back Back

The Weekly Wrap: all you need to know by Friday COB | January 27th

By Puja Sharma

January 27, 2023

  • Card Payment
  • Deals of the Week
  • European SMEs
Share

The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

PhonePe announced it has raised $350 million in funding from General Atlantic, a global growth equity firm, at a pre-money valuation of $12 billion.

The General Atlantic investment marks the first tranche of an up to $1 billion total fundraise that PhonePe commenced in January 2023. Another new marque global and Indian investors have already been signed up for the second tranche, which is expected to close next month. The fundraiser follows PhonePe’s recently announced change of domicile to India and full separation from Flipkart.

“I would like to thank General Atlantic and all our existing and new investors for the trust they have placed in us. PhonePe is proud to help lead India’s country-wide digitization efforts and believes that this powerful public-private collaboration has made the Indian digital ecosystem a global exemplar. We are an Indian company, built by Indians, and our latest fundraising will help us further accelerate the Government of India’s vision of digital financial inclusion for all,” said Sameer Nigam, Founder, and CEO at PhonePe. 

PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers, and help build financial services offerings at scale in the country. The company also plans to invest in new businesses, including Insurance, Wealth Management, and Lending. The fundraiser is expected to support PhonePe as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI to enable greater financial inclusion for Indians.

Deals of the week

  • Core10 secures $6.5m in Series B funding round
  • European SME lending platform October secures €35m
  • Beehive officially launches its crowdfunding platform in Oman
  • Old Mutual and CoverGo partner to drive digital insurance transformation across Africa
  • Mastercard and ZoodPay partner to launch virtual installment card
  • DailyPay announces $260m in new funding
  • B2B BNPL platform Tranch raises $100m seed round
  • UK-based RegTech start-up GSS raises £37m
  • Pilon raises $5.2m seed funding led by Wavemaker Partners
  • Visa partners with INJAZ Egypt to promote financial literacy
  • DailyPay announces $260m in new funding

Be on the lookout for

Vietnam’s premier fintech event titled “Fintech Revolution Summit” is supported by the Fintech Association of Hong Kong and is scheduled on 27th and 28th March 2023 in the Hotel Grand Plaza Hanoi, Vietnam. This forum will be attended by over top 300+ participants including BFSI experts, fintech leaders, ministry & central bank authorities, investors & corporates across Vietnam.

This summit aims to bring together fintech leaders &BFSI experts to discuss and deliberate the trends around financial technology and investment opportunities for the finance sector. This dedicated event is the best opportunity to discover why Vietnam will become the SEA regions second-leading financial services hub. FinTech founders, central bank officials, FSI experts, regulators, policy-makers, technologists, entrepreneurs, investors, academics, and media from around the world will come together to learn, discuss, debate and network.

Previous Article

January 25, 2023

4 RegTech companies reducing compliance burden in Germany

Read More
Next Article

January 27, 2023

XPAY partners with Finastra to support expansion of services

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Spruce by H&R Block joins Atomic to launch PayLink Switch

Read More

Today

Veefin acquires Singapore’s GenAI startup Walnut in all-cash deal

Read More

Today

Mollie and Hyvä partner to launch Hyvä Commerce

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More