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.
Razorpay has raised $160 mn at a $3 bn valuation, up from $1 bn in Series D in October last year. The new round was led by existing investors Singapore’s sovereign wealth fund — GIC — and Sequoia Capital India and saw the participation of Ribbit Capital. The fintech startup, to date, has raised funds to the tune of $366.5 mn. Razorpay accepts, processes and disbursed funds online for businesses.
Ant Group, as per news agency Reuters report, is looking for ways for founder Jack Ma to divest his stake and give up control in the fintech firm. Ma owns only a 10% stake in Ant but exercises control via related entities, as per Ant’s IPO prospectus. Chinese regulators, in a meeting earlier, had hinted to the Ant’s officials that Ma’s exit could help them to avoid Beijing’s intense scrutiny of its business, said the report citing a source.
Paytm Money has started a tech development and innovation centre in Pune. The PayTM owned firm will hire 250 engineers and data scientists for the development of new wealth products and services. The key focus of the centre will be driving product innovation in equity, mutual funds, and digital gold said Paytm Money CEO Varun Sridhar. Paytm Money targets to have 10 mn users and 75 mn yearly transactions in FY’21, largely from small cities and towns.
Fintech company MobiKwik started investigating claims of a data breach after media reports said that 8.2 terabytes of MobiKwik user data are up for sale on the dark web. The data included phone numbers, email, passwords, transactions logs and partial banking card numbers. KYC documents including govt issues the Aadhaar card or PAN ID of 3.5 mn users are also included in the breach. KYC documents are mandatory in India to access few financial services without any limitations.
Ashish Shrivastava has been appointed as the Head of Technology at Mumbai based payments technology provider Financial Software and Systems. Shrivastava, in the last job, as the CTO of Punjab State looked after the implementation of various digital initiatives of govt, e-gov programs, etc. He is having over 21 years of experience in different industries verticles including IT, Financial Services, Retail, Manufacturing, Media, Telecom & Government.
Tencent has been put on notice by the Chinese authorities. The conglomerate was censured by the local antitrust watchdog on Friday. Media reports suggest that the token fine was just a beginning, as Tencent is said to be the next in line for larger scrutiny after the clampdown on Ant Group. Ant and Tencent, reports said, will set an example by the authorities for other fintech players. Tencent, Alibaba, JD.com and Baidu together control over 40 financial licenses.
Razorpay to increase its existing 1300 members team by nearly 50% in the next 10 months. Of the 650 new positions, 350 will be hired in engineering and product teams and remaining will be added to customer experience, sales and marketing departments. The fintech unicorn, last year, has 550 people. Razor has also created cross-functional growth opportunities for people, who will be WFH for the next few months, as well.