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Fino Payments Bank Touches Fresh 52 Week High On Bullish Outlook For FY25
Inc42
ยท
11m ago
Medial
Fino Payments Bank reached a new 52-week high of INR 448 during trading, following the release of its annual report for FY24. The company aims to bolster its competitiveness in the Indian payments market through various initiatives. Its market capitalization also surged to $442.4 million (INR 3,715.52 crore). However, the current year high is still below its all-time high of INR 582.95.
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Fino Payments Bank eyes tripling digital banking revenue by FY25
Economic Times
ยท
1y ago
Medial
Fino Payments Bank is focusing on digital banking to drive growth after the exit of Paytm Payments Bank. The bank aims to generate 15% of revenue from digital banking this fiscal year, up from 5-6% in the previous year. Fino has developed its own UPI settlement capabilities and implemented an offline QR code-based payment strategy. The bank is also seeking to convert into a Small Finance Bank and expand its account offerings and customer profile. Fino currently has over 10 million active customers on its platform.
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Fino Payments Bank Seeks SFB Licence From RBI After Boardโs Agreement
Inc42
ยท
1y ago
Medial
Fino Payments Bank, a subsidiary of Fino Paytech Limited, has applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI). The bank's board approved the proposal in July 2023 and aims to create a Payments Bank++ model with fee-based income contributing 75%-80% of revenue in the early years. Fino Payments Bank operates on an asset-light business model and has been profitable since Q4 2019-20, registering a profit of INR 65.1 Cr in FY23. The RBI has received several SFB license applications, some of which have been rejected or are still under review.
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Fino payments bank ropes in former Xerox India exec Rajat Kumar Jain as chairman
Inc42
ยท
1y ago
Medial
Mumbai-based Fino Payments Bank has appointed Rajat Kumar Jain, former managing director of Xerox India and Walt Disney India, as its part-time chairman. Jain, an alumnus of IIT Delhi and IIM Ahmedabad, brings over three decades of leadership experience across various sectors. Fino Payments Bank is currently focusing on its digital growth plans and targets for the next phase. Jain's appointment comes as the bank aims to evolve into its new digital avatar, Fino 2.0.
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HAV3 Holdings Sells Entire Stake In Fino Payments Bankโs Promoter
Inc42
ยท
10m ago
Medial
HAV3 Holdings has sold its stake in Fino PayTech, the promoter of Fino Payments Bank, to a group of investors that include Alternatives Investment Managers, Infinity Alternatives Advisors, and Merlin Holdings. The specific amount of stake sold was not disclosed. HAV3 Holdings previously held an 11.48% stake in Fino Payments Bank as of August 2021, according to the company's draft red herring prospectus.
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Fino doubles down on credit disbursals to strengthen its SFB pitch
Economic Times
ยท
5m ago
Medial
Fino Payments Bank is enhancing its credit disbursement services via partnerships, as it can't offer credit independently due to its payments bank status. The bank is collaborating with various financial entities for loans and is rapidly increasing monthly loan disbursements. Fino aims to become a differentiated small finance bank by focusing on digital offerings instead of a traditional branch-led model. Itโs also expanding payment solutions and digital banking, anticipating growth in revenue share.
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Bloodbath In New-Age Tech Stocks As Broader Market Slumps; IndiaMART The Only Gainer This Week
Inc42
ยท
1y ago
Medial
Indian new-age tech stocks faced a major correction this week, with 18 out of 19 stocks experiencing declines. Yudiz Solutions was the biggest loser, falling 32.8%, followed by Fino Payments Bank and DroneAcharya Aerial Innovations. Paytm's shares continued to be volatile as it faced selling pressure due to developments following the Reserve Bank of India's crackdown on Paytm Payments Bank. Nazara Technologies announced plans to allocate $100 million for mergers and acquisitions, while DroneAcharya secured contracts with the Adani Group, Earthtree Enviro Pvt. Ltd., and the Indian Army.
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Swiggy shares surge 11.35% to reach an all-time high
Inshorts
ยท
8m ago
Medial
Shares of Swiggy surged to 11.35% during the intraday trading session on (December 5) to reach an all-time high at โน576.95 on the BSE. This marks the fresh 52-week high for the stock. The company market capitalisation stood at โน1,26,472 crore by 11:30 pm and as many as 26.6 crore Swiggy shares traded hands by then.
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New-age tech stocks see a muted week as broader market slumps; CarTrade emerges biggest gainer
Inc42
ยท
1y ago
Medial
During the week, the Sensex and Nifty50 both declined over 1% each, while the Indian new-age tech stocks also saw a slump. Drone startup ideaForge was the biggest loser, with its shares dropping by 6.6%. However, Zomato, PB Fintech, Delhivery, RateGain, EaseMyTrip, Fino Payments Bank, Mamaearth, and CarTrade Technologies were among the gainers. The upcoming week is expected to be significant, with heavyweights releasing their Q3 earnings and the Union Budget and US Fed policy announcements taking place.
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New-Age Tech Stocks Bleed On Broader Market Decline; ixigo Biggest Loser This Week
Inc42
ยท
12m ago
Medial
This week, ixigo suffered a significant decline of 7.59%, closing at INR 163.20. Other notable losers in the market included Paytm, Nazara, Go Digit, and MapmyIndia. Conversely, Fino Payments Bank experienced a strong rally, witnessing an impressive 6.85% increase in its share value. Global market instability led to a downturn for both Sensex and Nifty 50. Additionally, Ola Electric became the latest startup to go public.
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Paytm shares hit 52-week high as fintech rolls out UPI Lite auto top-up for small payments
Economic Times
ยท
8m ago
Medial
Paytm shares surged over 4% to reach a 52-week high at Rs 939 following the announcement of an automatic top-up feature for its UPI LITE service. The new feature enables PIN-less transactions for payments under Rs 500 and is available for select users of Yes Bank and Axis Bank. Paytm's UPI LITE service allows small-value payments up to Rs 2,000. Additionally, Paytm introduced a UPI statement download feature and has expanded its UPI service globally. Despite the initial rally, the stock experienced some profit booking and was trading at Rs 889.8 as of 1:24 pm.
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