PayU acquires 43.5% stake in Indian paytech Mindgate Solutions
Mindgate’s co-founders, George Sam and Guhan Muthuswamy, will retain majority ownership of the firm.
India
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The Cumberland Building Society taps TCS for core banking upgrade
The Cumberland becomes the latest UK firm to adopt TCS’s core banking solution, TCS Bancs.
Neobank start-up Zolve raises $251m in mix of debt and equity
The raise reportedly includes $51 million in equity and a $200 million credit warehouse.
Eurobank establishes global delivery centre in India with LTIMindtree
Through the partnership, LTIMindtree will support Eurobank Luxembourg’s Temenos implementation.
India’s Perfios acquires fraud detection platform Clari5 for undisclosed sum
Clari5 will continue operating independently as a wholly-owned subsidiary of Perfios following the acquisition.
India’s Cashfree Payments lands $53m Series C led by Korean gaming giant Krafton
The Bengaluru-based company counts major Indian firms like BigBasket, Cred, and Zoomcar as clients.
Curlec by Razorpay CEO Zac Liew departs after eight years
Razorpay’s head of Southeast Asia, Angad Dhindsa, will serve as interim head of Curlec.
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Canada’s Central 1 to transfer digital banking operations to Intellect Design Arena
The move comes after Central 1 announced plans to wind down its digital banking business last year.
Barclays to wind down fintech accelerator programme Rise by “mid-2025”
Barclays launched Rise as an innovation hub and accelerator programme for fintech start-ups in 2015.
Amazon inks deal to acquire Indian BNPL fintech Axio
The deal follows a six-year equity partnership between Amazon and Axio.
US VC Accel unveils $650m fund to invest in Indian start-ups
Accel claims the fund arrives as India’s start-up ecosystem reaches a “critical inflection point”.
India’s Federal Bank launches digital transaction banking platform FedOne powered by Nucleus Software
The new platform is powered by Nucleus Software’s FinnAxia solution.
Rajat Verma to succeed retiring Surojit Shome as CEO of DBS Bank India
Verma will take on the role from 1 March 2025 following Shome’s retirement on 28 February.
India’s Mintifi raises $180m in Series E funding round
With its latest funding, Mintifi’s total capital base has reached over $1 billion.
Reserve Bank of India pilots new MuleHunter.AI solution to help identify mule accounts
MuleHunter.AI has been developed in-house by the Reserve Bank Innovation Hub (RBIH).
Standard Bank selects Volante Technologies’ PaaS for ISO 20022 compliance
The $166 billion-asset bank has adopted the vendor’s PaaS and embedded pre-processing solutions.
Kuwait Finance House taps Gieom to digitise policy and procedure management
The integration will enable KFH to create role-based business process flows.
Standard Chartered’s India and South Asia CEO Zarin Daruwala to retire
Standard Chartered says it will provide an update on Daruwala’s successor “in due course”.
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ESAF Small Finance Bank replaces FIS’ Profile with Oracle Flexcube as new banking core
ESAF’s implementation of Flexcube has been underway since August.
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PayMate nears $400m acquisition of DigiAsia’s FaaS business
PayMate plans to list on the National Stock Exchange of India following the purchase.
India’s Cashfree Payments hires Nitin Pulyani as new head of product
The Bengaluru-based paytech is looking to expand its presence in India and the UAE.
India’s M2P Fintech reportedly on track to secure $80m funding round
Helios Investment Partners is reportedly set to contribute $50 million to the round.
Metro Bank partners Infosys to boost digital transformation with AI
The UK bank is also reportedly set to cut around 300 roles as part of cost-cutting efforts.
Indian wealthtech start-up Centricity secures $20m in seed funding round
The round now values Centricity, founded in 2022, at $125 million.
India’s FlexiLoans bags $34.5m Series C for lending platform expansion
The platform has now raised $76.6 million in equity and over $240.9 million in debt to date.
Mastercard to pilot Payment Passkey Service in India
Indian payment players taking part in the pilot include Axis Bank, Juspay, PayU, and more.
Indian BNPL firm Axio lands $20m equity investment from Amazon fund
The Bengaluru-based fintech claims to have raised $137 million in equity to date.
RBI set to launch United Lending Interface to simplify access to credit for underserved borrowers
RBI governor Shri Shaktikanta Das says the ULI will launch “in due course”.
India’s DMI Finance lands a further $334m investment from MUFG
The new capital injection brings MUFG’s total investment in DMI Finance to $565 million.
ICYMI fintech funding round-up: Resal, Skyfire, Waza, Revenew and more
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ICYMI fintech funding round-up: Skydo, Finora Bank, Okredo, Parfin, and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
India’s Vayana secures $20.5m in Series D funding
The funds will be used to enhance Vayana’s risk management and compliance platforms.
HSBC India partners with Open Financial Technologies to launch FinConnect for business clients
HSBC first introduced FinConnect in Singapore through its partnership with SGFinDex in late 2020.
India’s Auxilo Finserve raises $33m to further support student community
LeapFrog Investments has invested $30 million in Auxilo’s latest round.
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Supply chain fintech TASConnect snaps up Solv Malaysia and Solv Vietnam
The acquisition of Solv Malaysia has been completed, while the Solv Vietnam purchase remains ongoing.
