The microfinance movement began in south Asia when Muhammad Yunus started Grameen Bank in Bangladesh in the 1970’s. He was...
MPOWER Financing, which provides funding for international students attending US universities, secured $6 million in funding; the round was led by private equity firm, Zephyr Peacock India; the company will use the capital to enhance its technology and expand marketing efforts in emerging markets, especially India; in addition to providing loans the company also helps to build credit history of students and provides them with personal finance education to use in life after college. Source
Open is based in Bangalore and is looking to replicate a strategy which has been successful in other regions; their...
Recently Morgan Stanley published research sharing that digital payments penetration in India could increase from 5% today to 20% in 2027; the e-commerce market could reach $200 billion with 475 million shoppers by this time; the author delves deep into the Chinese and Indian payments markets, sharing why America could miss out on India’s fintech revolution. Source
Paytm Payments Bank is aiming to have 500 million accounts offering a wide range of financial services products; the bank launched officially on Tuesday; they are unveiling their money market fund, launching a debit card and will have the capabilities for businesses to open up accounts. Source
Afterpay comes to physical stores in the US How Retailers Are Cashing In On A US Coin Shortage Google to...
SRS Fin Tech Labs has announced the launch of a new marketplace lending platform in India called OxyLoans; firm seeks to originate $1 billion in loans by 2024; loans will be available in India, GCC and the UK; rates on loans will range from 12% to 36% with loans up to Rs 4 lakh (approximately $5,890). Source
OpenTap has begun to offer marketplace loans in India targeting low to middle income consumers; company seeks to meet the market demand for borrowers who are creditworthy yet don't qualify for traditional loans; estimates the target market for low to middle income consumers at 12,000; loans will be available for up to Rs 50,000 ($730); average loan size has been approximately Rs 25,000 ($365). Source
[Editor’s Note: This is a guest post from Rajat Gandhi. Rajat is the Founder and CEO of India’s largest P2P platform,...
PayU is a largest payments processor in India and it is continuing its moves into lending in that country with...