Vantage Point by EMVC - March 22 2024
Updates to keep up with the latest in fintech from our vantage point.
Welcome back,
This week Jumbotail raised $18mm. Policybazaar announced launching a payments business. There’s also quotes from Visa’s global CEO during his recent visit to India. As always, we also have a insightful weekend read on India’s credit fintech startups.
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.
B2B ecommerce platform Jumbotail raised $18.25mm led by Artal Asia fund. The company has a digital marketplace for 'kirana stores' (corner stores) and offers payment and credit solutions to these small businesses. Notably, merely 10% of India's 75mm+ SMBs are digitised even though they contribute about 30% to the country's GDP growth.
Digital insurance platform Policybazaar's parent PB Fintech announced its payments business subsidiary called 'PB Pay'. This comes after RBI's recent approval for its payment aggregator license. The new entity will likely focus on facilitating online, offline and cross-border payments for Indian merchants.
VISA Global CEO Ryan McInerney was in India this week. While speaking at the 'Rising Bharat Summit' he hailed India's fintech sector calling the country "an innovator and exporter of fintech, that has opened our minds to QR code payments". He further added "VISA is looking to invest in Generative AI space and fintechs in the country. Generative AI will allow much more curated payment experiences and can be very empowering for small businesses around the world."
Weekend read: Report by the Fintech Association for Consumer Empowerment (FACE). "...Indian fintech companies (that were surveyed) disbursed 25mm loans worth $4.08Bn in Q3 FY2024... an increase of 46% year on year..."
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