Hi fintech friends, Osborne here!
Please enjoy all the news and updates from the past week in today’s edition. If you feel TWIF brings you value, please share it with your friends (and maybe suggest they subscribe too).
Don’t forget to share with fellow fintech friends!
✨ Delhi NCR Fintech Happy Hour presented by Falcon
We're hosting our Delhi NCR Fintech Happy Hour presented by Falcon on Thur, 11th May, 2023! Nobody thinks Delhi NCR has a thriving fintech ecosystem - let's prove them wrong! Register with the link below and see you on Thursday!
🐦🏆 Tweets of the Week
AI will TRANSFORM financial services and we'll see major changes MUCH sooner than we thought! A few years back at Klarna we imagined the future of banking:— Sebastian Siemiatkowski (@klarnaseb) May 2, 2023
In fintech, RBI defines product roadmaps.— Pratik Mehta (@PratikkCMehta) May 5, 2023
Enlighten me. Is it technically feasible for @Paytm / @CRED_club / @PhonePe
to make a car app widget to display the fast tag balance on a car infotainment screen?— Bikiron (@24palettes) April 29, 2023
📈 Chart of the week
🇮🇳 India
📰 Market Updates
Central Banks of Russia and Indiaare planning to integrate RuPay and Mir (Russia's card network).
CREDreportedly has a loan portfolio of INR 11,000-12,000 ($1.3-1.5bn). CRED is also raising funding for its lending company, New Tap at a valuation of $250-300mm.
Mobkwikclaimed that it turned profitable in the quarter ended Mar, 2023 and grew revenue by 39% YoY to INR 560cr ($68mm) in FY23 (ended Mar, 2023).
ProgCapreportedly generated INR 26.4cr ($3.2mm) in revenue in FY22 (ended Mar-22).
India's unemployment rate grew to 8.11% in April, 2023.
GetVantage, a revenue based finance startup, received RBI approval for an NBFC license.
According to a report by BCG, global payment fintech companies are expected to generate $500bn in revenue by 2030.
CAMSreleased a report stating that 8.5mm millenials, accounting for 54% total new mutual fund investors, were onboarded to the capital markets during the period FY19-FY23.
BankSathi, an agent-led financial product distribution startup, claimed to close FY23 (ended Mar, 2023) at INR 60crs ($7mm) revenue and is already on track to do $10mm ARR.
Pine Labsreportedly generated $200mm in revenue in FY23 (ended Mar, 2023) with the payments POS business generating $90-95mm in revenue.
🚀 Product Launches
Airtel Payments Bank and NPCIlaunched face authentication for Aadhaar enabled payments.
Cashfree Paymentspartnered withYES Bank to launch International Collections for Indain exporters.
PhonePelaunchedUPI Lite for UPI based payments for low value transactions without a pin.
💰 Financing Announcements
ACQUISITIONS:
BharatPe acquired 51% shareholding in Trillion Loans, a licensed lending company.
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🌏 Asia
📰 Market Updates
The Bank of Thailand, Thailand's central bank, announced it will delay releasing the final Virtual Bank Licensing Regulations till Q3 2023.
bKash, a Bangladeshi payments company, partnered withHuawei to launch a digital financial inclusion partnership.
DBS Bank's CEO said in an interview that the bank might face headwinds in the wealth management section.
PPro, a global payment switching company, expressed plans to enter Japan.
💰 Financing Announcements
🌏 International
Please find our global coverage and consider subscribing.
US and Global, written by Nik Milanovic.
Europe and UK, written by Michael Jenkins.
Latin America, written by Christine Chang.
Africa, written by Emeka Ajene.
China written by Ning Ye.
Policy written by Mohammad Hamdy.
And of course, our podcast series - Beyond Two Percent and Hey Fintech Friends.
If you’ve made it this far - thanks! As always, you can always reach me at [email protected]. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.
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