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Tag: fintech

Fintech the way forward for Indian banking, payment system, says SBI MD

Fintech the way forward for Indian banking, payment system, says SBI MD

Finance
State Bank of India (SBI) managing director Ashwani Bhatia on Friday said Fintech is the way forward for the Indian banking and payment system as there is a lot of opportunity for growth. Giving the example of SBI, he said, 91 per cent of jobs are being done digitally now, which was unthinkable 35 years ago. "We believe that this 91 per cent will become 100 per cent. For a bank like State Bank of India, and other banks obviously, everything is going to move digitally. There is no doubt about that. Penetration of smartphones is also going to increase," he said at a virtual conference organised by the Confederation of Indian Industry (CII). Going forward, he said, branches are going to become nothing but distribution points like what has happened in Europe and other places. This is where the...

Fintech unicorn TransferWise sees valuation climb to $5 billion

Finance
In this photo illustration, the TransferWise app is seen displayed on an Android smartphone with a vintage turntable in the background.Guillaume Payen | SOPA Images | LightRocket | Getty ImagesFintech start-up TransferWise is now valued at $ 5 billion following a secondary share sale, the company announced Wednesday, highlighting increased investor appetite for online payments amid the coronavirus pandemic.Founded in 2011, TransferWise has become a formidable competitor to the likes of Western Union and MoneyGram by lowering fees and adding a slick online platform to help consumers move money across borders. It now has a total of 8 million customers globally and processes £4 billion ($ 5.2 billion) in cross-border payments each month.The London-headquartered money transfer firm hasn't ad...
Fintech firm Adyen posts 34% surge in first-quarter revenue as coronavirus bolsters online payments

Fintech firm Adyen posts 34% surge in first-quarter revenue as coronavirus bolsters online payments

Finance
Pieter van der Does, chief executive officer of Adyen.Simon Dawson | Bloomberg | Getty ImagesDutch financial technology firm Adyen reported rising revenue and core profits in its first-quarter results Tuesday, as the coronavirus pandemic boosted online payments but impacted on margins.The company posted total first-quarter revenue of 135.5 million euros ($ 146.9 million), an increase of 34% from a year earlier. Adyen normally reports half-year and annual numbers, but decided to release an update on its performance at the start of 2020 due to Covid-19.Adyen's earnings before interest, taxes, depreciation, and amortization rose 16% year-on-year to 63.6 million euros, while its profit margin declined to 47%, from 56% last year due to investment into hiring and marketing and a hit to net reven...
Revolut targets $1.5bn to join fintech elite

Revolut targets $1.5bn to join fintech elite

Business
British-based digital payments and banking group Revolut is trying to raise $ 1.5bn (£1.2bn) from investors as part of a quest to become one of the world's most highly-prized fintech companies.Sky News has learnt that Revolut has hired investment bank JP Morgan to orchestrate both a $ 500m (£395m) equity-raise and the issuance of a $ 1bn (£790m) convertible loan in the coming months. If successfully completed, it would catapult the business into the ranks of technology companies which have secured individual funding rounds in excess of $ 1bn (£790m).Sources said this weekend that the company, led by founder and chief executive Nik Storonsky, would target a valuation from the capital-raising of between $ 5bn (£3.9bn) and $ 10bn (£7.9bn) - which would make it the most valuable fintech player...
Fintech start-up Stripe notches eye-popping $35 billion valuation after new funding round

Fintech start-up Stripe notches eye-popping $35 billion valuation after new funding round

Finance
Fintech company Stripe is climbing the ranks of the most valuable Silicon companies.Stripe, a San Francisco-based payments company that competes with Jack Dorsey's Square, announced an additional $ 250 million funding round on Thursday, bringing its valuation to an eye-popping $ 35 billion. Venture capital firms Sequoia, Andreessen Horowitz General Catalyst, among other investors, participated in the equity round.The company makes software that allows businesses to accept payments over the internet. Stripe processes payments for a long list of companies, including Airbnb, Lyft and Shopify.It has been one of the most popular venture investments in Silicon Valley as consumers overwhelmingly move to online payments. Its major backers include Peter Thiel, Elon Musk, Google's venture arm Capita...