India
India Neobanking Sector Poised for 50.5% Annual Growth Through 2025
India’s neobanking market has been growing at a fast pace, driven by rapid change in technology, growing levels of Internet and smartphone penetration and supportive government initiatives. Accounting and consulting firm Grant Thornton estimates that the Indian neobanking market was
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India’s XFlow Raises US$10.2 Million to Enhance Cross Border Payments
XFlow, a financial services and infrastructure company that simplifies the cross-border payments for businesses, has raised a US$10.2 million Pre-Series A funding round led by Square Peg. The round was also joined by Moore Strategic Ventures and existing investors Lightspeed
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PhonePe Snaps up Another US$100 Million Investment From General Atlantic
Indian digital payments company PhonePe has secured an additional US$100 million investment from its existing investor General Atlantic, a global growth equity firm, as part of its ongoing efforts to close an ongoing US$ 1 billion financing round. This latest
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RBI, BIS Kicks off G20 TechSprint Competition Focused On Cross-Border Payments
The Reserve Bank of India (RBI) and Bank for International Settlements (BIS) has jointly launched the fourth edition of the G20 TechSprint Initiative, a global technology competition to promote innovative solutions aimed at improving cross-border payments, under India’s G20 presidency.
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MUFG Invests in Indian Cloud Lending Firm Lentra
MUFG Innovation Partners (MUIP), a corporate venture capital fund and a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), has invested in Indian lending platform Lentra. The sum of the investment was undisclosed. MUIP co-invested with MUFG in Lentra
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Gemini Exchange Goes Global with Expansion Plans in India
Cryptocurrency exchange Gemini announced plans to open a new engineering center in Gurgaon, India, and hire local talent for its expanding regional business teams. Gemini’s Gurgaon office is set to become its second-largest engineering hub globally, next to the United
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Razorpay Sets up Advisory Board Chaired by Former Deputy Governor
Indian payment gateway provider Razorpay has formed an advisory board led by Reserve Bank of India’s former Deputy Governor N. S. Vishwanathan as its Chairperson. Other members of the board include Chairman of HDB Financial Services Arijit Basu, retired IAS
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PhonePe Has Secured US$750M as Part of Ongoing US$1B Fundraise
Indian digital payments company PhonePe has raised an additional US$100 million from American growth equity firm General Atlantic as part of its ongoing efforts to close an ongoing US$ 1 billion financing round. General Atlantic is an existing investor and was
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Fintech Funding Remains Strong in India Despite Global Funding Pullback
Despite a global pullback in fintech funding and regulatory headwinds, investments in India remained strong in 2022, driven by large deals in lending and fintech infrastructure-focused players as well as a dynamic early-stage funding landscape in emerging segments, including insurtech,
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Indian Central Bank Halts ‘New Umbrella Entity’ Project Intended to Rival UPI
The Reserve Bank of India (RBI) has halted plans for the pan-India New Umbrella Entity (NUE) for retail payment systems that was meant to rival that of the United Payments Interface (UPI). The Indian central bank had opened up bids
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