Vantage Point by EMVC - Sep 13 2024
Updates to keep up with the latest in fintech from our vantage point.
Welcome back,
This week, Moneyview became a unicorn. GoKwik acquired Return Prime. Finova Capital is in talks to raise $95mm. Onsurity raised $26mm led by Creaegis. Centricity raised $20mm led by Lightspeed. There is also an interesting weekend read from PwC.
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.
Consumer lending fintech Moneyview acquired Jify in a share swap arrangement. Notably, the valuation ascribed to Moneyview in this transaction makes it the latest fintech unicorn of India.
Ecommerce enabler GoKwik acquired Return Prime for an undisclosed amount. This will mark the company's expansion into global markets including Europe and the US. Return Prime has ~ 6,000 Shopify brands on its platform across 50 countries.
SMB lender Finova Capital is in talks to raise $95mm from Avataar Venture Partners, Madison India Capital and others. The company has reportedly disbursed $445mm in credit since inception.
Insurtech and employee healthcare platform Onsurity raised $26mm led by Creaegis.
Wealthtech platform Centricity raised $20mm led by Lightspeed India Partners.
Weekend read: Mapping the fintech innovation landscape in India by PwC. "... India is experiencing a rise in its per capita income, as reflected by the growth in its gross national disposable income , which is expected to expand by 8.9% in FY24. Along with this, there is an increase in consumerism, encouraging companies to innovate and capture a greater share of the wallets of consumers. Additionally, with internet penetration in India reaching nearly 820 million users in 2024, the increasing digitization of day-to-day activities is transforming consumer preferences and thereby increasing the demand for digital products that offer enhanced convenience and accessibility. This is encouraging financial institutions and FinTech companies to offer more personalized products and seamless customer experiences..."
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