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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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Falcon presents Mumbai Fintech Happy Hour | TWIF - 27th Aug, 2023

Falcon presents Mumbai Fintech Happy Hour | TWIF - 27th Aug, 2023

Hi fintech friends, Osborne here!

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).


✨ Falcon presents Mumbai Fintech Happy Hour - 5th Sept, 2023

Falcon presents Mumbai Fintech Happy Hour is back in Mumbai! Details below, register now!

Mumbai Fintech Happy Hour is co-sponsored by AWS and Monnai, Supported by Global Fintech Fest and organised by This Week in Fintech and Emphasis Ventures.

🗓️ Tue, 5th Sept
🕕 6pm onward
📍 BKC, Mumbai


🐦🏆 Tweets of the Week

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


🇮🇳 India

📰 Market Updates

  1. Ayekart, an agri-value chain credit startup, grew its GMV to INR 657cr ($79.6mm), growing 5x YoY.
  2. In a meeting with CEO's of major NBFC's, the RBI governor asked them to reduce reliance on banks for loans and flagged rising unsecured retail credit.
  3. BankSathi, a finance product distribution startup, claimed to be the third largest credit card "issuer" in India with 360K card distributed annually.
  4. RapiPay, the retail payments arm of Capital India Finance, claimed to grow revenues by 78% YoY to INR 440cr ($53.3mm).
  5. Fintech startups disbursed INR 92,267cr ($11.2bn) in loans during FY233, a 21% YoY growth as per an Equifax report.
  6. Bharat Billpay, a recurring bill payments platform, is reportedly expected to expand use cases to P2P payments and government payments.
  7. According to India's Minister of Electronics and Information Technology, India now has 100K startups.

🚀 Product Launches

  1. Fibe, a small ticket retail credit startup, partnered with udChalo, a platform for Indian defence personnel for credit distribution.
  2. Zaggle, an employee benefits startup, partnered with YES Bank to launch a cobranded corporate credit card.
  3. HDFC Bank partnered with Marriott Bonvoy to launch a cobranded credit card.
  4. Cashfree Payments launched vendor payments for small businesses.
  5. Mobikwik launched B2B merchant lending products for small businesses.

📝 Regulatory Updates

  1. SEBI (securities): Released a consultation paper on partnerships between licensed securities entities and finfluencers.

💰 Financing Announcements

  1. RenewBuy, an insurance distribution startup, raised $40m.
  2. GradRight, a study abroad fintech startup, raised $6mm.
  3. Zaggle, an employee benefits startup, raised $3mm.
  4. Square Insurance, an insurance aggregator, raised $1mm.
  5. Cheq, a UPI payments startup for foreign nationals, raised $500K.

ACQUISITIONS:

  1. Westbridge Capital acquired a majority stake of FundsIndia.

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🌏 Asia

📰 Market Updates

  1. Techcombank, a Vietnamese bank, partnered with BEST Vietnam, a supply chain company, to launch cashless QR code payments.
  2. VNG Corp, a Vietnamese internet company, is reportedly planning a $150mm US listing.
  3. Fintech funding in Indonesia declined 38% in H1 2023.
  4. Kasikornbank, Thailand's second largest bank, is in talks to acquire Home Credit Vietnam for $1bn.
  5. Infor Nexus, a supply chain platform, partnered with DBS Bank in Singapore for pre-shipment financing.
  6. WeChat Pay partnered with Network International Payments in UAE for POS terminal payment acceptance for Chinese tourists.

💰 Financing Announcements

  1. Pi-xcels, an Indonesian digital receipt fintech startup, raised $1.7mm.

🌏 International

Please find our global coverage and consider subscribing.

And of course, our podcast series - Beyond Two Percent and Hey Fintech Friends.


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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