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1Mar By AnkitaNo Comments

INDIA

Indian Fintech Companies Raises $2.7 billion in 2020

Mumbai, Feb 27th, 2020: Despite the pandemic-induced disruptions, venture capital funds pumped USD 2.7 billion into domestic fintech companies in 2020, the second-highest fund infusion into the sector since 2019 when it had peaked at USD 3.5 billion, according to a report. The biggest investments were into Bengaluru-based payments firm Navi Technologies at USD 397.9 million from angel funds, Noida-based Pine Labs attracted USD 300 million from private equity players, and Razorpay received USD 100 million from GIC of Singapore, Sequoia and others, making it a unicorn. As against this, global fintech investments stood at a whopping USD 105 billion across 2,861 deals in the year, the third-highest annual total ever, as per the data collated by KPMG India. Despite pandemic challenges,...

American Express to Acquire Lending firm Kabbage

18Aug By AnkitaNo Comments

ACQUISITION

American Express to Acquire Lending firm Kabbage

NEW YORK, 18th Aug 2020-- American Express ( NYSE: AXP ) announced that it has entered into an agreement to acquire Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward the American Express goal of being an essential partner to small businesses through a broad range of payment, cash flow, and financial management tools. Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses. Kabbage’s products include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize f...

4Aug By PriyankaNo Comments

FUNDING

Aon Investments raises $350 Million in Funding

CHICAGO, Aug. 4, 2020 -- Aon Investments raised $349.9 million from U.S. institutional investors for its Opportunistic Credit strategy. The Opportunistic Credit strategy targets public corporate and structured credit stressed credit and real estate debt. Aon Investments consists of more than 300 investment consulting professionals with more than 480 clients representing aggregate assets more than $2 trillion as of December 31, 2019. It will provide a flexible approach of allocating across a wide range of securities and markets where managers see the greatest value. "We appreciate the support of our investors and welcome many new investors in this endeavor," said Steve Voss, senior partner and head of Aon Investments for North America. "The Opportunistic Credit strategy will dra...

20May By PriyankaNo Comments

FUNDING

Indian Ledger App Khatabook raises $60 million in funding by Facebook Cofounder

India's leading ledger app Khatabook raises $60 million in equity round funding led by Facebook co-founder Eduardo Saverin's B Capital Group & others. Started in 2018, Khatabook is an android app that helps Small Shopkeepers and Kirana owners manage Credit & Debit transactions using their digital ledger service. The total funding has raised by the firm is $87 million. The Series B round values Khatabook at between $275 million and $300 million. The funding round has also seen participation from existing investors, including Sequoia Capital, Partners of DST Global, Tencent, GGV Capital, and RTP Global, along with a number of prominent angel investors like Kevin Weil, Alexander Will, Cred founder Kunal Shah, and Snapdeal co-founders Kunal Bahl, Rohit Bansal. Kahatabo...

19May By PriyankaNo Comments

FUNDING

Lendingkart raises $40 Million in equity funding

Lendingkart Technologies raises $40 million (about Rs 320 crore) in an equity funding round led by existing investors including Fullerton Financial Holdings Pte Ltd (FFH), Bertelsmann India Investments, Sistema Asia Fund and IndiaQuotient. The series D round comprised two tranches INR 233 crore as part of D1, and INR 86.24 crores in D2 fund-raise, according to a company statement. Lendingkart has raised over Rs 1,050 crore of equity capital from investors till date. This funding will be deployed to expand the company's lending base and further reach out to small and underserved micro and small enterprises, and to further strengthen the company's technological and analytics capabilities, the company said. "The fresh round of equity funding reaffirms the support of our investors ...

4May By NitishNo Comments

FUNDING

Stash Raises $80 Million funding from LendingTree

CHARLOTTE, N.C., May 4th, 2020-- LendingTree, a leading online financial services marketplace has made a strategic investment in one of the fastest-growing banking and investing services in the US known as Stash. The investment from LendingTree is part of Stash's Series F funding, which includes funds and accounts advised by T. Rowe Price Associates, Inc. as well as Breyer Capital, Goodwater Capital, Greenspring Associates, Union Square Ventures, and other investors. Since its launch in 2015, Stash has helped over 4.5 million Americans take control of their finances, avoid fees, and achieve their financial goals. Stash offers all-in-one subscriptions that prioritize affordability, accessibility, education and simplicity, and include personal investment accounts, Traditional and Roth ...

2Mar By Press Trust of IndiaNo Comments

FUNDING

SMEcorner raises USD 30 mln in Series B funding

Fintech firm SMEcorner has raised USD 30 million (around Rs 210 crore) through a combination of equity and debt in series B funding. The funding round was led by Paragon Partners, which invested USD 10.5 million, and the balance came from existing investors including Quona Capital, Accion Venture Lab, Bharat Shah and few other high networth individuals, according to a company release. "The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year," SMEcorner's founder and CEO, Samir Bhatia, said. Bhatia has also made an undisclosed investment in the current round of funding. The funds raised would go towards rapid business scale-up, lending partnerships and market expansion in the coming financial year. The SME-focussed...

Flipkart Cofounder Invest $100 Million in Indian Fintech Firm, Becomes CEO

25Sep By PriyankaNo Comments

FUNDING

Flipkart Cofounder Invest $100 Million in Indian Fintech Firm, Becomes CEO

25th Sept, 2019- Flipkart co-founder Sachin Bansal, who sold his part of equity and exited the e-commerce major with USD 1 billion in payout announced an investment of Rs 739 crore (close to $100 million) in Bengaluru based lending firm CRIDS. The percentage of shares has not been disclosed. The 37-year old billionaire invest $100 million in two part, where $20 million is in secondary transactions to buy out share of existing investors. Unlike his past bets, where he has played the role of a financial investor alone, Bansal will lead the lending firm as its chief executive officer. Bansal had sold out his stake in Flipkart when the American retail giant Walmart acquired the majority stake in the ecommerce platform co-founded by Bansal and his friend Binny Bansal last year. ...

17Dec By Gauri SinghNo Comments

CHINA

Bank of China to Expand Lending Services to Small Businesses

Bank of China has signed a strategic cooperation agreement with the All-China Federation of Industry and Commerce to further expand financing channels for private companies, especially small businesses, to expand their footprints globally. "As part of BOC's efforts to support private companies, the strategic cooperation will help the bank to improve its channels of communication with private small businesses, better understand the demand of its clients, and improve its financial services accordingly," said Zhu Jun, general manager of the inclusive finance department at Bank of China. Each of the bank's branches will strengthen communication with local federations of industry and commerce, set aside an overall credit quota for small and microenterprises at the local level, deepen its ...

MSME Lender Aye Finance raises $10 Million

27Jul By AnkitaNo Comments

FUNDING

MSME Lender Aye Finance raises $10 Million

Digital money lending startup, Aye Finance has raised USD 10 million in debt funding from Triple Jump BV and MicroVest Funds, through the issuance of non-convertible debentures. This is the 10th financing round for Aye Finance in the year 2018, the company informed in a statement. Since January, it has cumulatively raised ₹255 crore of debt. The Gurugram-headquartered company, founded in 2014 claims to have disbursed ₹ 850 crore worth loans and catered to 60,000 micro enterprises since inception. With the recent funds raised, the company is gearing up to bolster its lending portfolio and offer affordable business loans to a larger number of microenterprises in India. MD and founder of Aye Finance, Sanjay Sharma mentioned “At Aye, we use various data science methods which are...

1Jun By AdityaNo Comments

FUNDING

CoinTribe Raises $10 Million Series B Funding

Another Lending Platform CoinTribe raises over $10 million equity capital in Series-B round led by Sabre Partners along with participation from existing investor, Puneet Dalmia. In last one month, twelve fintech companies raise funding, the average range of funding is from $250000 to $15 million. Gurugram based CoinTribe offers unsecured term as well as working capital financing to small businesses, which are risk assessed using an online lending algorithm. With this round of funding, total equity capital raised by CoinTribe has increased to over USD 15 million. CoinTribe plans to use this additional capital to further enhance capabilities of its proprietary online credit algorithm, expand to new markets and further develop technology to enable faster and nimble product and credit...

31May By AdityaNo Comments

FUNDING

CredRight Raises Rs 9 Crore Pre-Series A Funding

Hyderabad-based fintech startup CredRight raises 9 Crore from Accion Venture Lab, YourNest, an early stage venture capital fund along with other individual investors. Lending platform CredRight provides a loan to unserved and underserved micro, small, and medium enterprises (MSMEs). The company partners with chit funds, which are similar to Rotating Savings and Credit Association (ROSCAs) in the United States but use a reverse auction to distribute pooled funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer. "CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved and underserved customers," said Neeraj Bansal, co-founder an...