Today in FinTech: Non-bank PPIs; Latam FinTechs
In today’s FinTech news, Stashfin raised funds to reach more consumers in India with its virtual credit facility. Meanwhile, India’s central bank is stopping non-bank issuers of PPIs from loading cards and digital wallets through lines of credit, and Nubank wants to buy FinTechs in Latin America.
RBI to FinTechs: Non-banks Can Not Reload Funds to Prepaid Wallets, Cards
The Reserve Bank of India has announced that non-bank issuers of prepaid payment instruments (PPIs) cannot load cards and digital wallets with funds through credit lines. There are more than 35 non-bank PPI issuers in India, including Amazon Pay, Bajaj Finance, Slice, Phone Pe and others.
Stashfin secures $ 270 million to expand in Southeast, South Asia
Digital banking start-up Stashfin uses its latest capital from a series C round to continue to expand its platform throughout Southeast and South Asia.
The startup offers a virtual credit facility to consumers in India with loans ranging from ₹1,000 to ₹5,000,000, with repayment periods ranging from three months to 36 months. Stashfin also offers Stashfin Credit Line Cards, which offer virtual and physical cards with rewards and free ATM withdrawals.
PropTech Startup Huspy Nets $ 37M Series A
PropTech startup Huspy uses its fresh capital raised in a Series A round to invest in new technology development and expand across the United Arab Emirates (UAE) and Europe.
The start-up of home financing allows UAE buyers to find online mortgages, and Huspy is also launching a full-service real estate marketplace.
“Survival of the Fittest”: Nubank hunts for M&A LatAm FinTech coup
Latin America’s largest digital lender Nubank aims to make some bargains in the region’s FinTech area. Nubank CEO David Vélez described the LatAm area as too crowded and said that not all companies will survive, which opens the door for mergers and acquisitions.
Crypto lender Babel announces debt relief
After stopping withdrawals on June 17, crypto lender Babel said it could come closer to an agreement that would offer some debt relief, even though no date was given.
In a letter, the company said that it is “in close communication with all related parties about the actions we take to best protect our customers. During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service will be notified separately. “
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NEW PYMNTS DATA: HOW TOOLS AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYING EXPERIENCE
About: More than half of energy and consumer finance companies have the ability to process all monthly bill payments digitally. The kicker? Only 12% of them do. Digital Payments Edge, a PYMNTS and ACI Worldwide partnership, examined 207 billing and debt collection experts at these companies to find out why it is still elusive to go completely digital.
