FinTechs

India's QR and mobile payments pioneer Paytm is among some of the fintech companies worldwide to record the highest growth in gross profit while also keeping expenses in check, according to a report by Dutch payments consultancy Flagship Advisory Partners.The report highlights that Paytm's gross profit saw an impressive growth of over 200% between 2021 and 2022, while its operating expenses only increased by 60%. Paytm was among the few global companies to witness gross profit growth outpacing operating expense growth.…

Despite global headwinds, an ongoing funding winter and layoffs in India’s startups sector, an increasing number of financial technology firms are strengthening their in-house legal teams, as tightening regulations make the operating environment tougher.Fintech startups are looking to hire senior professionals with legal and compliance expertise, said top executive search firms and industry experts.Nearly one-fourth of the more than 200 senior legal and compliance moves in the financial services sector in the last one…

Keeping up with the latest technology money moves Despite the slowdown in venture capital activity, there’s still a mountain of money flowing through startups today. TechCrunch+ is launching a series of posts looking at recent, notable venture rounds, exit activity and other news that relates to the financial side of building new technology companies. While banks are dealing with the crisis kicked off by the failure of well-known, startup-friendly Silicon Valley Bank, upstart tech…

We have been covering the India impact of the Silicon Valley Bank shutdown which has created panic across the tech world. Here are the must-reads to keep you up to speed on the unfolding SVB saga.Nearly 60 YC-backed Indian startups have deposits stuck in Silicon Valley Bank: The spillover of the collapse into India’s startup ecosystem is becoming more evident, with several early and mid-stage ventures that were banking with the California-based lender finding themselves in a cash crunch for daily expenses such as payroll…

Top venture investors as well as larger fintech firms such as Razorpay are among those stepping up to provide emergency services to small and mid-stage startups roiled by the abrupt closure of industry lender Silicon Valley Bank in the US on Friday.In addition, investors who have backed the affected startups are advising them to open alternate bank accounts on an urgent basis in order to receive customer payments and improve their liquidity positions.Payments major Razorpay is offering zero transfer charges on its…

Public fintechs lost 72% in market value last year While the public market correction has been widespread, tech and fintech stocks have seen the largest declines, according to a recent report. Specifically, the Fintech Index — which tracks the performance of emerging, publicly traded financial technology companies — was down a staggering 72% in 2022, according to F-Prime Capital’s State of Fintech 2022 report. After hitting a peak of $1.3 trillion in late 2021, the F-Prime Fintech…

Founders and senior executives of new-age stock investing platforms such as IndMoney, Vested Finance, and Stockal met officials in the finance ministry on Monday to discuss the possible implications of a proposed 20% levy on foreign remittances under the Liberalised Remittance Scheme (LRS) for retail investors investing in US equity instruments, two people aware of the discussions told ET. The stakeholders explained the impact of the levy on retail investors, the sources said. Finance minister Nirmala Sitharaman proposed…

With a captive user base and high user engagement, fintechs such as Paytm, PhonePe, and Google Pay are becoming popular with direct-to-consumer (D2C) brands seeking a platform to advertise and acquire customers. This and more in today’s edition of the ETtech Morning Dispatch.Also in this letter:■ VCs responsible for growth culture in startups: Narayana Murthy■ Governance layer necessary for financial services: NPCI CEO■ Foxconn chairman to visit Bengaluru Fintechs Paytm, PhonePe, Google Pay eye advertising revenues from…

Covid-19 was the beginning of a financial revolution, the lockdowns saw a huge rise in the number of customers opting to use fintech services over traditional banking methods. In 2021, three out of four consumers worldwide chose fintech apps as a means of transferring money. Lanistar is a fintech company looking to spearhead the fintech movement. Lanistar uses a combination of finance and technology to embrace the latest innovations in the financial space and provide its users with a unique service and an unmatched…

Several Indian fintechs continue to be impacted by the Reserve Bank of India’s order earlier this week asking State Bank of Mauritius (SBM) India to stop all transactions under the liberalised remittance scheme (LRS) until further orders.Big names in the fintech space bearing direct impact of the RBI move include neobanking fintechs Niyo and Zolve, which was started by former TaxiForSure cofounder Raghunandan G, US-stock investment platforms such as IndMoney and Vested Finance, multiple industry leaders, people working…