PwC’s FinTech Insights December 2019 · 2020-01-20 · 3 PwC PwC’s FinTech Insights PwC’s...
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PwC’s FinTech Insights December 2019
Transcript of PwC’s FinTech Insights December 2019 · 2020-01-20 · 3 PwC PwC’s FinTech Insights PwC’s...
PwC’s FinTech InsightsDecember 2019
PwC’s FinTech Insights
PwC’s FinTech Insights
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Our insights From around the web
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An exclusive look at the latest developments and publications in the FinTech space
Financial inclusion has been an important part of GoI’s pro-growth economic policy measures and initiatives. Financial inclusion can pave the way for poverty reduction, financial stability and economic development for all sections of the society. Lack of access to financial services is underpinned by factors such as lack or easy access to banking services, economic unviability from a demand and supply side, and cultural as well as regulatory factors. This report by PwC and FICCI gives an overview of digital lending and its role in changing the landscape of financial inclusion.
Digital lending and the changing landscape of financial inclusion
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The Insurance Regulatory and Development Authority (IRDA) has received close to 170 applications under the regulatory sandbox approach, aimed to promote innovation in the insurance sector. According to sources, most of the proposals are in the non-life segment, including some from InsurTech firms. IRDA is expected to approve some of the products this financial year.
The Reserve Bank of India said that it’ll allow customers to link their FASTag accounts with all authorised modes of payments and instruments including UPI accounts and mobile wallets in a bid to facilitate ease in recharging these accounts and faster resolution of failed transactions.
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IRDA gets close to 170 applications under sandbox, approvals by end of FY20
RBI allows linking of FASTag accounts with UPI, mobile wallets
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The Securities and Exchange Commission of Pakistan (SECP), to promote innovation in the financial sector and encourage startups, has issued Regulatory Sandbox Guidelines, 2019. This would be Pakistan’s first Regulatory Sandbox in the financial services industry. The guidelines are aimed at reducing regulatory obligations by allowing testing of new products, business models, and services in the Regulatory Sandbox.
RBI introduced a new option to daily payments at local shops and retail outlets for the purchase of daily household goods and services. This semi-closed prepaid payment instrument (PPI) will come with a monthly rechargeable limit of Rs 10,000. However, unlike the PPIs that are available now, the new instrument can only be used for making retail payments.
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SECP introduces Regulatory Sandbox to promote innovation in financial service industry
RBI launches PPI for digital transactions
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The Reserve Bank of India (RBI) is considering the possibility of giving non-bank players, such as FinTech and insurance companies, direct access to processing RTGS and NEFT transactions in line with global best practices. Citing the examples of the banking regulators of England and Switzerland, the RBI said in its Financial Stability Report that an easing of access to Centralised Payments Systems (CPS) to nonbanks in India will reduce costs and make market access to funds easier.
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RBI considering giving FinTech cos access to NEFT and RTGS clearing systems
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FinTech tales
Company KredX
Sector FinTech
Ticket size USD 26 million
Investor(s) Led by Tiger Global Management
Company overview
KredX is an invoice discounting platform, solving problems at the grassroots level. The company will invest this money in accelerating its expansion by hiring across functions, including senior leadership roles.
Source: https://yourstory.com/2019/12/funding-invoice-discounting-platform-kredx-sequoia-tiger-global-series-b
Company Aye Finance
Sector Digital lending
Ticket size USD 15 million
Investor(s) BlueOrchard
Company overview
Aye Finance is a new-age finance company that provides business loans to small and micro enterprises in India. Aye Finance will grow its loan book, expand the lending portfolio, and offer affordable and customised credit solutions to small and micro enterprises (SMEs) in India.
Source: https://yourstory.com/2019/12/aye-finance-debt-funding-blueorchard
InvestmentsNews on recent investments, partnerships and acquisitions in FinTech in India
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Investments
Company ZestMoney
Sector Lending
Ticket size USD 15 million
Investor(s) Goldman Sachs
Company overview
ZestMoney is a lending start-up that offers credit to individuals with no access to credit cards or any other formal financing options because of insufficient credit history.
Source: https://www.livemint.com/companies/news/goldman-sachs-invests-15-million-in-zestmoney-11576764521245.html
Company Toffee Insurance
Sector InsurTech
Ticket size USD 5.5 million
Investor(s) Led by IVM Intersurer, Omidyar Network
Company overview
Toffee Insurance is an all-digital insurance technology company, offering bite-sized insurance for everyday moments. The company will be utilising the funds to expand its product portfolio, improve merchant and customer experience, etc.
Source: https://www.thehindubusinessline.com/companies/toffee-insurance-secures-55-m-series-a-funding/article30341657.ece
News on recent investments, partnerships and acquisitions in FinTech in India
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Company Kaleidofin
Sector Neobank
Ticket size USD 5.1 million
Investor(s) Led by Oikocredit
Company overview
Kaleidofin is a FinTech platform that propels under-banked customers towards meeting their real-life goals by providing intuitive and tailored financial solutions. Kaleidofin will strengthen its technology backend and invest in new growth opportunities.
Source: https://yourstory.com/2019/12/funding-alert-oikocredit-series-a-fintech-kaleidofin
Company LivFin
Sector Lending
Ticket size USD 5 million
Investor(s) DEG
Company overview
LivFin is authorised by the Reserve Bank of India (RBI) to grant collateral-free small business loans, supply chain finance and working capital loans to small and medium businesses.
Source: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/livfin-raises-equity-from-german-major-deg-for-further-expansion/articleshow/72888591.cms
News on recent investments, partnerships and acquisitions in FinTech in India
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Investments
Company Indyfint
Sector FinTech
Ticket size USD 2.1 million
Investor(s) Saravanan Adiseshan
Company overview
IndyFint is a loan-sourcing platform for micro loans, in partnership with major banks. IndyFint will use the funding to enhance its tech capabilities, build a stronger brand and bring about innovative customer-centric business models.
Source: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indyfint-raises-2-1-million-in-series-a-funding-round/articleshow/72376901.cm
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Start-up FPL
Partnered with Visa
Sector FinTech
Purpose
First Principle Labs Technologies (FPL Tech) has partnered with global card payments company Visa to launch a mobile-first credit card in India. FPL will also provide its customers with a mobile application to manage aspects of their credit life cycle.
Source: https://inc42.com/buzz/fintech-startup-fpl-partners-with-visa-to-launch-mobile-first-credit-card/
PartnershipsNews on recent investments, partnerships and acquisitions in FinTech in India
Start-up ZestMoney
Partnered with Xiaomi
Sector Lending
PurposeThe new product is called MiCredit that allows customers to avail instant credit as low as INR 7000 into their bank accounts.
Source: http://www.businessworld.in/article/Zestmoney-Partners-With-Micredit-Launches-Small-Ticket-Loans-/07-12-2019-179997/
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Start-up ZestMoney
Partnered with Northern Arc Capital
Sector FinTech
Purpose
ZestMoney is a technology platform that provides consumer loans to Indian households with no access to credit cards or any other formal financing options due to insufficient credit history. This will help them disburse USD 400 million in the next one year.
Source: https://www.thehindubusinessline.com/companies/fintech-startup-zestmoney-partners-with-northern-arc-capital/article30295310.ece
PartnershipsNews on recent investments, partnerships and acquisitions in FinTech in India
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Contributors
Pratik PathrabeShivangi Maheshwari
Vivek Belgavi India FinTech Leader and Partner, Financial Services Technology Consulting PwC India [email protected] Singh Narang Associate Director, FinTech and Innovation Strategy PwC India [email protected] IyerPartner, Risk Assurance Services PwC India [email protected]
Mihir GandhiPartner and Leader, Payments Transformation PwC India [email protected] KrishnamurtyPartner, Deals PwC India [email protected] K Roy Partner, Insurance and Allied Businesses PwC India [email protected] Mandavia Partner - Deals (Tax and Regulatory Services) PwC India [email protected]
Kuntal Sur Partner and Leader Financial Services – Risk and Regulation PwC India [email protected] Amit Nawka Executive Director, Deals PwC India [email protected] G JainDirector, FinTech and Financial Services – Regulatory PwC India [email protected]
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pwc.inData Classification: DC0This document does not constitute professional advice. The information in this document has been obtained or derived from sources believed by PricewaterhouseCoopers Private Limited (PwCPL) to be reliable but PwCPL does not represent that this information is accurate or complete. Any opinions or estimates contained in this document represent the judgment of PwCPL at this time and are subject to change without notice. Readers of this publication are advised to seek their own professional advice before taking any course of action or decision, for which they are entirely responsible, based on the contents of this publication. PwCPL neither accepts or assumes any responsibility or liability to any reader of this publication in respect of the information contained within it or for any decisions readers may take or decide not to or fail to take.© 2020 PricewaterhouseCoopers Private Limited. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Private Limited (a limited liability company in India having Corporate Identity Number or CIN : U74140WB1983PTC036093), which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member firm of which is a separate legal entity.GM/January 2020/M&C-4101
