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Jupiter launched savings feature; Slow news week in SEA | TWIF 26-05-2024

Jupiter launched savings feature; Slow news week in SEA | TWIF 26-05-2024

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).


🧐🏆 Posts of the Week

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


📈 Chart of the Week

Source: Economic Times


🇮🇳 India

📰 Market Updates

  1. New PoS terminal deployment grew at 14% YoY in FY24 (ended Mar, 2024), compared to 28% and 29% in the preceding two years, the slowest growth rate in PoS terminals since demonetisation.
  2. The Trade Receivables and Discounting System (TReDS) platform facilitated INR 1tn ($12bn) in invoice financing for 5mm invoices in FY24.
  3. Niro, an embedded unsecured credit startup, disbursed $125mm in disbursals over 27 months since launch.
  4. Rupay card acceptance is being launched in Maldives.
  5. Fintech startups raised $29mm in funding in April, 2024, taking the total funding raised by startups in the sector to $203mm in 2024.
  6. The total market size of all listed companies in India grew to $5tn.
  7. Paytm reported revenue from operations of INR 2267cr ($273mm), declining 3% QoQ, and a net loss of $66mm.
  8. Godigit, a general insurance company, listed its shares on India's stock exchanges at a 5% gain over issue price.

🚀 Product Launches

  1. Jupiter Money launched Magic Spends, a feature to invest a fixed amount per transaction in gold and mutual funds.
  2. Upstox, a stock broking startup, launched a term insurance distribution products.
  3. Credilio, a personal loan distribution company, launched Novio, a payments app.
  4. Decentro, a fintech infra startup, launched Flow 2.0, it's latest payments stack after receiving RBI approval to operate as a payment aggregator.
  5. HDFC Bank launched Pixel Card, a credit card with customisable rewards.

📝 Regulatory Update

💰 Financing Announcements

  1. Sitara, a housing finance company, raised $81mm.
  2. Navi, a financial services company, raised $18mm.
  3. SAVE Group, a financial services company for rural areas, raised $13mm.
  4. Prosparity, an EV financing startup, raised $2mm.

ACQUISITIONS:

  1. CashFlo, a supply chain financing startup, acquired LogiTax, a tax compliance management provider.

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🌏 Asia

📰 Market Updates

  1. Visa released the names of startups that are part of its 2024 Asia Pacific Accelerator cohort.
  2. Singapore's courts approved Pine Lab's request to move HQ domicile from Singapore to India.
  3. GCash, a Philippine payment wallet company, is planning to become a super app and launching insurance, investments and other products.
  4. Worldcoin was ordered to halt operations in Hong Kong over privacy concerns.

💰 Financing Announcements

  1. Honest Bank, an Indonesian consumer finance startup, raised $2.5mm.

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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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