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plutos One Bags $2 Mn To Facilitate Banks With Digital Bill Payments

Inc42 · 10m ago

plutos One Bags $2 Mn To Facilitate Banks With Digital Bill Payments

Plutos One, a Delhi-based company, has raised funds to expand its operations in the bill payment space. The company plans to use the capital to onboard banks and agent institutions onto its BBPS network. The funding round included investors such as Chiratae Ventures and Genesia Ventures. Plutos One offers various products and services to enable efficient bill payment solutions for banks and their customers.

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Related News

Plutos ONE raises $2 Mn in seed round led by StartupXseed

Entrackr

Entrackr · 10m ago

Plutos ONE raises $2 Mn in seed round led by StartupXseed

Plutos ONE, a technical service provider (TSP) for the Bharat Bill Payments System (BBPS), has secured $2 million in a seed round led by StartupXseed. The round also witnessed participation from Genesia Ventures, Auxano Capital, Raghuvanshi Investments and other investors. The Delhi-based platform had previously raised an angel round from its existing investors and others like Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, Harish Chandra, Chanakya VC, Sarcha Advisors and others. The fresh funds will be used for onboarding banks as biller operating units as well as agent institutions on the BBPS network, Plutos ONE said in a press release. Co-founded in 2021 by Rohit Mahajan and Rajjat Gulati, Plutos ONE is licensed and empaneled by NPCI Bharat BillPay Limited (NBBL). It owns and operates a merchant- funded aggregation platform on which it runs card activation solutions for various credit and debit card issuers. Its clients include NPCI, Visa, Punjab National Bank, Kotak Mahindra Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank and Loylty Rewardz.

Convin, Finarkein, six others raise early-stage funds

VCCircle

VCCircle · 10m ago

Convin, Finarkein, six others raise early-stage funds

Convin, Finarkein, InsurancePadosi, just words, plutos ONE, T9L QUBE, OneMoney, and 99 Pancakes have all secured early-stage funds. These companies will use the capital to expand their teams and distribution channels, projecting significant customer and revenue growth. Convin is an AI-driven platform that enhances customer interactions, while Finarkein offers data and workflow solutions. InsurancePadosi provides personalized insurance recommendations, just words focuses on marketing, plutos ONE offers technical services for bill payment, T9L QUBE is a startup incubator, OneMoney is an ID-sharing platform, and 99 Pancakes is a QSR chain specializing in pancakes.

Fintech firm Cred receives BBPS customer operating unit certification

Economic Times

Economic Times · 10m ago

Fintech firm Cred receives BBPS customer operating unit certification

Bengaluru-based fintech firm Cred has received certification from NPCI Bharat Billpay to operate as a customer operating unit (COU) on the Bharat Bill Payments System. This certification allows Cred to establish more partnerships and speed up credit card bill payments made through their app. Cred users will also gain access to process bill payments across all billers available on the BBPS network. Cred processed over Rs 15,000 crore in bill payments across compliant banks in July, making it the largest agent institution on BBPS. The company has also introduced a new feature called the 'Cred Guarantee' to ensure timely bill settlements.

Niyo Solutions eyes profitability in 2024, IPO in 2025

Livemint

Livemint · 1y ago

Niyo Solutions eyes profitability in 2024, IPO in 2025

Digital-only bank Niyo Solutions Inc. is aiming to become profitable this year and plans to list its shares on stock exchanges in 2025. The Indian neobank is looking to raise funds to expand its travel-banking business and make acquisitions in the foreign exchange and lending segments. Niyo has already ventured into the travel-banking segment with its Niyo Global card, which offers zero foreign exchange charges. The company is also exploring partnerships with Indian banks and working with the National Payments Corporation of India to enable QR code payments for merchants and facilitate UPI-based international payments.

NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking

Inc42 · 1y ago

NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking

The Reserve Bank of India (RBI) has approved the launch of an interoperable payment system for net banking, NPCI Bharat Billpay (NBBL), which is expected to enable transactions as early as next month. The move is part of RBI's Payments Vision 2025, aiming to increase digital payment transactions by over 3 times and reduce cheque-based payments to less than 0.25% of total retail payments. Various banks and fintech firms are now discussing the implementation of NBBL, which will facilitate quicker settlement of funds for merchants. Digital transactions in India have seen significant growth in recent years.

Issues with credit card bill payments through third-party apps

Economic Times

Economic Times · 1y ago

Issues with credit card bill payments through third-party apps

The Reserve Bank of India (RBI) has mandated that credit card bill payments be processed through the Bharat Bill Payment System (BBPS) starting July 1. This move aims to enhance security, reduce fraud, and bring standardized grievance redressal to credit card transactions. Currently, only 12 banks are operational on BBPS for credit card bill payments, with major players like HDFC Bank and Axis Bank still in the integration process. Third-party apps like PhonePe, Amazon Pay, and Cred will be impacted as BBPS becomes the default bill payment network, potentially affecting their margins and exclusivity.

PayPal's Mintoak buys India's 1st e-rupee deal for $3.5 mn

Inshorts · 4m ago

PayPal's Mintoak buys India's 1st e-rupee deal for $3.5 mn

PayPal and HDFC Bank backed startup Mintoak which provides merchant payment services to lenders reportedly bought Digiledge for $3.5 million on Tuesday. This marks the first acquisition in digital currency sector. Digiledge specialises in CBDC and bill payments services. In December 2022, the RBI launched a trial program for CBDC also known as e-rupee, a digital currency substitute.

Digital payment company Easebuzz bags $30 million lead by Bessemer

Economic Times

Economic Times · 3m ago

Digital payment company Easebuzz bags $30 million lead by Bessemer

Pune-based digital payments firm Easebuzz raised Rs 240 crore ($30 million) in a funding round led by Bessemer Venture Partners, marking its first major venture funding. This includes Rs 200 crore in primary capital and Rs 40 crore in secondary capital. Existing investors, 8i Ventures and Varanium Capital, also participated. With plans for an IPO in 2-3 years, Easebuzz aims to enhance brand building, attract talent, and explore cross-border payments while expanding in Southeast Asia and the Middle East.

Fintech startup Mintoak buys payments company Digiledge

Economic Times

Economic Times · 4m ago

Fintech startup Mintoak buys payments company Digiledge

Mintoak, a Mumbai-based fintech startup backed by Pravega Ventures, HDFC Bank, and PayPal, has acquired Digiledge, a fintech company specializing in bill payments and Central Bank Digital Currency (CBDC) applications. The acquisition aims to enhance Mintoak’s services for small enterprises. Mintoak, which is profitable and supports banks like HDFC and SBI, is expanding into adjacent digital business areas. The company serves three million merchants, processing significant transaction volumes across multiple countries.

Lobb Bags $2.9 Mn To Disrupt Digital Freight Brokerage Space

Inc42 · 1y ago

Lobb Bags $2.9 Mn To Disrupt Digital Freight Brokerage Space

Bengaluru-based digital freight broker Lobb has secured $2.9 million in an extended Pre-Series A funding round. The company, which boasts being one of the fastest-growing digital freight brokerage platforms in India, works with over 1,200 logistics firms and more than 5,000 fleet owners. This funding news comes shortly after another Indian supply chain startup, Wiz Freight, raised $15 million in a Series B funding round.

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