Tag: Fintech start-up

Muthoot Pappachan Group acquires equity stake in Paymatrix

Banking & Finance

[ad_1]

Read More/Less


Muthoot Pappachan Group (MPG) has announced investment in fintech start-up Paymatrix through its flagship entity – Muthoot FinCorp Limited, and the associate company, The Thinking Machine Media Private Limited (TMM).

MPG acquired 54 per cent equity shareholding in Paymatrix through a combination of primary and secondary investment.

Fintech will be the silver bullet for growth in 2021

Paymatrix is a fintech start-up that was set up in 2016 by Mukesh Chandra Anchuri, Muralidhar Nayak Guguloth and Anusha KP, with a vision to streamline property rent payments and collections for tenants and landlords. It was incubated at IIIT-Hyderabad and Paypal accelerator had secured early-stage investments from investors including Xseed venture partners, IIIT-H seed fund, IIIT-H foundation, SucSEED Angel Network and Smartcity Dubai.

Portfolio diversification

Paymatrix started off with a simple proposition of enabling individuals to pay their property rent, rent deposit and maintenance payments online using credit cards. The start-up is one of the largest property rent payment and collection platforms in India, with a user base of 82,000+ and having processed ₹200 crore till date. In the last two years, Paymatrix diversified its portfolio by enabling payments beyond property rent to its customers.

Credit cards gain currency again

The platform now enables individuals to pay for all their large-ticket monthly expenses, such as tuition fees, maintenance bills, vendor payments, etc, on credit card without the need for point-of-sale at the recipient end.

Competitive edge

Thomas John Muthoot, Chairman, Muthoot Pappachan Group, and Managing Director, Muthoot Fincorp Limited, said, “Muthoot FinCorp is currently going through several digital transformations on various fronts. We are extremely pleased to partner with Paymatrix and firmly believe that this investment will extend to our existing lending business a competitive edge in terms of expanding the product offering and foray into new markets and new customer segment.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Fintech start-up YAP raises $10 million in Series B funding

Banking & Finance

[ad_1]

Read More/Less


YAP, a Chennai-headquartered fintech start-up, on Tuesday announced that it has raised Series B funding of $10 million (₹ 73.2 crore), co-led by Flourish Ventures and Omidyar Network India.

This is the second fundraising for YAP in less than a year, which saw the participation of its existing investors BEENEXT, 8i Ventures and DMI Group. The Sparkle Fund and Better Capital also participated in the financing round.

The fintech start-up raised $4.5 million in its Series A round in April 2020.

Founded in 2015 with the goal of enabling payments for businesses, the platform has evolved into a “Bank-in-a-Box” fintech infrastructure provider. YAP enables businesses and platforms to offer their own branded financial services through partnerships with financial institutions or fintech companies while ensuring regulatory compliance.

“The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our API capabilities,” YAP Co-founder Madhusudanan R said in a press release, adding, “At one end, we have over 20 banks accelerating their efforts to partner; at the other end we have over 300 brands and fintechs looking to embed financial products.”

The investment will allow the start-up to strengthen its technology teams, build new capabilities as well as reach new markets across Asia, he added.

Currently, YAP’s infrastructure serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines. YAP intends to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.

“YAP is our first investment in embedded finance infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,” Anuradha Ramachandran, Investments Director, Flourish Ventures, was quoted as saying in the statement.

“The YAP platform provides the rails on which fintechs and incumbents can build new cases for the underserved segment, while delivering financial services in a cost-effective way,” she added.

YAP offers end-to-end programme management services over a bundle of APIs that covers bank accounts, term deposits and a wide gamut of payments products including debt, credit, prepaid, travelcard, QR, UPI, NETC toll payments.

“At Omidyar Network India, we believe that Digital Enablers such as YAP can catalyze financial inclusion and drive usage of financial products across the Next Half Billion – the 500 million Indians expected to come online for the first time via their mobile phones,” Amol Warange, Director, Omidyar Network India was quoted as saying in the release.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,