Issue #4 - A week in Fintech (28/06)
A week in fintech as it happened!
💬 Join the #IRunAFintech group on **Whatsapp** to get updates every time I am reading something interesting, updating my blog. We can start a conversation and also share feedback with each other
📣Open Role Spotlight
Karza Technology provides software (APIs) as a service to fintech/banks/FIs
Hiring software developers for the development of their platform
Mobikwik, primarily a payment platform,
hiring Risk Head for Unsecured Personal Loan.
Rupeek, a lending fintech startup
is hiring for a Sales Head
🏦Credit Cards and Banking
Yes Bank has launched a full-service digital savings account
Similar to what SBI mentioned for their YONO platform, you can open your account using Aadhaar Card
A virtual debit card will be issued which can be used to do online transactions
Zerodha has partnered with GoldenPI to introduce investment in corporate bonds.
Corporate Bonds are traditionally offered to HNIs and institutions since they require large amounts of capital.
With just a minimum investment of Rs.10,000 up to Rs.2,00,000, you now have access to investing in corporate bonds.
Setu is working towards introducing 3 more products on their platform which includes investments, credit & account aggregator
After raising $15 million couple of months ago, Setu has started expanding its current product portfolio
Building an API-driven infrastructure has now become extremely important since it will
standardize how consumption of data is done,
reduce the time & effort of complex integration
and will help businesses focus on building value creation products
There are strong examples of how companies in the US like Plaid , Stripe are working towards simplifying the usage of financial solutions and payments so that businesses can focus on creating value on top of it.
CreditVidya launched a product called Compass which helps you track some critical macro-economic indicators to understand the impact of CoVid
A dashboard where you can select & compare some of the macro-indicators like savings/expenses/employment before March and up to May
Instamojo launched InstaCash where they will provide businesses with a working capital loan upto Rs.1,00,000
The loan will be offered for a period of 7 to 14 days
Unfortunately, I did not have access to it (I am currently a user of Instamojo)
Instamojo launched a new feature called Mojo Rewards where their customers (merchants) will get rewarded with points with every payment they receive
The merchants get 1 point for every Rs.100 they receive
They can redeem these points in Instamojo platform for various services
App Store subscriptions (LIVE)
Discounts on Shipping Fee (Coming Soon)
Discounts on Payout Fee (Coming Soon)
Quick Settlements on Payouts (Coming Soon)
I really like this idea to keep the merchants sticky, this really encourages them to use the platform since they know their rewards can be redeemed for discounts tomorrow which will help them reduce their cost of using the platform
BharatPe has launched a Zero-MDR based POS
Similar to their QR-code based 0% fee MDR, BharatPe has now launched Zero-MDR based POS named as “Bharat Swipe”
Along with Zero-MDR, BharatPe will also not charge any rental fees for using the POS as well
BharatPe’s core proposition is lending to the businesses that utilize their platform and they continue to do so by providing products and services to the business which are completely free
Aye Finance raised a Series E round of $30 million from Google Capital, Falcon Edge Capital, LGT Lightstone, A91 Partners, MAJ Invest
They have disbursed over Rs. 3,000 Cr to over 2,00,000 unorganized businesses
Products they provide are mortgages, hypothecation, term loan services
Ticket size between Rs.50,000 to Rs.3,00,000
Interest Rate Ranging from 22% to 28%
Slice raised a pre-series B round of ~$6.5 million from Japan-based VC called Gunosy, CRED, Better Capital, Das Capital
A limit-based card which can be converted into Buy-Now Pay-Later or a term loan basis your convenience
They are getting around 4 lac new customers every year as of March 2020
Paytm continues to remain the leader in active daily users
Paytm dominates the DAU (Daily Active Users) numbers with 3.9 Cr users with Google Pay & PhonePe at 1.9 Cr and 1.7 Cr respectively
This is primarily because of a lot of innovations that Paytm continues to introduce into the market which is a combination of both transactional & non-transactional products
However, the corollary is that customers continue to transact more via Google Pay & PhonePe than Paytm
😎 Deeper Reads
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Disclaimer: The newsletter contains information about Fintech and Organizations that operate in or around the fintech industry. The information is not advice, and should not be treated as such. Without prejudice to the generality of the foregoing paragraph, we do not represent, warrant, undertake, or guarantee ... that the information in the newsletter is correct, accurate, complete, or non-misleading. We will not be liable to you in respect of any special, indirect, or consequential loss or damage. If a section of this disclaimer is determined by any court or other competent authority to be unlawful and/or unenforceable, the other sections of this disclaimer continue in effect.