Finovate Global India: Digital Transformation, Cross Border Payments, and the Digital Rupee

By David Penn Posted on

This week’s edition of Finovate Global highlights recent fintech news from India. A strategic partnership between financial software applications and marketplace company Finastra and Tech Mahindra, announced today, will help corporate banks accelerate their digital transformation journeys. Specifically, the partnership will make Tech Mahindra the exclusive global implementation partner for Finastra’s Cash Management platform. Tech Read more…

Reliance Group Launches JioFinance SuperApp for Users in India

By Julie Muhn (@julieschicktanz) Posted on

TechCrunch unveiled this morning that Jio Financial Services parent and multi-sector conglomerate Reliance Group launched its own financial super app, JioFinance. Jio Financial’s new JioFinance app launched today in the Google Play store and aims to serve as a single place where users can conduct digital payments, apply for loans, and purchase insurance. The bank Read more…

5 Lessons the U.S. Can Learn from India’s UPI

By Julie Muhn (@julieschicktanz) Posted on

The National Payments Corporation of India (NPCI) launched the country’s Unified Payments Interface (UPI) in 2016 to serve as a real-time payments system to facilitate peer-to-peer and person-to-merchant transactions via mobile phones. Since then, the payments infrastructure has seen massive growth, having reached its peak in December of last year, when it surpassed 12 billion Read more…

Finovate Global India: Conversational AI Comes to UPI, Debt-Collection-as-a-Service Scores $50 Million

By David Penn Posted on

The Reserve Bank of India (RBI) announced a number of new fintech initiatives this week. Among the more interesting was a plan to bring AI-powered, conversational payments to the country’s UPI (Unified Payments Interface) system. The National Payments Corporation of India (NPCI) launched the platform in 2016. Today, UPI has more than 300 million monthly Read more…

India’s PhonePe Receives $200 Investment from Walmart

By Julie Muhn (@julieschicktanz) Posted on

Just one month after raising $100 million, India-based PhonePe announced it closed a $200 million investment. With the new round, PhonePe’s pre-money valuation remains flat at $12 billion. Today’s investment boosts the payments application expert’s total funding to $650 million, placing it more than halfway to reaching its $1 billion capital raise target. In its Read more…

India Cracks Down on Consumer Lending; Razorpay and Pine Labs Score Payment Licenses

By David Penn Posted on

This week’s edition of Finovate Global takes a look at recent developments in the fintech industry in India. Has a “fintech reckoning” come to India? That’s the take shared by the Wall Street Journal recently, which suggested that many of the country’s fintech startups are facing new regulatory scrutiny. TechCrunch joined the alarm, looking specifically Read more…

India’s Kaleidofin Closes $15 Million Round of Funding

By Julie Muhn (@julieschicktanz) Posted on

India’s Kaleidofin closed a $15 million investment round this week. The funds bring the company’s total funding to almost $23 million. Kaleidofin will use the capital to launch and scale its lending arm, KaleidoCredit. India-based financial services provider Kaleidofin announced it has raised an additional $5 million in funding, adding to the $10 million investment Read more…

Fintech in India: Neobanks, Crypto Exchanges, and Google Pay Loans

By David Penn Posted on

This week’s Finovate Global takes a look at developments in the Indian fintech industry. Leading off is news that Indian neobank Niyo has secured $100 million in Series C funding. The round was led by Accel and Lightrock India and also featured investment from Beams Fintech Fund, Prime Venture Partners, and JS Capital, among others. Read more…

Revolut’s Newest Acquisition Accelerates its Move into India

By Julie Muhn (@julieschicktanz) Posted on

Revolut has acquired India-based Arvog Forex. Terms of the deal were not disclosed. The purchase will help Revolut launch services in India in the latter half of this year. Arvog Forex has more than 20 branches across India and served more than 15,000 customers last year. Global financial services innovator Revolut recently acquired Arvog Forex Read more…

India’s CRED Raises $251 Million for Credit Card Management Platform

By Julie Muhn (@julieschicktanz) Posted on

CRED, the members-only credit card management platform that rewards users for paying their credit card bills, has landed $251 million in funding this week. The Series E round boosts the India-based company’s total raised to $722 million and increases its valuation to just over $4 billion. The round was led by existing investors and private Read more…