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Financial data analysis company Perfios has agreed to acquire Clari5 (also known as CustomerXPs). India-based Perfios will use Clari5 to strengthen its own fraud and risk management capabilities. Financial terms of the deal were not disclosed. Clari5 was founded in 2006 to help protect banks against fraud and money laundering. Among the company’s tools for Read more…
Online retail giant Amazon plans to acquire buy now, pay later (BNPL) company Axio, as announced on the India-based fintech’s blog. According to TechCrunch, the deal is expected to close for over $150 million, pending approval from the Indian central bank. Founded in 2013, Axio is a consumer finance company that has provided money management, Read more…
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…
State Bank of India (SBI), the nation’s largest bank, announced a new digital lending solution for micro, small, and medium enterprises (MSMEs) this week. The new offering, MSME Sahaj, is a web-based digital business loans solution for MSMEs’ invoice financing. “The launch of MSME Sahaj aims to provide the fast and most intuitive lending solution, Read more…
Earlier this year, we looked at how the drive for real-time payments in the West could benefit from studying the successes of India’s real-time payments network, UPI. Last week, we learned that there is at least one country in the Western hemisphere that’s taking us up on our suggestion and that country isn’t the United Read more…
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…
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…
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…
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…
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 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…
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…