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Fino Payments Bank Touches Fresh 52 Week High On Bullish Outlook For FY25

Inc42 · 11m ago

Fino Payments Bank Touches Fresh 52 Week High On Bullish Outlook For FY25

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.

Related News

Fino Payments Bank eyes tripling digital banking revenue by FY25

Economic Times

Economic Times · 1y ago

Fino Payments Bank eyes tripling digital banking revenue by FY25

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.

Fino Payments Bank Seeks SFB Licence From RBI After Board’s Agreement

Inc42 · 1y ago

Fino Payments Bank Seeks SFB Licence From RBI After Board’s Agreement

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.

Fino payments bank ropes in former Xerox India exec Rajat Kumar Jain as chairman

Inc42 · 1y ago

Fino payments bank ropes in former Xerox India exec Rajat Kumar Jain as chairman

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.

HAV3 Holdings Sells Entire Stake In Fino Payments Bank’s Promoter

Inc42 · 10m ago

HAV3 Holdings Sells Entire Stake In Fino Payments Bank’s Promoter

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.

Fino doubles down on credit disbursals to strengthen its SFB pitch

Economic Times

Economic Times · 5m ago

Fino doubles down on credit disbursals to strengthen its SFB pitch

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. It’s also expanding payment solutions and digital banking, anticipating growth in revenue share.

Bloodbath In New-Age Tech Stocks As Broader Market Slumps; IndiaMART The Only Gainer This Week

Inc42 · 1y ago

Bloodbath In New-Age Tech Stocks As Broader Market Slumps; IndiaMART The Only Gainer This Week

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.

Paytm shares surge 5% to 52-week high as RBI grants payment aggregator licence to subsidiary - The Economic Times

Economic Times

Economic Times · 20h ago

Paytm shares surge 5% to 52-week high as RBI grants payment aggregator licence to subsidiary - The Economic Times

The Reserve Bank of India (RBI) granted in-principle approval to Paytm's subsidiary, Paytm Payments Services Ltd (PPSL), to operate as an online payment aggregator. Conditions include adhering to specific guidelines and conducting a comprehensive system and cybersecurity audit. Following the announcement, shares of One 97 Communications, Paytm's parent company, rose by 4.8% to a 52-week high. The RBI also lifted previous merchant onboarding restrictions on PPSL, effective immediately.

Swiggy shares surge 11.35% to reach an all-time high

Inshorts · 8m ago

Swiggy shares surge 11.35% to reach an all-time high

Shares of Swiggy surged to 11.35% during the intraday trading session on (December 5) to reach an all-time high at ₹576.95 on the BSE. This marks the fresh 52-week high for the stock. The company market capitalisation stood at ₹1,26,472 crore by 11:30 pm and as many as 26.6 crore Swiggy shares traded hands by then.

New-age tech stocks see a muted week as broader market slumps; CarTrade emerges biggest gainer

Inc42 · 1y ago

New-age tech stocks see a muted week as broader market slumps; CarTrade emerges biggest gainer

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.

New-Age Tech Stocks Bleed On Broader Market Decline; ixigo Biggest Loser This Week

Inc42 · 1y ago

New-Age Tech Stocks Bleed On Broader Market Decline; ixigo Biggest Loser This Week

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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