India
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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MUFG Bank Invests US$232 Million in Indian Fintech DMI Finance
MUFG Bank announced that it is set to invest INR 19.1 billion (approximately US$232 million) in Indian fintech company DMI Finance which focuses on consumer digital lending. DMI Finance is a Non-Bank Financial Company (NBFC) that provides fully digitalised personal
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Walmart Invests US$200 Million in PhonePe
Indian digital payments company PhonePe announced that it has secured an additional US$200 million from Walmart, bringing its total funds raised for this tranche to US$650 million. The raise places PhonePe’s pre-money valuation at US$12 billion. PhonePe said that it
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