Fintech Watch | Fintech News Roundup For The 3rd Week Of October 2023 presents a highlight of the major events of this week that contribute their important role in Fintech industry and their impacts in the future.

As we witnessed, fintech funding in India recorded a 68% surge in the July–September quarter. Fintech sector has started witnessing an upswing in funding in the third quarter of 2023, as it received $436 million in funding, a 68% rise compared to $259 million raised in Q2 2023. However, it is a 55% decline from $967 million in Q3 2022

Now we will discuss here the news that got the attention of the media and made a place in media coverage in the third week of October:

Vaswani to be Kotak Mahindra Bank MD & CEO

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) to appoint Ashok Vaswani as the Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. Vaswani, who previously worked with Barclays, will take over from Uday Kotak, who stepped down as MD of the bank effective September 1. Vaswani is currently the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech, and serves on the boards of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK. The appointment is subject to shareholders’ approval.
Vaswani’s extensive three-and-a-half-decade career includes roles at Citigroup and Barclays, where he demonstrated a track record of building and expanding global businesses, fostering successful teams, forming transformative partnerships, and harnessing innovative technology to drive substantial business growth.

Google Unveils DigiKavach to Protect Against Online Financial Frauds in India

Google introduced ‘DigiKavach’ during the ‘Google for India’ event to tackle the rising problem of online financial fraud in India. This early warning system is designed to be a significant step in identifying and preventing financial fraud patterns from causing extensive harm.
DigiKavach’s foundation is a collaborative and responsible strategy. Google’s new system is focused on rapidly sharing insights and knowledge with trusted partners in the digital realm. This approach involves a comprehensive analysis of the tactics employed by scammers and close cooperation with industry experts.

Paytm Announces a 32% YoY Revenue Growth to ₹2,518.6 Crore in the Second Quarter of FY24

One97 Communications, the company behind Paytm, announced a 32% year-on-year revenue growth to ₹2,518.6 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24). This is an increase from the ₹1,914 crore revenue reported in Q2 FY23. The net loss attributable to owners decreased to ₹290.05 crore in the September quarter of the current financial year.
In comparison to the previous quarter of the current fiscal year, the company’s revenue rose by 7% from ₹2,341 recorded in the June quarter. In the last quarter, the company reported a net loss of ₹357 crore.

Neobank Niyo Bags Funds From Spring Marketing Capital To Boost Travel Banking

Neaobank startup Niyo has secured a strategic investment from Spring Marketing Capital. However, the amount remains undisclosed.

This investment comes as Niyo Global aims to strengthen its position and pioneer the “travel banking” category in India through innovative products and marketing strategies. Under the partnership, Spring Marketing Capital will contribute to the overall brand strategy, partnership initiatives, and marketing campaigns. Niyo claims to serve over 4 Mn customers with digital banking solutions currently

PhonePe Surges Ahead with Record-Breaking Revenue in FY23

In a landmark achievement, PhonePe, India’s foremost digital payments platform, has reported an estimated revenue of INR 3,000 crore for the fiscal year 2023, showcasing a remarkable leap from its FY22 revenue of INR 1,646 crore. This financial stride signifies PhonePe’s prowess in harnessing the escalating adoption of digital payments across the nation.

In addition to its payments business, PhonePe is also expanding into financial services. The company offers a range of financial products, including mutual funds, insurance, and loans. PhonePe is also working on developing its own digital bank.

Fiserv has streamlined access to its core banking APIs, enabling third-party developers to collaborate and innovate seamlessly

Fiserv simplifies access to core banking APIs through Banking Hub. Over 500 developers from various sectors can co-create unique solutions to enhance user experience and foster innovation.

This move aims to expedite the development and deployment of cutting-edge banking solutions to meet the evolving financial landscape’s demands. Banking Hub, a new platform, facilitates efficient collaboration, project management, and exploration of Fiserv’s core banking APIs. It empowers the creation of innovative banking-as-a-service solutions, extending access to third-party fintech solutions. Fiserv’s user-friendly workspaces with documentation, code samples, and videos enable rapid proof-of-concept development. Financial institutions can leverage these resources to enhance customer relationships and address younger generations’ preferences.

Fintech Unicorn CRED Bolsters Leadership with Seasoned Banking Veteran Sujay Das to Spearhead Risk Division

In a strategic move to fortify its foothold in the lending landscape, leading fintech unicorn CRED has announced the appointment of banking veteran Sujay Das to lead the risk side of its in-house non-banking financial company (NBFC), Newtap Finance. The move follows months of speculation about Newtap’s search for a new CEO. With an impressive background boasting 15 years of expertise in underwriting and risk assessment, Sujay Das brings a wealth of experience from his tenure at renowned financial institutions such as HSBC Bank and Bajaj Finance. Currently associated with fintech startup Freo, Das is set to join CRED imminently, according to insider sources, with indications that he has already departed from his current role at Freo.