FinTechs

HDFC Bank said it is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house IPs as well as partnering with several companies, including FinTechs, to co-create technology IPs, it said in a statement. HDFC Bank will leverage Microsoft Azure to consolidate and modernise its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting and advanced analytics, using artificial…

Financial-technology companies that distributed Paycheck Protection Program loans often employed lax oversight. Financial-technology companies that distributed Paycheck Protection Program loans often employed lax oversight that allowed fraudsters or ineligible individuals to receive relief funded by taxpayers, a congressional report found. In its report, the House of Representatives' Select Subcommittee on the Coronavirus Crisis recommended that Congress and the Small Business Administration should consider…

Image Source : PIXABAY UPI Payment Nearly 76 per cent of Indians now prefer using UPI (unified payments interface) during online checkouts while more millennials (84 per cent) are now using UPI when shopping online, a report showed on Tuesday. As the physical, digital and virtual worlds are converging, Indians are willing to explore and purchase within apps/browsers as…

NEW DELHI: A lack of flexibility and adaptability in legacy banking infrastructure is pushing small and medium businesses (SMBs) around the world to…

Two years before Youcef Oudjidane co-founded Sudanese fintech Bloom after failing to find startups tackling currency depreciation in Africa to invest in, he was the managing partner and head of EMEA (Europe, Middle East and Africa) at Class 5 Global, a San Francisco-based venture fund with a keen interest in emerging markets. But Class 5 wasn’t his first shot at venture capital investing. At Solebury Capital, a boutique investment bank later acquired by PNC Financial Services, the U.K.-born entrepreneur, who is…

Last month, Varo Bank celebrated the two-year anniversary of obtaining its national bank charter. The move made Varo the first-ever all-digital nationally chartered U.S. consumer bank. The startup launched its banking services in 2017, aimed at making younger consumers comfortable doing all their banking online. It has raised nearly $1 billion since its 2015 inception and was valued at $2.5 billion at the time of its last raise in 2021. Its backers include institutions such as Lone Pine Capital, Warburg Pincus and…

Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14% share of the global funding and No 2 spot on the deal volume, a new report has said.India's Cagr in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16%, 15%, and 105, respectively, according to 'State of the Fintech Union 2022' report by the Boston Consulting Group (BCG) and Matrix Partners India.With 7,460 fintech companies,…

Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top…

Last Friday, Barter, the consumer app of Africa’s most valued startup Flutterwave, told customers via email that they would not be able to access its virtual dollar card service from July 17. Hence, customers would be unable to create new virtual dollar cards, fund existing ones or make online and in-store payments and purchases with them. Subsequently, other African fintechs such as Eversend, Klasha, Busha, GetEquity and Payday sent identical messages giving various timelines between July 17 and 18. They attributed…

The FinTech Association of Nigeria says Financial Technology (FinTech) operators accounted for 63 per cent of the 1.37 billion dollars funding raised in Nigeria in 2021. The president of the association, Ade Bajomo, said this on Saturday in Lekki, Lagos, at a dinner held at the FinTech Platinum Awards ceremony. Mr Bajomo noted that Nigeria had been well-positioned in Africa and in the global FinTech ecosystem. He said that Africa could currently boast of 10 unicorns out of which seven –…