While there has been a funding winter in fintechs and tech startups over the past year, funding has seen an uprise in early stage deal funding and decline in late stage deals funding. FinTech funding has witnessed a significant drop in the amount raised in the month of May, compared to the previous month.
FINTECH-EUROPE/CBDC (URGENT)ECB digital currency chief says digital euro is likely but “not inevitable”
Fintech players have demonstrated how technology can expand access, lower costs and enable innovative products. The government’s push for a cashless economy, which accelerated during the demonetization period, is responsible for the unexpected emergence of India’s fintech ecosystem.
Lending tech startup Fibe which recently launched the country’s first numberless co-branded credit card today raised approximately USD 90 million of funds in its Series E Round. The company aims to deploy the funds into its business expansion.
This move aims to reduce reliance on cash-based transactions and expand the use of digital payments to Peru’s large unbanked population.
Further expansion of the digital ecosystem while addressing key challenges such as interoperability, policy frameworks, cybersecurity, and others will empower the fintech sector to provide out-of-the-box financial solutions to a broader audience, experts said on Tuesday.
Given past impetus on technology-led development, the momentum on digital payments, tech-based startups, entrepreneurship and innovation could continue, despite the likely return of coalition politics.
India’s UPI processed a record 14.04 billion transactions in May 2024, valued at Rs 20.45 lakh crore. Despite a slight dip in April, UPI remains the fastest-growing digital payments platform in India, with a 49% year-on-year increase.
The veteran Indian banking executive’s extensive experience will accelerate Cashfree Payments’ mission to enhance the payments ecosystem.
Binance, the world’s largest cryptocurrency exchange, has halted ‘cash deals’ for P2P trades in India, affecting traders who used the rupee ‘cash option’ to avoid tax regulations.
