Fino Paytech raises ₹400 crore war chest for its payments bank
The Hindu Business Line:
Fino Paytech raises Rs. 400 cr for payments bank
"We have always believed in strategic fitment of partners from synergy and growth perspective. After BPCL, we are pleased to have ICICI Prudential Life Insurance and ICICI Lombard General Insurance among others as strategic investors in our Payments Bank journey. With this we have also successfully reduced our foreign shareholding to less than 50%, a key RBI prerequisite. The stage is now set for the final approval from RBI," said Rishi Gupta, managing director of Fino Paytech.
The Hindu:
Fino brings down foreign shareholding to 49%, applies for payments bank final licence
“We have completed raising ₹400 crore and with this the foreign shareholding has come own to 49 per cent. We have applied to RBI for the final licence today (Wednesday),” Rishi Gupta, MD and CEO of Fino Paytech told The Hindu. Fino Paytech will 100 per cent in the proposed Fino Payments Bank.
The Economic Times:
Fino Paytech raises Rs 149 crore from ICICI Bank’s insurance arms
"This round will take the total domestic ownership to over 50 per cent which qualifies us to apply for the final license for the payments bank. We expect to launch the bank in 2- 3 months from now," its managing director and chief executive Rishi Gupta told PTI.
MINT:
FINO Pay Tech applies for final licence of payments bank
“We plan to start operations in next 60 to 90 days. We have raised Rs400 crore so far out of which Rs251 crore has come from Bharat Petroleum Corp Ltd (BPCL) and rest Rs149 crore from ICICI Prudential Life Insurance, ICICI Lombard and a couple of other strategic investors,”said Rishi Gupta, managing director and CEO of FINO PayTech.
The Telegraph:
ICICI shovels more cash into Fino Paytech
"We have always believed in strategic fitment of partners from synergy and growth perspective. After BPCL, we are pleased to have ICICI Prudential Life Insurance and ICICI Lombard General Insurance as strategic investors in our payments bank journey, Gupta said.
Media Nama:
FINO Paytech meets payments bank norms with Rs 149cr domestic funding
With this, FINO Paytech mentions that reduced its foreign shareholding to below 50% to comply with the Reserve Bank of India’s guidelines for a payments bank. The company now awaits a final approval for payments bank from the RBI.
FINO PayTech was chosen by UIDAI to demonstrate the tech enabled payment mechanism at the national launch of Aadhaar-based service delivery.