Hi fintech friends, I'm Osborne, Principal at EMVC!
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).
🧐🏆 Posts of the Week
Nifty, Bank Nifty, Gold, multiple large stocks have made new all time highs. Bonds are also rising. Real estate selling like hot cakes.
My takeaway: Duniya mai bohot paisa hai.— CA Abhishek Murarka 💹🐂 (@abhymurarka) April 8, 2024
Blume’s Indus Valley report 2024 estimates that India’s true consumption class (or the age-old question of what’s the true TAM) to be ~30M households or ~120M people. But there are a lot of misconceptions of who these people are. 1/n— Priya (@Sripriya7) April 11, 2024
This is, FWIW, a fairly complicated area where the IRS’s position is “We won’t make trouble for small business owners unless you really go out of your way to turn your credit card into a business into itself.” https://t.co/55VshGfa4f— Patrick McKenzie (@patio11) April 12, 2024
Credit pic.twitter.com/zoodKTmOa2— Kumar Aditya 🇮🇳 (@aditya1978) April 11, 2024
Translation from Hindi: "Credit will be given only to people between 80-90 years of age after taking approval from their parents".
(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)
📈 Chart of the Week
🇮🇳 India
📰 Market Updates
Funding in Indian fintech sector declined 57% YoY to $571mm in Q1 2024.
Aadhar Housing Financereceived SEBI approval to list its shares in the public markets.
Rupyy, the consumer financing arm of CarDekho group, reported $2bn of loan disbursals in FY24.
PB Fintech, the listed parent entity of PolizyBazaar, announced a partnership with ICICI Lombard to list its products on PolicyBazaar. PB Fintech also announced the launch of PB Pay, it's payment aggregator entity.
Gurgaon police arrested the founders of Finsara, a small ticket consumer loan company as the employees resorted to extortion and intimidation in recovery of outstanding loans.
MoneyView, a consumer finance startup, reported INR 577cr ($69mm) in revenue in FY23 (ended Mar, 2023), +2.6x YoY.
Freo, a neobanking startup, reported INR 350cr ($42mm) in revenue in FY24 (ended Mar, 2024) and achieved profitability.
Paytm's market share of UPI transactions declined to 9% as of March, 2024.
🚀 Product Launches
Ashneer GroverlaunchedZeroPe, a surgery and healthcare financing startup.
Allianz Partners, a global insurance and reinsurance company, launched its reinsurance operations out of India's International Financial Services Centre (IFSC) at GIFT City.
PayUpartnered withPaypal to launch cross border payments.
PhonePepartnered witheSewa and HAN Pokhran, to launch UPI payments in Nepal.
📝 Regulatory Update
RBI (central bank): Declined the Small Finance Bank license application of Dvara and Tally Solutions. Introduced frameworks to enable cash deposit facility using UPI. Approved the Prepaid Payment Instrument license application of Revolut India.
IRDAI (insurance): Introduced updated definitions of certain terms for health insurance products.
💰 Financing Announcements
Paytring, a global payments orchestration startup, raised an undisclosed amount.
ACQUISITIONS:
MUFGwill be acquiring 20% stake of HDB Financial, valuing the company at $10bn.
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🌏 Asia
📰 Market Updates
KoinWorks, an Indonesian P2P lending startup, reported $15mm (+71% YoY) in revenue in 2022.
GlobalDatareleased a report stating that payment cards were used in 40% of digital commerce transactions.
eToro, an Israeli stock broking platform, submitted an application to MAS to operate as a broker in Singapore.
TransferGo, a UK based cross border payments company, raised $10mm for its expansion to SEA.
MASpartnered withMastercard to launch an information sharing and cyber threat intelligence platform for the Singaporean financial services sector.
💰 Financing Announcements
ACQUISITIONS:
9Basil Group, a Thai alternate investment firm, acquiredAlteriQ Global, a Singaporean private credit financier.
Empower Finance, a US fintech company, acquiredCashalo, a Philippine consumer credit startup.
UBSformed a joint venture with Sumitomo Mitsui to acquire Credit Suisse's local wealth business in Japan.
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