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3634

Bengaluru-based neo-banking startup NiYO raises $35 million in series B round

via The Indian Wire

NiYO Solutions, a Benglauru-based neo-banking startup has raised $35 million in a Series B funding round. The round was led by Horizons Ventures and Tencent. While, the company’s existing investor JS Capital also participated in the funding round.

The company plans to use the funding to accelerate the development and rollout of new product offerings. It will also use funds to amplify distribution and marketing. (more…)

Banks, Deals, India, InspirAsia

July 10, 2019

792

New Indian challenger Payzello launches

via FinTech Futures written by

Payzello is a new challenger bank in India, focusing on the retail market that offers a wide variety of products, with a specific focus on personal finance management.

In its list of offerings, the firm includes a single card for both debit and credit, app-based loans, money transfer and request, end to end expense management, Bharat QR, three minutes’ account opening, among others – and all this with zero paperwork.

A chatbot is included in the app, called Ello. It was made for conversations regarding users’ finances and provides suggestions. (more…)

Banks, India, InspirAsia, Mobile-first banks

June 10, 2019

595

Banks can use Aadhaar for KYC with customer’s consent: RBI

via The Economic Times

Banks can use Aadhaar for KYC verification with the customer’s consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.

The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts. (more…)

Banks, India, InspirAsia

May 29, 2019

984

Rise of challenger banks in Asia

via The Edge Markets MY

Challenger banks have been a trend in markets such as the UK in the last few years, but activity is ramping up in Asian markets like South Korea, Greater China and Southeast Asia, says James Lloyd, fintech and payments leader for Asia-Pacific at EY, in the recently published Citi GPS: Global Perspectives and Solutions report, titled “Bank X: The New New Bank”. (more…)

Banks, InspirAsia, Mobile-first banks

April 14, 2019

400

India’s Cashfree raises $5.5M from Korea’s Smilegate, Y Combinator and others

via TechCrunch 

Cashfree, an India-based startup that specializes in making corporate banking services more accessible and easier to use, has closed a $5.5 million Series A round to double down on its banking services and build up its presence in Delhi and Bombay. Cashfree helps its customers connect their corporate banking services via a single interface and allows business intelligence that would take hours of manual work using corporate bank services. In the future Cashfree might emerge as a challenger bank.

(more…)

Fintech news, India, InspirAsia, Open Source/ API

April 11, 2019

1441

World’s fastest growing SME neo-bank announces Middle East expansion

via FinTech Magazine

Open, a neo-banking startup which offers business banking solutions for startups and SMEs, has announced that it will expand into the Middle East market. (more…)

Banks, Fintech news, Mobile-first banks, SME

March 22, 2019

599

Experian opens Singapore incubator

via Finextra

Experian, the world leader in information services, is further expanding and investing in its innovation facility, Experian X Labs based in Singapore.

The facility serves as Experian’s first incubator and collaboration centre for cutting-edge solutions, aimed at addressing pressing economic and societal issues in India, such as financial inclusion. The Experian X Labs team, comprises of data scientists, product architects and industry innovators.
(more…)

Accelerators/Incubators/Labs, Credit scoring, India, InspirAsia, Singapore

March 8, 2019

2026

India emerging a hub for fintech start-ups

By Shivane Shinde for the Business Standard

According to a report by Nasscom, there are close to 400 companies in India focused on the fin-tech market globally.

(more…)

Fintech news, Global trends, Government activities, India

May 18, 2016

1493

VISA Chooses India for Blockchain Tech Development

By Samburaj Das for CCN.LA

The world’s largest payments network is expanding its new technology center in India to focus on blockchain technology development for its global endeavors. (more…)

India, InspirAsia

May 15, 2016

1250

Indian Venture Firms Support Accelerator Launch

Pramod Saxena, the founder mobile payment platform Oxigen Wallet, has launched Aarambh Ventures, an accelerator for India-based startups, according to VCCircle. (more…)

Deals, Fintech news, India, InspirAsia

May 11, 2016

2202

Deals: Indian digital payments company TranServ gets $15M to launch new financial products

By  for Techcrunch.com

TranServ, one of several companies digitizing payments in India, said today that it has secured a Series C of $15 million to develop new financial products. (more…)

Deals, Fintech news, Global trends

April 27, 2016

1437

India’s Central Bank Head: Central Banks Are Doing More Harm Than Good

By Elliot Maras for Cryptocoinsnews

Raghuram Rajan, the governor of the Reserve Bank of India, questions the unconventional monetary policies central banks are pursuing and claims that pushing down interest rates results in people saving rather than spending. Rajan’s views echo those who criticize central bank policies, which have included restraining digital currencies. (more…)

Banks, Cryptocurrencies, Fintech news, India, InspirAsia

April 19, 2016

1941

India’s Audacious Plan to Bring Digital Banking to 1.2 Billion People

By Saritha Rai for Bloomberg Business

A biometrics-backed ID system will make it easier for everyone—from rural villagers to urban dwellers—to ditch cash.

(more…)

Analytics, Cashless, Global trends, Government activities, India, InspirAsia

April 11, 2016

1167

Singapore tops mobile app economy, but for how long?

By Kevin McSpadden for e27

While China, India and Indonesia rank low in today’s regional ecosystem, they are set for major jumps in the future and are projected to lead APAC in the years to come (more…)

Banks, Fintech news, Global trends, InspirAsia

March 4, 2016

2464

Amazon invades India

By Vivienne Walt for Fortune magazine,

How Jeff Bezos aims to conquer the next “trillion-dollar market.” The inside story. (more…)

Fintech news, India, Mobile payments/banking, SME

February 26, 2016

2360

India: an ambitious move toward a cashless society

By Meghna Rao, article first appeared in Tech in Asia news

TIA: The dream of a cashless society for India is not too far off.

(more…)

Banks, Cashless, Global trends, India, Mobile payments/banking

February 16, 2016

1925

Deals: Indian online renting platform RentSher gets $300,000 seed from a group of angels

The Economic Times:  RentSher – set up by IIT Delhi and Oxford University alumni – is a marketplace for rental products has raised more than $300,000 in seed funding, according to a top executive of the company.

(more…)

Deals, Fintech news, India, news, SME

February 15, 2016

3208

India: Moving a Billion People into Digital Finance

By Elliot Maras, article first appeared in CCN: Bitcoin, Blockchain, FinTech, & Cryptocurrency News

CCN: Digital finance has great potential to improve life for consumers and merchants in India. But the lack of familiarity has impeded digital money’s growth in the country. This lack of awareness exists despite India Prime Minister Narendra Modi’s national mission for financial inclusion. (more…)

Analytics, Cashless, Global trends, Government activities, India, Mobile payments/banking, SME

February 15, 2016

2705

Mobikon Raises Funding from Life.SREDA, Qualgro

E27.COMobikon, a customer engagement and marketing platform for restaurants with operations in various countries across Asia, has secured an undisclosed amount in funding from Life.SREDA, a Singapore-based fintech VC firm. Qualgro Investment Fund, an ASEAN VC firm focussed on technology, education, healthcare and logistics, also co-invested in the round. (more…)

Deals, Fintech news, India, InspirAsia, news

October 8, 2015

2283

Bangladesh Backs Mobile Phones To Move Cash Among Rural Poor

Bloomberg: Bangladesh, home to the world’s second-largest mobile money company, is moving to consolidate the industry as it expands financial services to the rural poor. The central bank has proposed channeling all mobile transactions through bank-led companies with a minimum capital of 1B taka ($13M), said Bangladesh Bank Governor Atiur Rahman. This would force smaller providers to merge and link up with banks. (more…)

India, InspirAsia, Remittances

July 24, 2015

2273

POS-Acquiring In Asia

TechInAsia: Mumbai-based startup MSwipe fills the gap with a hassle-free POS device which can work with any mobile phone. Yes, even brick phones. Plug it into the phone’s audio jack, launch the application, and you have a card reader ready to swipe.

(more…)

China, Deals, India, InspirAsia, POS/mPOS and online acquiring

July 22, 2015

1667

Europe Expansion On The Menu For India’s Zomato

FinancialTimes: Indian online restaurant service Zomato is placing European expansion at the heart of plans to launch in 18 new countries by the end of 2016, fuelled by a new fundraising round that is poised to value the start-up at more than $1B. (more…)

Fintech news, India, InspirAsia, news

July 15, 2015

1462

Temasek’s Indian Unit InnoVen Capital To Expand To Singapore

E27: InnoVen Capital, a Mumbai-based venture debt fund which recently got acquired by Singapore government-backed Temasek Holdings for INR 300 crore (under $50M), is planning to expand its operations to Singapore, says a report by The Economic Times, citing its Managing Director Vinod Murali. (more…)

India, InspirAsia, Singapore

July 14, 2015

1933

War of Messengers

TECHINASIA: E-Marketer predicts that by 2018 there will be 200 million new smartphone users in emerging Asia. To put that into context, that’s more users than there are currently in the whole of U.S. The opportunity is huge for the developers of these apps, but also for brands to tap into their potential to participate in peer to peer conversation in an engaging and meaningful way. (more…)

Fintech news, InspirAsia, news

July 13, 2015

2311

P2P-Lending in India and China

TECHCRUNCH: Lendingkart, a New Delhi-based platform for small businesses loans, has raised a Series A of $10 million from Saama Capital, Mayfield Fund, Shailesh Mehta, and Ashvin Chadha. Since launching a year ago, Lendingkart has processed loans from 50 cities and 17 states across India. It will use its new capital to expand into all towns and cities in India, improve its credit scoring technology, and hire more employees.

(more…)

China, Deals, India, InspirAsia, p2p/online lending

July 8, 2015

1750

Latest Trends In The Indian Startup Scene

E27.CO: incub@TE, an incubator run by Tata Elxsi (part of the US$100 billion Tata Group), was launched in 2012 to nurture and support products- and service-oriented startups. This Bangalore-based incubator has now partnered with Get2Volume and AISB Holdings to provide cross-border programmes to early-stage ventures. Unlike other incubators, incub@TE forms a rather long-term association with its incubatees. e27 spoke to Rajesh Kumar, Vice President (Strategic Initiatives) at Tata Elxsi, to know more about the incubator. Read the full article

E27.CO: The Indian e-commerce market has found a new superhero — cashback. Move over discounts, cashback is the hottest new trend in business. Cashback is the newest trend to rock the entire Indian e-commerce game. Big players, emerging players, almost everybody in the e-commerce niche is embracing cashback culture, compelled by thick audience demand, surging market competition and latest funding rounds. It remains to be seen if the new fad stays strong in the long run or fizzes out in an industry that has been enveloped with deep discounting since its inception. Read the full article

TechInAsia: Indian women online shoppers in the age bracket of 18-24 are the most active and comprise of 52 % as compared to 20 percent between the age group of 25-34, 6% above the age of 34 and 2% less than the age of 18 years.  On an average, most of the women prefer shopping online between 9 – 11 pm that too on Mondays and Fridays. Also, 80% women prefer Cash on Delivery payment option while only 20% opt for online transactions, said the survey. Read the full article

India will pass U.S. to become world’s second largest smartphone market by 2017: VentureBeat

India Now Uber’s Second Largest Market Following Expansion To 7 New Cities: TechCrunch

TechCrunch: BankBazaar, a startup that lets Indian consumers compare financial products online, has scored a $60 million Series C led by Amazon, with participation from Fidelity Growth Partners, Mousse Partners, and returning investors Sequoia Capital and Walden International. The platform aggregates information about online loans, credit cards, and fixed deposits from 23 financial institutions, which users can research and then apply for using its site or Android and iOS apps. BankBazaar says it gets four million unique visitors each month. For Amazon, its investment represents a chance to take a larger stake in the personal finance market. Read the full article

Read more on the topic: TechInAsia

India, InspirAsia

July 2, 2015

1510

Boom Of Taxi Apps In Asia

E27.CO: GrabTaxi from Singapore is about to get US$200 million in fresh capital, pegging its valuation at US$1.5 billion. It quotes “a person familiar with the situation”, who has shared that the round is being led by US hedge fund Coatue Management LLC. The source also mentioned that existing investors SoftBank and Tiger Global Managementare also going to participate in the round. GrabTaxi’s last funding, a then record-breaking US$250 million round, happened just seven months ago in December 2014. Read the full article (more…)

India, InspirAsia, Singapore

July 1, 2015

1674

India’s cashless proposal could spur mobile payments

MOBILEMAKERS: The Indian government published proposals to encourage greater take-up of electronic payments in a country where cash still rules.It suggested a range of measures, including tax benefits to merchants if at least half of their transactions are handled electronically. Consumers could also receive income tax rebates if a certain proportion of their spend is cashless. Another idea is for government itself to drop certain surcharges it levies for making card payments.Among the objectives are improving financial inclusion, reducing the risks for individuals of carrying cash, cutting the cost of managing cash in the economy, as well as making tax avoidance harder.

(more…)

Global trends, Government activities, India, InspirAsia

June 23, 2015

1936

India: Paytm Is Bringing In Sellers from AliExpress, AdStringO And FundsIndia Announce New Rounds

International Business Times: Paytm, which has recently forayed into online retailing business, is planning to bring in 1,00,000 sellers from Chinese e-tailer Alibaba’s online arm AliExpress to its platform from August. The Delhi-based company estimates its gross merchandise value (GMV) to increase by $1.5 billion from AliExpress businesses in the next six months. Paytm, originally a mobile payment services, has crossed $1.5 billion (about ₹9,600 crore) in GMV in the year ending April 2015. (more…)

India, InspirAsia

June 18, 2015

1800

Banks Gear Up To Piggyback On The e-Commerce Wave

E27.CO: With e-shopping on the rise, there is a paradigm shift in the traditional payments scene, giving a huge setback to banks’ fee income (more…)

Fintech news, India, InspirAsia, Mobile payments/banking

May 26, 2015