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News on Medial
Banking tech companies cash in as fintech rewires business
Economic Times
·
10m ago
Medial
Indian banking tech startups like Zeta and M2P Fintech are capitalizing on the digitization efforts in the financial services industry. Zeta, which powers PayZapp for HDFC Bank, is expanding its client base in India and exploring opportunities in North America. M2P Fintech, which developed the core banking system for Unity Small Finance Bank, plans to expand its international business in Africa and West Asia. These companies are attracting large investors and focusing on providing software solutions to banks as they embrace digital payments and lending. The Indian fintech ecosystem's success in digital payments is driving interest from banks in emerging markets.
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After disrupting payment gateway business, fintechs go after transaction banking pie
Money Control
·
2y ago
Medial
Fintech companies are now targeting the transaction banking sector after making a significant impact in the payment gateway business. With their innovative solutions and technology-driven approach, fintechs aim to disrupt traditional transaction banking services offered by traditional banks. These startups are leveraging their expertise to offer efficient and customer-centric solutions in areas such as cash management, trade finance, and supply chain finance.
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The big problem for marijuana companies? What to do with all that cash
Livemint
·
1y ago
Medial
Many banks in the US are hesitant to do business with legal cannabis companies due to federal laws surrounding marijuana. This has led to a lack of banking options for the industry, forcing companies to deal primarily in cash. However, there is growing optimism that things could change this year. Lawmakers in the House have repeatedly passed a bill to make banking easier for cannabis clients, and the Senate is expected to take up the issue soon. The current cash-based system is seen as inefficient and potentially enabling illegal activities.
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Unacademy Appoints former CRED finance head Pratik Dalal as CFO for offline vertical
Inc42
·
1y ago
Medial
Bengaluru-based edtech unicorn, Unacademy, has appointed Pratik Dalal as the CFO of its offline business, Unacademy Centres. Dalal, who previously served as the head of finance at fintech unicorn CRED, brings diverse experience in corporate banking, fintech, and consumer internet. This announcement follows the resignation of Unacademy's previous CFO, Subramanian Ramachandran, three months ago. Unacademy has witnessed several executive departures in the past two years. Despite this, the startup has managed to reduce its cash burn and achieve growth in its offline business. Founded in 2015, Unacademy boasts a vast network of educators and learners and has raised over $800 million in funding.
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RBI bolsters scrutiny of fintech companies with more inspections
VCCircle
·
1y ago
Medial
The Reserve Bank of India (RBI) is increasing oversight of fintech companies in response to findings from regular inspections that revealed lax adherence to regulations such as customer due diligence. The RBI's actions involve hiring analysts to review customer data and holding frequent meetings with fintech executives. This represents a departure from the previously lighter regulatory approach taken towards fintech in India. The move follows the RBI's recent orders for sector giant Paytm to close its banking unit and for Visa to halt business-to-business card payments through third-party fintech firms, aimed at addressing non-compliance with regulations.
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Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
Economic Times
·
1y ago
Medial
Funding in the Indian fintech sector dropped by 59% in the first half of 2024, reaching $795 million compared to $1.9 billion in the same period in 2023. However, India remains among the top three funded fintech ecosystems globally, after the United States and the United Kingdom. Alternative lending received the most funding, with $646 million, followed by regulatory tech with $118 million, and banking tech with $115 million. Tracxn's report also highlighted the decline in acquisitions and the number of fintech companies going public.
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Top fintechs dial NBFCs for secured credit partnerships
Economic Times
·
1y ago
Medial
Fintech startups, such as PhonePe, Cred, and Paytm, are expanding into the secured credit market. They are seeking partnerships with non-banking finance companies (NBFCs) to offer secured loans. Lenders are interested in collaborating with these fintech platforms to attract prime customers. Secured loans are different from unsecured loans as they require collateral. This move demonstrates the evolution of fintech companies in the lending space.
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‘Extreme customer convenience-focused approach’ redefining banking business, says SBI’s new chairman
Economic Times
·
11m ago
Medial
Fintech startups are forcing traditional financial institutions to adapt as they reshape the banking industry. The State Bank of India (SBI) is looking to align its business with the changing fintech landscape and is actively seeking partnerships with fintech companies. SBI is developing a new version of its mobile app, Yono, with a pilot launch planned for November 2024. SBI chairman, C S Setty, also acknowledged the ongoing competition for deposits among banks and the need for innovative products to attract customers.
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Banking tech company Knight Fintech in talks to raise $25 million led by Accel
Economic Times
·
1y ago
Medial
Banking tech company, Knight Fintech, is reportedly in talks to raise $25 million in a funding round led by Accel. The Bangalore-based company provides banking infrastructure solutions to financial institutions. Knight Fintech aims to use the funds to expand its product offerings and reach more customers.
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New-age tech firms to lead $13 billion IPO boom: Kotak's Jayasankar
Livemint
·
1y ago
Medial
Indian markets are expected to witness initial public offerings (IPOs) worth $12-13 billion in 2024, driven by new-age tech companies like Ola Electric, FirstCry, and Swiggy, according to V. Jayasankar, managing director at Kotak Investment Banking. The firm expects IPO volumes and average deal sizes to surge in 2024, with a shift towards emerging sectors such as electric vehicles, fintech, and consumer tech. The IPO market is anticipated to accommodate more than half a dozen new-age tech unicorns, driving up volumes and average IPO size.
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8i Ventures leads $4 Mn Series A round in TransBnk
Entrackr
·
11m ago
Medial
Mumbai-based fintech startup TransBnk has raised $4 million in Series A funding round led by 8i Ventures. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures along with a group of family offices, institutions, and angel investors. The Mumbai-based fintech startup had previously raised $1 million in seed funding led by 8i Ventures back in June 2023. The proceeds will be allocated towards expanding the network of banking partners, making foray into the Middle East and SouthEast Asia markets, bolstering its tech infrastructure, and enhancing product stack, TransBnk stated in a press release. Co-founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, TransBnk is a transaction banking platform enabling corporate, commercial and institutional clients to make agile, secure and robust transactions with embedded finance and SaaS. It aims to provide deep domain expertise to ensure seamless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance and custodial services in close collaboration with banks. According to market research, transaction banking is holding $1 trillion global market potential and is projected to be a $2 trillion industry by 2030. TransBnk claims to have witnessed 10X revenue growth, forged partnerships with over 25 Banks, extending more than 200 APIs, while working with 100 BFSI clients. The platform also claims that it has supported over 5,000 accounts including escrows and processed more than 50 million transactions. TransBnk may directly or indirectly compete with other companies like Razorpay, Cashfree Payments, Decentro, Knight Fintech, Digio and others.
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