rules: Three key points explained

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

RBI Policy: Digital lending guidelines likely to be issued in 2 months, says Governor Shaktikanta Das

The RBI is working to plug the KYC loopholes after customers complained of loans being sanctioned to unknown individuals using their PAN card through Indiabulls Dhani

General Catalyst to double down on investments in India, crypto and Web 3.0 in focus

The US-based investment firm is bullish on India and sees an opportunity to invest in Web 3.0 startups as well as fintech, healthcare, enterprise and consumer firms