Hi fintech friends,

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).

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Editor’s Note: If you’re an early-stage startup founder raising equity, I may be able to help - reach out to osborne@thisweekinfintech.com.

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🇮🇳 India

📰 Market Updates

• The Indian Government claimed that banks launched 75 Digital Banking Units (DBU's) for financial inclusion in remote areas.
• PhonePe claimed to have grown revenue by 2.4x YoY to $200mm (INR 1646Cr) with EBTIDA loss at $82mm (INR 671Cr).
• Bain and Co. released a report claiming that Indian fintech startups account for 7% of India's 1.4tn enterprise valuation in the financial sector which is set to rise to 15% by 2026.
• Bain and Co. released a report that claimed BNPL startups disbursed credit to 15mm borrowers in FY21 (ended Mar-21).
• RBI released a report stating that although personal loans as a % of total household loans has increased YoY, the total financial liabilities of Indian households remains sustainable.
• India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) partnered to collaborate for innovations in financial services.
• LenDenClub launched Alpha, a program to invest in startups building for rural India.
• PhonePe is in talks with investors to raise $400-500mm at $12bn valuation. Razorpay is in talks with investors to raise funding at higher valuation.
• India's Enforcement Directorate froze $9.8mm in deposits of lending apps held at payment gateways as part of a money-laundering probe.

🚀 Product Launches

• MyShubhLife partnered with Repute to launch financial solutions for blue collar workforce.
• Clear, a small business accounting and taxation startup, launched Clear Capture, an AI-based accounts payable automation tool.
• Raise Financial partnered with TATA Capital to launch and distribute financial products.
• Razorpay launched Digital Lending 2.0 platform for lenders to comply with RBI's latest digital lending regulations.
• Cashfree Payments launched a card issuance stack.

💰 Financing Announcements

• Drivetrain AI, a financial planning SaaS startup, raised $15mm.
• RevFin, an electric vehicle financing startup, raised $10mm.
• Investmint, a signal-based stock trading startup, raised $2mm.
• Snapmint, a BNPL startup, raised $21mm in debt.

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🌏 Asia

📰 Market Updates

• Brankas partnered with CRIF to launch an open banking credit score product.
• Swiss Re partnered with Indonesia Re, to provide access to its analytics and risk consulting services.
• Super Apps, a Malaysian payments company, intends to go public through a merger with a SPAC at an enterprise value of $1.1Bn.
• MoneySmart, a Singaporean consumer credit marketplace, launched Bubblegum, a digital insurance subsidiary.
• BigPay, a Southeast Asian fintech company, added three new services to its major payment institution (MPI) license issued by the Monetary Authority of Singapore for account issuance service, domestic money transfer, and e-money issuance service in Singapore.
• Singapore’s Fintech Association (SFA), partnered with Banks Foundation for Young Entrepreneurs, to create 80RR, a co-working space for Korean fintech companies in Singapore.
• Singaporean BNPL startups launched a code-of-conduct to self regulate their operations.

💰 Financing Announcements

• Oona Insurance, a new Indonesian digital insurance startup, raised $350mm.
• Fundiin, a Vietnamese BNPL startup, raised $5mm.

🌏 International

Please find our global coverage and consider subscribing.

• US and Global, written by Nik Milanovic published on Friday’s and Saturday’s.
• Europe and UK, written by Michael Jenkins published on Monday’s.
• Latin America, written by Christine Chang.
• Africa, written by Benjamin Dada.

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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