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Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC

3Mar By Press Trust of IndiaNo Comments

BUSINESS

Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC

Mobility solutions provider Comviva has sold its shares in fintech company TerraPay to a consortium of Prime Ventures, Partech Partners and IFC. The company has, however, not disclosed the value of the deal. Prime Ventures and Partech Partners are co-investing in TerraPay, along with International Finance Corporation, a member of the World Bank Group, a firm said. "Apart from acquiring Comviva shares, the investors have further invested USD 9.6 million in TerraPay to fund the company's expansion," it added. TerraPay, incubated by Comviva in 2015, provides payment infrastructure services by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost. Since 2015,...

Fintech Startup MoneyTap Raises $12.3 Million From Sequoia India

Fintech firm MoneyTap today said it has raised USD 12.3 million (over Rs 78 crore) from Sequoia India and existing investors, NEA and Prime Venture Partners. "With this fresh funding, MoneyTap plans to solidify its leadership position by improving credit accessibility for other segments of customers, partnering with six other banks and NBFCs and expanding to 50 cities in India by the end of 2017," MoneyTap said in a statement sent to Pixr8. It added that the company is also on target to issue credit lines worth Rs 300 crore by the end of the current fiscal. The app-based consumer credit line has over three lakh users. The Indian consumer finance market is estimated to grow at a compounded growth rate of 18 per cent to become a USD 1.2 trillion opportunity by 2020, it said. With close t...

Prime Venture Partners Invests $750,000 in KredX

Prime Venture Partners today said it has invested USD 750,000 (about Rs 4.95 crore) in KredX, an invoice-discounting platform that connects credit-worthy MSMEs looking to raise working capital against their unpaid invoices to individual financiers. Launched last year by IIT and Stanford alumni Manish Kumar, Anurag Jain and Puneet Agarwal, KredX (previously known as Mandii), enables the growth of micro, small and medium enterprises (MSMEs) by unlocking cash tied up in customer invoices that would otherwise be paid in 30 to 90 days. "There are 36 million SMEs in India. Many of these often struggle to keep their cash flow intact and can hardly withstand the burden of late payments. They are in dire need for working capital. With our technology platform, we are helping them get access to w...