India
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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India Emerges as a Key Player in the Global Fintech Landscape
The fintech industry in India is experiencing rapid growth due to various factors. One of the primary drivers is the increasing penetration of the internet and smartphones, enabling access to digital financial services. Additionally, the country’s large and young population
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Thought Machine Goes on Hiring Spree Amidst Massive Tech Layoffs
Thought Machine, a cloud-native banking technology company, will increase its global headcount by more than 20% in 2023 by hiring in India, Japan and South Africa. As part of the next phase of its expansion plans, Thought Machine said that
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Singapore and India’s Real-Time Payments Linkage Goes Live
The real-time payments linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI) has officially gone live today. This will enable customers of participating financial institutions in Singapore and India to send and receive funds between bank accounts or e-wallets
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India Bets on Digital Banking to Improve MSME Access to Finance
India, a world leader in digital payments and fintech innovation, is entering the next phase of its digital finance transformation, now eyeing the prospects of digital banking to address the credit gap faced by micro, small and medium-sized enterprises (MSMEs).
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PhonePe Bags Another US$100M, Inching Closer to US$1B Fundraise Target
Indian digital payments company PhonePe has raised an additional US$100 million following the recent US$350 million financing round that closed on 19 January 2023. The latest raise from Ribbit Capital, Tiger Global and TVS Capital Funds places PhonePe’s pre-money valuation at US$12
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