Hi fintech friends, I'm Osborne, investor in early stage startups.
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).
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🧐🏆 Posts of the Week
Dear Indian founders incorporating in the US,
Half a dozen people have now pinged to ask me about this. So I'm posting here to reduce the number of phone calls.
here's collective wisdom of a few hundred YC India startups ok the correct company structure.
h/t to Anand of @inklehq…— Sandeep Srinivasa (@sandeepssrin) September 12, 2024
JUST IN: BlackRock says #Bitcoin could be a "hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies."— Watcher.Guru (@WatcherGuru) September 12, 2024
NPCI should come out with IPO 😊— pj (@BeingPractical) September 12, 2024
Indians spend roughly USD130bn on weddings per year. Imagine if they spent less, say just 30bn less & then invest into domestic companies. That would be more than JP Morgan max inflow into Indian govies.
Just think about that. That's extra liquidity that India needs to power its…— Trinh (@Trinhnomics) September 12, 2024
(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)
📈 Chart of the Week
🇮🇳 India
📰 Market Updates
Razorpay, a payments startup, plans to reach a 250M in payments volume and $750bn in value by 2030.
NPCI, India's retail payments corporation, posted 37% YoY growth FY24 net profit to INR 1,134cr ($135M), with revenue up 42%.
Dhan, a stock broking startup launched in 2021, became one of the Top 10 stock brokers in India.
Bajaj Housing Finance's IPO to raise INR 6,560cr ($ 782M), was 2x oversubscribed on the first day.
Easebuzz, a payments company, revenue grew to INR 290cr ($ 34.6M) in FY24 and is expanding into B2B payments.
Akara Capital, the parent company of Stashfin, a consumer lending startup, listed its Non-Convertible Debentures (NCDs) on the Bombay Stock Exchange (BSE), a first for a fintech startup.
India's finance ministry will advocate for new disclosure requirements for credit card issuers, fintech providers and cross border payment aggregators to make data sharing meaningful between member countries at the Financial Action Task Force (FATF) to combat money laundering.
Fintech startupsaccount for 52% market share of the personal loans segment, according to Experian.
🚀 Product Launches
Supermoney, Flipkart's new payments app, launched fixed deposits and credit lines through UPI.
💰 Financing Announcements
ACQUISITIONS:
Jify, an earned wage access startup, was acquired by MoneyView, a consumer credit startup, for $4.65M.
Caspian Impact Investmentsmerged withBlackSoil Capital.
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🌏 Asia
📰 Market Updates
Stablecoin payments are gaining traction in Singapore where transaction value grew to $1bn in Q2 2024.
Visapartnered withKOTRA, South Korea's investment trade promotion agency, to launch a B2B card payment platform in South Korea.
Tokocrypto, a crypto exchange backed by Binance, received a trading license in Indonesia.
Kredit Hero, a small business lender in Philippines, launched an AI-powered lending marketplace.
💰 Financing Announcements
SDAX, a Singaporean digital asset exchange, raised $50M.
Yup, the Indonesian consumer lending startup of Singaporean startup Fincture, raised $30M.
Funding Societies, a small business lender in Southeast Asia, raised an undisclosed amount.
Arta Finance, a wealth-tech startup, raised an undisclosed amount.
XenCapital, the lending arm of Xendit, a Southeast Asian payments company, raised $50M in debt, via Helicap's platform.
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