Along with institutional investors such as India Infoline, Yes Bank, Max Group, Grey Matters Capital and Hyundai, retail investors Kris Gopalakrishnan, Kanwal Rekhi and others participated in this fundraise.
While India’s rapidly growing fintech sector appears greener to the Chinese companies because of a regulatory clampdown back home, domestic firms stand to benefit from their Chinese counterparts’ ability to innovate and robust business models.
The app will also open up UPI payments to its existing merchant base of three million. The app will also offer payments via BharatQR, UPI QR and intent functionality for merchants.
Companies such as Mswipe, which partner directly with merchants, as well as entities like Innoviti Payments that deploy PoS terminals on behalf of banks, are doubling down on their lending businesses aimed at small and medium enterprises.
Sethi comes into NiYO with around 15 years of expertise in the banking sector having managed sales across banks like ICICI Bank and Standard Chartered Bank.
The fintech platform which exclusively caters to micro small and medium enterprises for their funding requirements claims to have received applications from 6.5 lakh entities and has evaluated over 1.5 lakh applications.
EarlySalary, which is in the business of short-term loans for young people without any borrowing history, is planning to expand into the consumer-financing business with this deal.
The online stockbroker, taking on India’s biggest securities firms, still keeps a good distance from startup world chatter on valuations and disruption.
The payments company, which is now a wholly-owned subsidiary of private-sector lender Axis Bank, is looking at starting the financial services within the next four months, said its top executive.
Data from NPCI shows that RuPay card usage at point-of-sales devices has jumped 135% to 459 million transactions in financial year 2018 against 195 million last year.
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