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YC-backed Akudo shuts down wallet, asks users to withdraw funds

Entrackr

Entrackr · 1y ago

YC-backed Akudo shuts down wallet, asks users to withdraw funds

Teen banking platform Akudo is shutting down its operations by the end of this month, as per an in-app notification sent to its users. The closure is due to a directive from the Reserve Bank of India (RBI) which prohibited the use of Unified Payments Interface (UPI) in co-branding arrangements. Akudo had already stopped onboarding new users and informed its PPI issuer and infra partner about the impending shutdown. The teen-focused neo-banking segment will now be mostly occupied by companies like Junio and Fampay after Akudo's closure.

Related News

Neobank Muvin shuts down operations

Entrackr

Entrackr · 1y ago

Neobank Muvin shuts down operations

Youth-focused neobanking startup Muvin has shut down its operations, according to sources aware of the development and the company’s communication with its users. The shutdown is a result of the RBI direction which forbade UPI in a co-branding arrangement. “muvin card program has been closed. Any available balance is being migrated to issuer Livquik app. The migration is expected to be finished by 1st Feb and we would notify nextsteps to access your balance. Thank you for the support and we regret that muvin is unable to support your journey towards financial literacy,” said a notification sent by Muvin to its users. The Muvin app was also not available on Google Play Store. In June 2023, RBI directed PPI issuers to stop UPI in a co-branding arrangement. The directive forced DreamX (Dream11), Fampay, Akudo, Muvin and CheqUPI to discontinue UPI services as they did not hold PPI license. Entrackr had exclusively reported about this in June 2023. Recently, Akudo also shut down its wallet operations. Besides Muvin, LivQuik was also a PPI issuer for Akudo. Fampay, the largest player in this space, also pivoted to a full-fledged neobank from a teen only due to RBI directive. The firm also found it tough to raise follow-on money and saw top level exits and fired nearly 80 employees in 2023. Entrackr has reached out to Muvin and Livquick for more details. Co-founded by Vineet Gupta and Mukund Rao, Muvin used to cater to both teens and young adults through its prepaid card and mobile app. Before winding up operations, Muvin raised $3 million in a pre-Series A round led by WaterBridge Ventures in January 2022 and a seed round of over $1 million in April 2021.

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal

Business Bytes

Business Bytes · 1y ago

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal MetaMask, a leading cryptocurrency wallet and gateway to the decentralized world, has unveiled a groundbreaking feature that enables users to seamlessly convert their digital assets into fiat currency. This new capability allows users in the United States, United Kingdom, and select European regions to withdraw their crypto holdings directly to their bank accounts or PayPal, marking a significant milestone in the convergence of the crypto and traditional finance worlds.

Google realized Google Pay and Google Wallet are the same thing, so it’s getting rid of one of them

The Verge

The Verge · 1y ago

Google realized Google Pay and Google Wallet are the same thing, so it’s getting rid of one of them

Google Pay, which replaced Google Wallet and Android Pay, will be phased out and Google Wallet will make a comeback as the primary money transfer platform on Android. Google Pay initially served as a tap-to-pay service, while Google Wallet transformed into a rival to Cash App and Venmo. Despite multiple changes and rebranding efforts, Google Pay has become redundant and will be discontinued after June 4th, 2024, in the US. Users are advised to withdraw their funds before then. Overall, this transition is less chaotic compared to Google's numerous attempts at messaging apps.

Accel-backed crypto startup Pillow to shut down operations on July 31

Money Control

Money Control · 2y ago

Accel-backed crypto startup Pillow to shut down operations on July 31

Crypto startup Pillow, backed by Accel, will cease its operations on July 31. The company announced its decision to shut down, citing regulatory challenges as the reason. Pillow aimed to simplify cryptocurrency investments by providing users with easy-to-use investment tools. However, it struggled to navigate the evolving regulatory landscape and ultimately decided to close its operations. The startup asked its users to withdraw funds at the earliest. This comes eight months after the startup raised $18 million in a Series A round.

Crypto exchange OKX shuts ops in India citing regulatory hurdles

Entrackr

Entrackr · 1y ago

Crypto exchange OKX shuts ops in India citing regulatory hurdles

OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. In an email notification to its users, OKX informed that customers will be able to withdraw only funds, while all the other services will be unavailable. The development comes months after the show cause notice was released by Financial Intelligence Unit India (FIU IND) to nine crypto exchanges including Binance, Kucoin, Huobi, Kraken, Gate.io, and Bittrex, among others. However, the notice did not mention OKX. Meanwhile, OKX is strengthening its services in other regions as it secured licenses in Singapore and Dubai, and launched trading with the local currency of Turkey. Despite a surge in Bitcoin prices over the past few weeks, cryptocurrencies exchanges are finding it hard to operate in the Indian market. While Binance is facing a partial ban in India, global exchanges like Coinbase, Koinex and Indian-origin companies like Pillow and Flint have already shut their operations down in the country. India’s top crypto unicorns including CoinDCX and CoinSwitch have also faced challenges in the past 12 months as they went through layoffs and cost-cutting measures. Notably, both companies saw a significant decline in their operating revenue in FY23.

Crypto wallet Okto launches a $5-million treasury fund to help Vauld users

Money Control

Money Control · 1y ago

Crypto wallet Okto launches a $5-million treasury fund to help Vauld users

Crypto wallet Okto has committed a $5 million treasury fund to assist users affected by troubled crypto lending platform Vauld. Okto is also offering a 2% bonus for users who transfer their funds to their platform. The move aims to provide self-custody assurance to Vauld's users, giving them control over their assets and complete ownership of their private keys. Okto, launched in 2021, is a Web3 wallet that offers secure access to DeFi services, backed by investors like Coinbase Ventures and Pantera. Vauld has assets worth approximately $330 million and liabilities of $400 million.

Y Combinator-backed Akudo to shut down ops

Entrackr

Entrackr · 1y ago

Y Combinator-backed Akudo to shut down ops

Akudo, a teenage-focused neobanking platform, is reportedly shutting down its core UPI and card business due to regulatory challenges and a lack of funding. The Reserve Bank of India's directive to cease the use of Unified Payments Interface (UPI) in co-branding arrangements is said to have played a role in the decision. The company has reportedly stopped onboarding new users and informed its PPI issuer and infrastructure partner about the shutdown. Akudo had previously raised $4.2 million in funding. Other players in the teen-focused neobanking space, such as Fampay and Junio, have also faced challenges in user acquisition and attracting investment.

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

OutlookIndia

OutlookIndia · 1y ago

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

Gurugram-based fintech MobiKwik has introduced a new feature called Pocket UPI, allowing users to make UPI payments through their MobiKwik Wallet without linking a bank account. This feature simplifies bank statements by consolidating all UPI transactions within the wallet. Users can load their wallet with funds and make payments across various channels, such as merchant QR codes and e-commerce platforms. Pocket UPI also enhances security by limiting exposure to financial transactions since funds are transferred from the wallet rather than the user's bank account. MobiKwik is planning to raise up to INR 700 crore through its IPO.

OkCredit shuts down P2P platform OkNivesh following RBI action on P2P lenders

Economic Times

Economic Times · 5m ago

OkCredit shuts down P2P platform OkNivesh following RBI action on P2P lenders

OkCredit, backed by Y-Combinator, has shut down its P2P lending product, OkNivesh, due to regulatory changes by RBI on P2P lending. The platform, which allowed small businesses to invest in short-term programs with instant withdrawals, faced challenges as RBI policies now promote longer-term loans. OkNivesh had 14,000 users and Rs 30 crore investments. OkCredit will now focus on OkLoan, offering credit through partnerships with NBFCs and banks.

Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds

IndianStartupNews

IndianStartupNews · 1y ago

Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds

Seychelles-based cryptocurrency exchange OKX has suspended its services in India due to regulatory challenges and non-compliance with anti-money laundering laws. The company's app was pulled from major app stores in the country, prompting the exchange to advise Indian users to close their accounts and withdraw funds by the end of April 2024. The move comes after the Financial Intelligence Unit of India targeted several crypto exchanges for operating without proper registration. Despite the suspension in India, OKX continues to expand globally, having secured licenses in Singapore and Dubai. OKX is currently the 18th largest cryptocurrency exchange by volume.

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