Wipro and First Horizon Bank partnered to develop the core banking and service capabilities of VirtualBank, a digital bank FHN inherited in the IBERIABANK merger in 2020. With a history of overseeing cloud transformations, Wipro partnered with FHN to develop VirtualBank’s Fintech stack on a public cloud ecosystem. The Bangalore-based IT firm also oversaw a complete overhaul of VirtualBank’s legacy tech to a new cloud-based API offering.
Bangalore-based startup Slice, which has years of experience in issuing credit cards, is launching a new credit card with only ₹2000 ($27) as its credit limit, compared to the industry lowest of $270. The company recently disbursed around 100,000 new super cards and looks to reach one million users by the end of March 2022. Rajan Bajaj, Founder and CEO, said that. the users, even in the present time, can do a meaningful transaction for $27 in India.
Dutch tech giant Prosus has announced that it will acquire Indian payment provider BillDesk, for $4.7B. The proposed all-cash deal has been in discussion since July, with Prosus planning to merge BillDesk with PayU, its own fintech firm. The deal will make PayU one of the biggest online payment providers in the country with $147 B in payment volume. The deal is still awaiting approval from India’s regulator Competition Commission of India.
Source: Business Standard
Fintech firm Cashfree announced the appointment of Ramkumar Venkatesan as Sr. Vice President of Engineering. Venkatesan has over 24 years of experience in ad-tech, big data, e-commerce, etc, and was working with Jivox as their CTO and VP – Engineering in the recent past. At Cashfree, Venkatesan will be responsible for scaling the engineering team, enabling rapid innovation and customer delight.
Source: Business World
Bandhan Bank, as part of Vision 2025, will invest in improving its digital capabilities. Identifying the need for a technological backbone, with a present business size of Rs.1.5 lac cr, Bandhan Bank will take steps for a digital transformation. A diversified asset portfolio, with secured unsecured assets and geographical diversification, will be the focus said CEO Chandra Sekhar Ghosh.
Fullerton India has announced the appointment of Rahul Bhardwaj as its new CIO and head of operations, customer service. He will be rejoining Fullerton from Jio payments bank where he was a founding member and led the operations for Jio Payments Bank and Reliance Payments Solutions. Bhardwaj is a veteran with almost 2.5 decades of experience of working with financial and tech institutions like ICICI bank, Aptech Internet, and Globus Stores.
BharatPe’s partnering up with Centrum Finance in a new bank, as a part of PMC Bank rescue, will enable BharatPe to provide a tech platform to all fintech. Resilient Innovations, owner of BharatPe, will contribute Rs 900 cr while Centrum Finance will bring NBFC’s. The new bank is said to be truly digital and will solve banking tech and stack issues by providing API integration to fintech. Merchants will be offered credit cards and overdraft facilities.
Bengaluru-based fintech startup announced raising $38mn in Series A round. Overall funds raised to date amount to $ 42.7mn. The app enables teenagers to make offline and online payments. The app takes consent from parents before allowing teenagers to make online payments as well as provide numberless cards. FamPay aims to become a neo-bank for youngsters. The startup currently has over 2 mn users. It plans to expand its user base and hire engineers.
Madhu Malhotra has joined Edelweiss General Insurance as CTO to spearhead the tech function and drive digitalisation. EGI aims to redefine the insurance ecosystem in the country by using new-age technology and digitalisation. Malhotra comes with two decades of professional experience across FinTech and Telecom verticles. She was the Head of Technology at Spectra, in the recent past and served Airtel for almost 10 years.