Vantage Point by EMVC - Jun 28 2024
Updates to keep up with the latest in fintech from our vantage point.
Welcome back,
This week CARD 91 launched Nimbus. Flipkart launched its payments app. PineLabs is aiming for an IPO. Hitachi Payments received the Payment Aggregator license. There is also an insightful weekend read from Bloomberg.
From the team at Emphasis Ventures.
If you’re a fintech startup or thinking about starting up, we’d like to meet you. At Emphasis Ventures, we’ve worked with founders of Slice, M2P, Khatabook, Bureau and many others from their early days.
EMVC portfolio company CARD91 launched its credit-line on UPI stack, Nimbus. With the recent regulatory approval in place, multiple financial institutions are looking to enable their borrowers while making payments on Unified Payments Interface (UPI) via pre-sanctioned credit lines. On the launch, Ajay Pandey CEO of CARD91 stated, "The introduction of a credit line on UPI marks a pivotal moment in the credit landscape, harnessing the convenience of UPI to empower borrowers. We are confident that our feature-rich yet straightforward offering will revolutionize how credit is accessed and utilized."
Walmart's Flipkart launched its payments app Super Money this week. Starting with UPI payments, it plans to eventually offer its users cards and pre-approved loans on the app. Most notably, this would be in direct competition with PhonePe which processes 50% of all UPI transactions and was acquired by Flipkart in 2016 but fully spun-off two years ago.
Indian payments platform PineLabs is reportedly aiming to raise $1Bn via an IPO in India. The company reportedly has over 500,000 merchant partners in India and is fast expanding its online payments vertical in addition to the existing offline POS business ahead of the IPO.
Hitachi Payments Services received approval from the Reserve Bank of India (RBI) for its Payment Aggregator business. The company claims to process $2.5Bn in digital transactions per year for financial institutions in India.
Weekend read by Bloomberg: Surging returns lure Private Equity giants to India. “…Today, Blackstone says India has become its third-biggest investment market, and its returns from India are better than those from any other country… In the past decade, international firms have boosted their investment in India fivefold, according to consultants Bain & Co… Few fund managers predict India will displace China as Asia’s largest PE market anytime soon, as its neighbor’s economic heft means it can still absorb more capital…”
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