Category Added in a WPeMatico Campaign
VoloFin, a fintech platform, secured a $50 million funding line from a major global bank to support SMEs in India and globally. The company plans to expand operations, facilitate Indian export growth, and increase the funding limit to $150 million in the next few years.
Credit line on UPI was launched in September 2023 and was made available to scheduled commercial banks, it has now been decided to permit small finance banks to sanction credit line on UPI, the RBI stated.
The Reserve Bank of India (RBI) has proposed to link the FX-Retail platform with Bharat Connect platform of National Payments Corporation of India (NPCI).
In January this year, MobiKwik had filed its draft papers for an IPO seeking to raise Rs 700 crore. The issue was much smaller than its initial plan to raise Rs 1,900 crore three years ago, when it had made the first attempt to go public.
Job opportunities are expected to rise by 7.5 per cent in the Indian fintech industry, spurred by the widespread embrace of digital payments, blockchain innovations and the growth of open banking systems, according to a report on Thursday.
Fintech funding has slowed down significantly since its boom in 2021, after they collected a whopping USD 8.4 billion. This year we might be on our way to see that growth again, with a total capital raised of USD 3627 till November 2024, as per data by 1Lattice.
“Shield”, BharatPe’s new service shall offer protection and coverage against risks such as computer fraud, phishing attacks, and unauthorized transactions due to phone loss.
The RBI has emphasized that this update aims to further streamline digital payment solutions while ensuring security and ease of use for consumers.
Fintech lenders in India anticipate rising bad loans as regulatory scrutiny tightens on unsecured lending. The RBI has unofficially urged these companies to limit growth to 20%, impacting new-to-credit customers and pushing lenders towards larger, longer-term loans. This shift, coupled with increased borrowing costs, is expected to stress asset quality and squeeze margins.
The company’s growth was supported by a 25% YoY increase in total payment volume, or 27% in local currency, primarily driven by the financial services, government, and e-commerce sectors.
