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
Nubank hits 100m users
Affirm has a massive earnings beat
Monzo extends it's growth round
Fintech has no chill— Simon Taylor (@sytaylor) May 8, 2024
Max Levchin $AFRM on Bloomberg’s ‘Phantom Debt” story: the entire “Pay in 4” industry was $50 billion last year, average life of a loan is 3 weeks, so $3 billion in outstanding debt….this compares to $1.1 trillion in credit card debt. “Are you worried about Phantom Debt?” 😂 pic.twitter.com/LZKgMKYv9Y— Jevgenijs Kazanins (@jevgenijs) May 10, 2024
My bank app does not work the way I want, so they gave me a Relationship Manager.
Only now I realise that RMs are the apps for Bank.— pj (@BeingPractical) May 9, 2024
being a fintech seed investor is saying to yourself once a week "all our founders are going to end up competing, aren't they"— Nik (@NikMilanovic) May 8, 2024
(Note: Neither TWIF nor I endorse any views in the tweets highlighted above.)
🇮🇳 India
📰 Market Updates
TVS Credit, the NBFC arm of TVS Motors, reported total income of INR 5,795cr ($694mm) in FY24 (ended Mar, 2024) and PAT of INR 148cr ($18mm) for Q4 FY24 (ended Mar, 2024).
Punjab National Bankreported total income of INR 32,361cr ($3.9bn) for Q4 FY24 (ended Mar, 2024).
Kotak Mahindra Bankreported net profit of INR 4,133cr ($495mm) for Q4 FY24 (ended Mar, 2024).
NSEreported INR 2,488cr ($298mm) in net profit for Q4 FY24 (ended Mar, 2024).
PB Fintechreported INR 1,090cr ($130mm) in operating revenue in Q4 FY24 (ended Mar, 2024).
Growwcompleted its shift to domicile in India.
RBI Governorheld a meeting with UPI platform and discussed setting up features for minors and senior citizens on UPI.
Japan's Sumitomo Mitsui Financial Group (SMFG) invested INR 1,300cr ($156mm) in its Indian arm.
Ministry of Statistics and Program Implementation (MOSPI)released a report stating that net household savings was down to a five-year low of INR 14.2tn ($170bn) in FY23 (ended Mar, 2023). Net household savings grew to INR 23.3tn ($279bn) in FY21 but the previous low was in FY18 at INR 13.1tn ($157bn).
Aditya Birla Finance and other lenders have invoked loan guarantees that Paytm provided against repayment of defaults.
India's Financial Intelligence Unit launched v2.0 of its tech platform with upgrades including AI to verify money laundering and terrorist financing crimes in India.
🚀 Product Launches
ICICI BanklaunchedUPI payments for its NRI customers using their international mobile numbers.
GooglelaunchedGoogle Wallet for Android users in India.
Setu, the BaaS arm of Pine Labs, launchedSesame, an LLM for the Indian financial industry.
Ebanx, a Brazilian payments company, partnered withYES Bank to launch operations in India.
📝 Regulatory Update
(there were no regulatory announcements this week. did I miss any?)
💰 Financing Announcements
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🌏 Asia
📰 Market Updates
SEC, Thailand's securities regulator reiterated that digital asset exchanges are not allowed to list meme tokens citing lack of fundamental value and high risk of price manipulation.
Thailand's central bank concluded its CBDC pilot with the conclusion that it could serve as an alternate payment system.
Alipay+ and Nepal's clearing housepartnered to launch cross border payments acceptance in Nepal.
Niumpartnered withEmirates NBD Bank to launch cross border payments for users in MENA.
Citi Bankpartnered withAsian Development Bank (ADB) to launch a $100mm supply chain finance products for small businesses across Asia.
FISlaunchedAtelio by FIS, the payment company's embedded finance platform.
Zipmex, a Singaporean crypto trading platform, is winding down its operations.
💰 Financing Announcements
(there was no funding announcement this week. did I miss any?)
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