M2P Fintech is seeking a valuation of $600 million in the funding talks with Insight Partners. That’s nearly twice the valuation at which it raised funds from Tiger Global. Both the VC funds are seen in direct competition, as far as pace of dealmaking is concerned.
Rough estimates place private credit assets under management at around US$ 15 billion, said RBI Bulletin.
This job creation initiative comes on the heels of mPokket’s recent Rs 500 crore debt capital raise, which is meant to increase product development in career acceleration and insurance verticals. The company currently has 2,300 full-time employees.
M2P Fintech is set to close a $80 million funding round with Helios Investment Partners leading the round and Bank Muscat participating. Some of its existing investors are participating in the round too. After the round, M2P Fintech could be valued at between $850 million and $900 million.
The investor and former BharatPe founder said the RBI’s mandate is to save banks, it has no compassion, no thought for fintechs.
Panelists at ETBFSI CXO Conclave spoke on the need for large-scale tech transformation, continuous system upgrades, and precise data-driven decision-making.
Both companies have taken large office spaces within the International Financial Services Centre (IFSC) to set up their operations under the TechFin framework, through which they will focus on services aligned with financial technology catering to their global clients.
The Central Bank Digital Currency (CBDC), or e-rupee, has seen significant growth among retail users. As of March 2024, e-rupee circulation reached ₹234.12 crore, up from ₹16.3 crore a year earlier. The increase is attributed to big banks promoting CBDC wallets and the RBI allowing interoperability with the Unified Payments Interface.
UPI new feature: NPCI has introduced an auto top-up feature for UPI Lite, allowing users to automatically reload their wallets when the balance falls below a set threshold. This eliminates the need for manual reloading of the UPI Lite wallet, making small-value transactions more convenient. How will the auto top-up feature on UPI Lite work? …
India’s FinTech sector is booming, with 8,908 active companies and having raised about USD 38.3 billion till now. As the industry rapidly expands, key players like Paytm, PhonePe, and Razorpay are leading the charge. ETBFSI gives its readers a list of the top 10 most valued fintechs in India, how much funds they raised, their …
Top 10 most valued FinTechs in India: Here’s the list Read More »
