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Niyo acquires Kanji Forex, appoints Amit Talwar as CEO

EntrackrEntrackr · 3m ago
Niyo acquires Kanji Forex, appoints Amit Talwar as CEO
Medial

Niyo, a travel fintech platform focused on cross-border payments for outbound Indian travellers, has acquired Mumbai-based Kanji Forex through its parent company Finnew Solutions. The move aims to strengthen Niyo’s forex business and support its goal of building a comprehensive global banking platform. Alongside the acquisition, Niyo has appointed veteran banker Amit Talwar as CEO of Niyo Forex (Powered by Kanji Forex Pvt Ltd). Talwar brings over 27 years of banking experience, including leadership roles at IndusInd Bank and ICICI Bank group entities in India and the UK. Founded in 1935, Kanji Forex (Kanji Pitamber & Co.) was among the first to offer foreign currency options to Indian and global banks. Under Niyo, the brand will expand its physical presence across India and build B2B partnerships to deepen market reach. The acquisition enables Niyo to offer a full-stack forex portfolio, including FX cash, FX cards, and outward remittances under its AD Category 2 licence. The company will integrate Kanji’s offline strengths with Niyo’s digital-first platform to serve travellers, students, professionals, and other global citizens. Backed by investors with over $179 million in funding, Niyo operates across 20 states and serves more than two million customers. The company says this move accelerates its plan to provide transparent pricing, intuitive digital products, and nationwide accessibility in international banking.

FinBox raises $40 Mn in Series B round led by WestBridge

EntrackrEntrackr · 2m ago
FinBox raises $40 Mn in Series B round led by WestBridge
Medial

FinBox, a credit infrastructure fintech, has raised $40 million in a Series B round led by WestBridge Capital, with participation from existing investors A91 Partners and Aditya Birla Ventures. The funding round also included $5 million in secondary to provide partial exits to early investors. Earlier in June 2022, it had raised $15 million in a Series A round led by A91 Partners. The company also counts Flipkart among its early backers. The Bengaluru-based company will use the funds to accelerate product innovation, fuel international expansion, and deepen its AI-driven credit intelligence stack. Founded in 2017 by Rajat Deshpande, Anant Deshpande, Nikhil Bhawsinka, and Srijan Nagar, FinBox builds B2B credit infrastructure for banks, NBFCs, and fintechs. Its modular platform powers digital loan origination, underwriting, fraud detection, and embedded lending. FinBox is betting big on Sentinel BRE (its AI-native digital lending platform), Partnership Lending Stack (Prism), and fraud intelligence products, while strengthening its BankConnect, DeviceConnect, and KYC API suite. Currently, more than 130 large clients use its solutions, including HDFC Bank, Kotak Mahindra Bank, Aditya Birla Capital, Tata Capital, and Poonawalla Fincorp. As per TheKredible, FinBox grew its revenue by 47% in FY24 to Rs 53 crore, but its losses also rose to about Rs 34 crore. The firm has yet to file FY25 results. Since inception, it has processed more than $9 billion in loan applications. The company claims to be growing 100% year-on-year across product lines. It competes with players like Perfios, Signzy, and Fibe.

Crypto exchange OKX shuts ops in India citing regulatory hurdles

EntrackrEntrackr · 1y ago
Crypto exchange OKX shuts ops in India citing regulatory hurdles
Medial

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.

Yubi Group raises Rs 411 Cr in new round

EntrackrEntrackr · 5h ago
Yubi Group raises Rs 411 Cr in new round
Medial

Yubi Group raises Rs 411 Cr in new round Fintech platform Yubi Group has raised Rs 411 crore (around $46.3 million) in a new funding round which includes a long-term structured debt facility and Rs 336 crore (around $37.9 million) in equity from EvolutionX Debt Capital. Founder and CEO Gaurav Kumar has also invested Rs 75 crore, taking his total equity investment in the company to more than Rs 330 crore ($37.2 million). The proceeds will be used to expand operations in Southeast Asia and the US, strengthen Yubi’s presence in the Middle East, and increase investment in its AI products. It will also support global expansion and the scaling of Yubi’s operating system for financial services. Yubi claims to have facilitated more than Rs 3.2 lakh crore in debt and enabled over 48 lakh transactions. The company works with more than 17,000 enterprises and over 6,200 lenders and investors. Yubi Group is an AI-powered operating system for financial services founded in 2020. Its core AI suite, YuVerse, powers Yubi, Accumn, Spocto X, and YuCollect, which together offer lending, underwriting, and collections solutions. To date, Yubi has raised over $296 million, including a $135 million Series B round that brought it to unicorn status. The company counts Vivitri Capital, Peak XV Partners, TVS Capital, Lightspeed, B Capital, Lightrock, Insight Luxembourg, and others among its investors. As per TheKredible, Yubi’s revenue from operations rose to Rs 660 crore in FY25 from Rs 484 crore in FY24. Consequently, Yubi reported a net loss of Rs 416 crore for the fiscal year.

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