Morning Tidings

Tag: Fintech

  • Blnk, a Fintech That Provides Instant Consumer Credit in Egypt, Raises M in Debt and … – Latest Tweet by TechCrunch

    Blnk, a Fintech That Provides Instant Consumer Credit in Egypt, Raises $32M in Debt and … – Latest Tweet by TechCrunch

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)

  • Google Invests in Indian Fintech Startup Progcap

    New Delhi, June 28: Google has invested in Indian startup Progcap that caters to small and medium-sized businesses, as it raised $40 million in its Series C funding round. The funding into Progcap, which serves more than 700,000 small retailers by extending a revolving credit line of $10,000 to $12,500 to them, was led by Creation Investments and Tiger Global.

    “Progcap is becoming the core operating engine for all the transactions of its customers, providing them with credit and technology solutions that make their businesses more efficient,” said Pallavi Shrivastava and Himanshu Chandra, Co-founders. Existing investors Sequoia India and Southeast Asia also participated in the round.

    The fundraise was an extension of the company’s Series C round and values the company at $600 million. Earlier, it raised $30 million from Tiger Global and Creation Investments. Google To Shut Down Hangouts in November 2022, Tells Users To Switch To Chat.

    Progcap said it will use the new funds to support its expansion and accelerate product development. The startup has facilitated credit disbursals worth over Rs 6,500 crore, working with over 7,00,000 small and medium businesses. The startup has raised about $100 million in funding in the past one year.

    “We’re delighted to invest once again behind the Progcap team as it expands its product offering and further serves last-mile retailers in India,” said Tyler Day, Partner, Creation Investments.

    (The above story first appeared on Morning Tidings on Jun 28, 2022 01:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Udita Paul, Bengaluru-Based Fintech Co-Founder, Offers Job to Matrimonial Match; Chat With Father Goes Viral

    Bengaluru, May 2: A conversation between a father and fintech Co-founder daughter regarding the latter’s matrimonial match has gone viral on social media. The post has got more than 12,000 likes and generated 921 retweets till Monday morning. The screen shot of the conversation was shared by the daughter under the title “what getting disowned by father looks like.”

    Udita Paul, co-founder of Bengaluru-based Salt was sent a matrimonial match by her father. Udita instead of responding in a traditional way wanted to hire the probable groom on board to her company. Online Fraud in Pune: Woman Duped of Rs 62 Lakh by Man on Matrimonial Site Who Posed As Civil Engineer From UK.

    She had asked the man to send his profile and also given the link. Udita had shared the conversation with her father after her ‘experimentation with the possible groom’. In the viral post, the conversation between the father and daughter goes like this —

    Udita’s father: “Can we talk?… urgent…. you know what u did …u cannot hire people from matrimonial site … what to tell his father now … i saw your message u gave him interview link n asked for resume … reply u crazy girl … ”

    Udita’s reply: “… 7 years of fintech experience is great … we are hiring. I am sorry.”

    (The above story first appeared on Morning Tidings on May 02, 2022 01:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • TripMoney, MakeMyTrip’s Fintech Arm, Acquires Foreign Exchange Services Provider BookMyForex

    New Delhi: As India reopened international travel last month after two years of the pandemic, MakeMyTrip’s fintech arm TripMoney on Tuesday said it has acquired a majority stake in BookMyForex, India’s leading online foreign currency exchange services provider, for an undisclosed sum. MakeMyTrip Forays Into NFTs To Display Unexplored Landscapes in India.

    With this move, BookMyForex’s suite of services, including currency exchange that offers real-time exchange rate, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products, will soon be available for MakeMyTrip and Goibibo customers.

    “The acquisition of a majority stake in BookMyForex is in line with our strategic vision to build a travel super app offering a complete suite of services for the discerning traveller,” said Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip.

    The leading online travel platform will also leverage the network of BookMyForex’s partners, including select banks and reputed exchange companies, to fulfil forex requirements of customers in multiple cities across the country.

    “The investment from TripMoney comes at an opportune time, as the world warms up to international travel. We will leverage the strength of MakeMyTrip and Goibibo to scale new heights by gaining deeper geographic penetration,” said Sudarshan Motwani, CEO of BookMyForex.

    Leading private equity firm Faering Capital as well as founders and promoters – Nitin Motwani and Sudarshan Motwani — will continue to stay invested in BookMyForex.

    “We are delighted to welcome MakeMyTrip as a shareholder in the company,” said Aditya Parekh, Managing Director at Faering Capital.

    BookMyForex is India’s first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. MakeMyTrip last month forayed into the world of non-fungible tokens (NFTs) to celebrate the popular as well as unexplored travel landscapes in the country.

    (The above story first appeared on Morning Tidings on Apr 05, 2022 05:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • PhonePe, NITI Aayog Team Up To Launch Fintech Open Hackathon

    New Delhi, February 17: Leading digital payments platform PhonePe on Thursday announced that NITI Aayog, in association with the platform, will be hosting the first-ever open-to-all hackathon that aims to showcase path-breaking solutions for the fintech ecosystem. The Hackathon will provide an opportunity for innovators, digital creators and developers from all over India to think, ideate and code. Winning teams stand to win exciting cash prizes worth Rs 5 lakhs, the platform said in a statement.

    Participants at the hackathon need to use any open-data APIs like PhonePe Pulse along with frameworks such as Account Aggregator as a foundation to power the use cases, such as alternate risk models for lending, insurance or investments with a focus on financial inclusion; innovative products that use the power data signals for various demographics and geos for broader adoption of financial services; improved visualisation and derived intelligence based on the digital payments data. PhonePe Gets USD 50 Million from Tencent but Won’t Use It for India Operations.

    Participating teams can have one or up to five participants. They can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI reports on payments to build on their submission.

    In addition, they can access any other open data platforms that they are aware of along with the Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks. By the end of the event, participants will be required to present a working prototype of their hack to the judges, post which each hack will be judged based on certain parameters.

    While the judges consider the hacks, they might ask for additional information on the prototypes. The winning team will be awarded Rs 1,50,000. Two teams, in second and third places, will win Rs 1 lakh and Rs 75,000, respectively.

    However, PhonePe mentioned that judges may decide to award fewer or more prizes depending on the hacks submitted. The last date to register for the event is February 23 and the deadline to submit the final entries is February 25 by noon.

    There will be a live AMA on February 21 at 4:00 PM to answer any questions the participants may have about the Hackathon. The winners of the Hackathon will be announced on February 28. The NITI Aayog fintech month commenced on February 7 and the week witnessed some thought-provoking keynotes, in-depth fireside chats, and panel discussions.

    (The above story first appeared on Morning Tidings on Feb 17, 2022 02:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Razorpay acquires TERA Finlabs in push for startup, MSME loans – morningtidings

    Razorpay acquires TERA Finlabs in push for startup, MSME loans – morningtidings

    New Delhi: Fintech startup Razorpay has acquired TERA Finlabs, a Bengaluru-based startup that provides technology, risk and capital solutions to enable embedded financing solutions for businesses.
    The company, however, did not disclose the financial details of the transaction.
    “This acquisition of TERA Finlabs is aligned with Razorpay’s strategy of financially supporting as many MSMEs as possible by building core competencies in capital solutions, credit underwriting, and data-driven risk management capabilities,” according to a statement released. “TERA will provide its entire technology stack, risk management capabilities, and onboarding solutions to create and enable a credit line for Razorpay’s merchant network.”
    Razorpay Capital along with TERA Finlab’s technology capabilities will be able to service the credit needs of over 10,000 businesses in India by next year, the statement said. The unicorn had forayed into the business-to-business (B2B) SME lending space with the launch of Razorpay Capital in 2019.
    TERA Finlabs, an Indian subsidiary of UK-based digital lender GAIN Credit, is Razorpay’s third acquisition in less than three years. Razorpay had acquired Thirdwatch—an AI-driven company that helps reduce return-to-origin fraud losses in e-commerce—in 2018, and Opfin—a payroll management software company—in 2019.
    According to Razorpay’s co-founder and chief executive Harshil Mathur, Indian banks are wary of providing business loans to startups and new small and medium enterprises (SMEs) due to the risks attached to their new revenue models. “Through our lending platform, Razorpay Capital, we have been striving to solve these cash flow challenges, making it easier for businesses to get finance and grow,” he said. “And progressing in that journey, an acquisition such as this fits perfectly with our vision of developing tailormade affordable credit solutions for the underbanked small businesses across industries so that they can digitally transform and disrupt.”
    The team at TERA Finlabs comes with exceptional domain knowledge in credit underwriting and risk management, Mathur said, adding that Razorpay sees immense value in TERA Finlabs core lending infrastructure capabilities.
    “MSMEs were an underserved market for a long time. However, in the last 16 months, they have started to show rapid growth with their adoption of digital,” Pradeep Rathnam, co-founder and chief executive of TERA Finlabs, said. “And this has created an opportunity for significant disruptions in the lending sector—Embedded Credit is one such innovation that I’m certain will transform this space.”
    Razorpay, which is backed by investors like GIC, Tiger Global, Sequoia Capital India and Mastercard Inc., has been witnessing 40-45% sequential growth. It has achieved $40 billion TPV (Total Payment Volume) and currently powers payments for more than 8 million businesses. It aims to reach 200 million customers by 2021.

    timesofindia.indiatimes.com

  • HyperJar, The Fintech App Revolutionising Saving and Spending

    HyperJar, The Fintech App Revolutionising Saving and Spending

    With the continuing move towards a cashless society, managing personal finances digitally is becoming increasingly important. With rent or mortgage payments, bills and standing orders going out of our accounts at different times throughout the month, managing funds can get complicated. And what about pocket money? Is there a way to introduce kids to wise spending in the digital age?

    Whether you’re saving for a special purchase or just want to get a handle on allocating money for the weekly grocery shop, perhaps technology has the answer for fuss-free budgeting. New fintech apps like HyperJar help make saving and spending simple for all the family.

    How does HyperJar work?

    With HyperJar, you can connect your bank account to a digital wallet that allows you to track and organise your spending. Feedback on Trustpilot is testament to how easy it is to download the app, order your HyperJar card, and get started.

    Budgeting

    HyperJar offers a convenient digital way of jam-jar budgeting. You can use the app to organise your money and expenditure into different categories or ‘Jars’. Creating separate Jars is a clear, visual way to see where your money is going and how much you need to set aside each month.

    Savings

    You can also set savings goals. Whether you add money to the pot when you have a bit to spare or set up a monthly direct debit, you can keep an eye on how close you are to reaching the target.

    Kids Card

    As well as budgeting and saving, HyperJar can help you introduce children to money management. A Kids Card makes handling pocket money a doddle whilst giving your child a sense of financial independence. A Kids Card is a prepaid debit card connected to your adult HyperJar account. It allows you to transfer pocket money to your child so they can make purchases on their own.

    HyperJar still lets parents oversee their child’s spending, set limits and decide where the child can use their card. And because it’s a prepaid card, you can relax knowing your child can’t spend more than they have. Reviews from parents on the Google Play Store highlight the benefits of using HyperJar to let kids ‘earn’ their allowance. You can set chores for them to complete in order to get their pocket money.

    Why not take a look at HyperJar’s case studies to see how a Kids Card can benefit children and families?

    What are the benefits?

    HyperJar is free to download and use. There are no monthly or annual fees, making it an effective and affordable money-management tool. Plus, there’s no credit check and you can use it alongside your existing bank account, so there’s no need to change your direct debits or standing orders.

    As well as helping you organise your finances around your lifestyle, you can share pots of money with your family and friends — ideal for contributing to a group gift or trip. Think of it as a pop-up joint account without the hassle or commitment!

    Other handy advantages include:

    HMoney – with HyperJar’s HMoney partnership, you can earn rewards with your favourite brands and businesses. Rewards include 4.8% annual growth rate.

    No FX fees – you can use your HyperJar card abroad without worrying about foreign exchange fees.

    Spend notifications – every time you make a payment, HyperJar will send you a notification and save all the details in an analytics page so you can see the bigger picture of your spending and budgeting.

    New fintech solutions like HyperJar can help bring jam-jar budgeting into the digital age. Quick to set up and easy to use, the app is suitable for everyone. Whether you’re a student balancing rent payments and leisure expenditure or a parent hoping to introduce your kids to financial literacy, your HyperJar card can give you a visual overview of your spending.

    If you want to learn more, why not take a look at the HyperJar website and set up a free account?

  • Readers Ask: Is Fintech the Next ‘Big Thing’ in Finance?

    Readers Ask: Is Fintech the Next ‘Big Thing’ in Finance?

    If you have ever transferred money online, checked your bank statement via phone or paid directly from an application, you are already a chunk of the multi-billion dollars’ industry. More precisely, Fintech. And it has already changed the finance industry of the world.

    Fintech (short for Financial technology) covers all the companies that are using technology to provide innovative solutions to improve their products and services within the finance industry. The term may appear simple but it includes everything from cashless payments, digital currencies, retail banking and so. The global sector in the Fintech firms raised $22.8 billion in the first half of 2021 through investments.

    Understanding FinTech

    Back in time, Fintech was only referred to as the technology used in back-end systems of financial institutions. But, now it is used for wider applications such as trade stocks, funds and paying for your food using technology.

    Not only are startups adopting this new system of lending and payment technologies for the majority of funding, but some of the biggest companies like Apple and Alibaba are going big on it as well.

    Here, the question sits, what is the reason behind all of this investment?

    Consumers are adopting Fintech at a very high pace. The reason being a lack of interest in the traditional banking industry, and the ease of use without needing brick-and-mortar to start. It gives consumers a direct hold of their financial lives.

    What is the reason for the rapid growth of FinTech?

    These factors have helped to fuel the massive growth of Fintech:

    Quick adoption of technology

    According to Statista, the current number of active smartphone users is 3.8 Billion, which means roughly 48 percent of the population owns a smartphone. With this rapid adoption of technology, people are embracing Fintech with open arms.

    Generation Z

    We can count Gen-Z as a reason for the rapid growth of FinTech. Most of the younger generation has grown up with technology in their hands, therefore they have a greater belief and enthusiasm in FinTech as compared to the older generations.

    Needs of Small and Medium-Sized Enterprises

    In the last few decades, it has been quite challenging for SMEs to acquire funds to grow their business. Fintech has eliminated this system of traditional financial systems. They can now get better access to funds and other bank-related services.

    Internet Penetration

    Around 40 percent of the population today has access to the internet. Affordable smartphones and the availability of the internet, both have been playing a crucial role in increasing the growth of Fintech services.

    Affordability

    All of the services provided by Fintech are more affordable than the traditional ones. For example, Robo advisors are way more economical than traditional asset managers.

    All in all, Fintech services have been proven beneficial to fill the void for people who do not have access to traditional banking services. Now, thanks to Fintech, all we need is a phone to take insurance or a loan.

    The risk attached to the Fintech industry

    Like any growing industry, the Fintech industry also has some risks attached to it.

    Data Privacy

    Data privacy is one of the most major concerns. As most of the financial services go online, cyberattacks become a threat. They can invade the privacy and data of the users.

    Synthetic Fraud

    In the world of advancing technology, some people choose to make fake id and steal personal information. As it seemed easily identifiable in the past,  is no longer a laughing matter.

    Someone can easily access the bank account or sign up for products and services by using someone else’s name. This way they can borrow the digital identity and impact almost every organization.

    What are the most active applications of Fintech in the world right now?

    There are some most active areas of Fintech that need your attention.

    Crowdfunding

    People who do not have the access to the traditional banking system can use internet applications to send and receive money. Fintech has also allowed people to pool funds from different sources in one place. Today, if you need support without having to go to a traditional bank, you can go to the investor for help. Fintech has multiplied the number of crowdfunding platforms over the years.

    Payments Made Through Mobile Phones

    Almost everyone with a smartphone uses some type of mobile phone-based payments. Including the famous application, Venmo, some other technologies have emerged to exchange money and payments digitally. Be it online shopping or sending money to your friend, all can be done within the premises of a mobile phone.

    Insurance Industry

    Even the insurance industry has been taken over by Fintech. Insurtech includes everything from car insurance to getting insurance for your home. The whole process had been made a lot easier.

    Robo Advisors

    Robo advisors have invaded the assent management sector as they succeed to provide algorithm-based asset recommendations. Not only that, but they are also equipped to provide portfolio management. It has increased the efficiency of the task and cut down the costs to almost half.

    Fintech is the Future – How?

    In this no human contact period, people are switching to digital rather than traditional. Digital banking and online investments have provided these people with a ray of hope. It is high time that businesses opt for digital finance. The banking sector needs to buckle up and come to the market with its digital systems as well.

    There is absolutely no doubt left about the scope of Fintech as the new technology is rolling out and consumer engagement is spiking the chart. Today, even if you do not realize it, FinTech has become an undeniable part of your personal and professional day to day life.

  • Regulation should not force innovation in fintech space: Shaktikanta Das

    Regulation should not force innovation in fintech space: Shaktikanta Das

    The governor also said that maintaining the health of the banking sector with a strong capital base and ethics-driven governance is a policy priority.

    Underlining the need for innovation in the financial sector for effective service delivery, RBI Governor Shaktikanta Das on Thursday called for effective regulation that would help innovate in the fintech space and not break it.

    The governor said at the Times Network India Economic Conclave that effective regulation is a priority for the Reserve Bank, and regulation should not disrupt innovation in the fintech space.

    The governor also said that maintaining the health of the banking sector with a strong capital base and ethics-driven governance is a policy priority.

    Mr. Das said that underlining the large role of technology and innovation in serving people better and faster, RBI processed 274 crore digital transactions to provide direct benefit transfer to the people, most of which occurred during the epidemic .

    The governor said, “Since RTGS, which runs round-the-clock along with NEFT, has multi-currency capabilities. It has room to move beyond our shores.”

    Despite his official opposition to private crypto currencies, Mr Das said the central bank is assessing financial stability concerns as this central bank works on moving to the digital currency.

    The central bank chief also said that the RBI is committed to using all policy tools to support economic recovery while preserving price stability and financial stability.

    Although the spike in new pandemic infections is a matter of concern, Mr. Das said that the nation is currently equipped with additional insurance to deal with the miseries.

    .

  • ‘India Fintech valuation may reach $ 160 billion’

    ‘India Fintech valuation may reach $ 160 billion’

    According to a report, India’s financial technology firms are poised to become triple-valued over the next five years, valuing $ 150-160 billion by 2025.

    The report was unveiled on Saturday that the Boston Consulting Group (BCG) and FICCI have described the study’s findings to shape the value-generating potential and identify the imperatives for India’s fintech development.

    “India is poised to realize a fintech sector valuation of $ 150–160 billion by 2025, which translates to incremental value-generating capacity of approximately $ 100 billion. To fulfill this ambition, India’s fintech sector will require investments of $ 20-25 billion over the next five years.

    There are over 2,100 fintech firms in India, 67% of which have been set up in the last 5 years alone. The industry is valued at $ 50-60 billion.

    The industry’s growth has been uninterrupted by the epidemic since January 2020 with the emergence of three new unicorns and five new Soonicorns ($ 500 million + valuation).

    You have reached your limit for free articles this month.

    Membership benefits included

    Today’s paper

    Get a mobile-friendly version of the article from the newspaper of the day in an easy-to-read list.

    unlimited access

    Enjoy reading as many articles as you want without any limitations.

    Personal recommendations

    A selected list of articles that match your interests and tastes.

    Fast page

    Move seamlessly between articles as our pages load instantly

    Dashboard

    One-stop-shop to see the latest updates and manage your preferences.

    Talk

    We inform you about the latest and most important events three times a day.

    Support quality journalism.

    * Our digital subscription plans currently do not include e-paper, crosswords and print.

    .