Cashfree currently works with Yes Bank, ICICI Bank and Axis Bank for the settlement part and has 1,100 merchants using its solutions.
“Some of the new norms could severely cripple the industry and make the wallet business unviable,” said one person cited above.
Paytm Gold is the savings offering for its wallet customers who can buy virtual gold through the Paytm platform.
Venture Catalyst and Anirudh Damani had put in seed investment of Rs 1.5 crore in the company as well in May last year.
The Bengaluru-based startup plans to utilise the funds for improving its technology platform so that it can expand its services across more cities and also lend more from its own books.
Zeta currently has 1,500 corporates who use their digital payment solutions
Happy Loans was founded by Manish Khera, who was previously the chief executive of Airtel Payments Bank and was the founder of Fino Paytech.
Rubique is currently operational in 27 cities and has disbursed Rs 2000 crore since starting operations.
The payments company has set an ambitious target of reaching 500 million full-KYC customers in three years.
The lending company plans to utilise the funds to expand operations over 35 districts across seven states in the current fiscal.
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