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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Register for Bangalore Fintech After Dark; Fibe raised $90mm | TWIF 10-06-2024

Register for Bangalore Fintech After Dark; Fibe raised $90mm | TWIF 10-06-2024

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).


✨ Bangalore Fintech After Dark

We've partnered with M Venture Partners and Carta to host a Bangalore Fintech After Dark meetup. We're excited to host the fintech community in Bangalore. Details below:

📆 Date: 26th June, 2024
🕕 Time: 6:30pm to 9:30pm
📍 Bangalore


🧐🏆 Posts of the Week

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


📈 Chart of the Week

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Source

🇮🇳 India

📰 Market Updates

  1. CASHe, an unsecured credit startup, is setting up a technology Center of Excellence in Hyderabad.
  2. NPCI International signed an agreement with Peru's central bank to use NPCI's real time payments tech (UPI) for Peru.
  3. Bajaj Housing Finance filed its draft IPO prospectus to raise INR 7,000 cr ($840m) via IPO.
  4. RBI cautioned users against accessing usurious loan products from small ticket loan providers.
  5. PhonePe claimed it is disbursing INR 300cr ($36mm) in loans to its merchants every month.
  6. PNB Bank opened its branch in Dubai and will be seeking regulatory approval.
  7. Fisdom, a wealth product distribution startup, announced that it turned profitable.

🚀 Product Launches

  1. Adani Group partnered with ICICI Bank to launch a co-branded credit card.
  2. Uni Cards launched PowerUp Money, an investments product.

📝 Regulatory Update

  1. RBI (central bank): Proposed to set up a digital payments intelligence platform.

💰 Financing Announcements

  1. Fibe, fka Early Salary, an unsecured credit startup, raised $90mm.
  2. Sriram Finance, a multi product NBFC, raised $469mm in external commercial borrowing.
  3. Lendingkart, a small business financing startup, raised $12mm in debt.

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🌏 Asia

📰 Market Updates

  1. Volopay, an expense management startup, launched its platform across more countries in APAC.
  2. Elevate, a creator payment acceptance gateway in Dubai and London, raised $5mm and expanded to Philippines.
  3. ANext Bank, the wholesale bank of ANT International in Singapore, reported doubling its MSME customer base.
  4. ORO, Bhutan's first digital bank, launched its services.
  5. HitPay, a small business payment startup, received MAS license to operate as a payment service company.
  6. Thailand's securities regulator (SEC) approved launching the country's first Bitcoin Exchange Traded Fund however it will be made available exclusively to UHNI customers.
  7. Vietnam’s massive bailout of the Saigon Joint Stock Commercial Bank (SCB) has escalated to $24.5 billion in special loans equivalent to 6% of Vietnam’s 2023 gross domestic product.
  8. The regulators of Hong Kong and Saudi Arabia are exploring ways to collaborate to cross list ETF's and two way fund flows between the two countries.
  9. Australia's regulator introduced regulations for BNPL products to be regulated as regular credit products.
  10. Nium, a global payments company, launched Flexible Multi-Currency Payouts, Taxpayer reporting and other product lines.

💰 Financing Announcements

  1. Nium, a global payments company, raised $50mm.
  2. iPiD, a small business payments identity startup, raised $5.3mm.
  3. Mezzofy, a Hong KOng based digital coupon startup, raised $2mm.

🌏 Sponsor on TWIF

Mail us at sponsor@thisweekinfintech.com


If you’ve made it this far - thanks! As always, you can always reach me at osborne@thisweekinfintech.com. I’d genuinely appreciate any and all feedback. If you liked what you read, please consider sharing or subscribing.

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