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).

RIP Charlie Munger.

✨ Bangalore Fintech Happy Hour presented by Falcon

Thank you for showing up, Bangalore! I'm constantly inspired meeting the people that are defining financial services in India.Special thanks to our presenting sponsor Falcon and associate sponsors Amazon Web Services (AWS) and WebEngage.

I've been fortunate to get to know Nishchay Ag, Bhavjot Kaur, Movin Jain and Arpita Kapoor for some time now. I'm immensely grateful they all agreed to join us for an insightful panel, each bringing perspectives from operating across different sectors and stages.Last but not least, thanks to the team that's working behind the scenes to make it all happen this year! Sneh Baxi, Tanisha Sabherwal, Madhav Raj Garg and Sapan Karia. It's been so fun!Grateful! See you in 2024!

🧐🏆 Posts of the Week

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HDFC Bank just overtook SBI in home loan market share this quarter

Its the first time ever

Market share in Housing Loans Sep ' 23

HDFC Bank ~24%

SBI ~22.5%— Tijori (@Tijori1) November 28, 2023

❝

Excel Financial models are like the mithai you love- it is better not to see how they are being made

There is a reason they say that the best fiction is written on excel ;)— Arindam Paul (@arindam___paul) November 28, 2023

❝

Fun fact:@Affirm is up 2.5X this year on Nasdaq

Seems like the same U curve Facebook went through post IPO.— Mehul Nath Jindal (@mehuljindal18) November 29, 2023

❝

NRIs come to India and rave about UPI.

Metro City millennials go to Tier 2 cities and rave about the consumerism in real India.— Kriti Gupta (@kriti_kg) November 28, 2023

❝

JUST IN: Adobe says "Buy Now Pay Later" spending hit an all time high of $940 million on Cyber Monday.

This is up a massive 42.5% compared to last year.

Black Friday "Buy Now Pay Later" spending jumped 20% compared to last year.

On one hand, consumers are spending more

On the…— The Kobeissi Letter (@KobeissiLetter) November 28, 2023

(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)

📈 Chart of the Week

(Source)

🇮🇳 India

📰 Market Updates

  1. PayU's payments business reported $ 211mm (+15% YoY) in revenue during the period H1 FY24 (Apr-Sep, 2023). During the same period, it's lending business reported $43mm in revenue with a loan book of $338mm and disbursals of $362mm.

  2. BharatPeannounced generating revenue of INR 1,500cr ($183mm) and that it has turned EBITDA profitable in the month of Oct, 2023. It facilitated INR 640cr ($78mm) of loans to its merchants.

  3. Private general insurance companies accounted for 53.6% market share.

  4. LIC is expected to launch a fintech arm under it's new project, Project DIVE (Digital Innovation and Value Enhancement).

  5. According to RBI personal loans growth decelerated to 18.0% (YoY) in October 2023 (20.5% a year ago), due to moderation in credit growth to housing.

  6. XoxoDay, an employee rewards management startup, reported INR 816cr ($100mm) in revenue (+20% YoY).

  7. Clear, a small business accounting startup, reported INR 109cr ($13.3mm) in revenue (+85% YoY).

🚀 Product Launches

  1. PineLabslaunched Credit+, a credit issuing infrastructure platform.

  2. BharatPelaunchedBharatPe Money, a new vertical for small business lending.

💰 Financing Announcements

  1. PhiCommerce, a payments startup, raised $10mm.

  2. UC Inclusive Credit, a small business lending company, raised $8mm.

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🌏 Asia

📰 Market Updates

  1. HSBClaunched HSBC Innovation Banking in Hong Kong offering startup banking products.

  2. YouTrip, a Singaporean travel payments startup, is reportedly on track to process $ 10bn in payments in 2023 (+3x YoY).

  3. Seedly, a MoneyHero group company in Singapore, launched a travel insurance product.

  4. According to a report, between 2018 to 2022, Islamic Banking assets grew from $1.8tn to $2.8tn and is expected to grow to $4tn by 2026.

  5. OJK, Indonesia's financial regulator, released a roadmap to improve Islamic Banking in the country.

  6. Standard Chartered Bankpartnered withVisa to launch BNPL products in Singapore, Malaysia and Thailand.

  7. MAS, Singapore's central bank, released a notification for Digital Payment Token service providers to cease accepting locally issued credit card payments to purchase cryptocurrencies.

  8. GXBank, Grab's Malaysian digital bank, launched its digital banking account for the general public.

💰 Financing Announcements

  1. Wind.app, a Singaporean Web3 cross border payments startup, raised $3.8mm.

  2. Drutoloan, a Bangladeshi small business credit startup, raised $125K.

  3. Funding Societiesraised $7.5mm in debt.

🌏 International

🚀

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