Company Overview of FINO PayTech Ltd.
FINO PayTech Ltd. offers designing and implementing technology solutions for banks, micro finance institutions (MFIs), insurance companies, government entities, and consultants in India. Its products include FINO Tijori, a biometric smart card based no frills saving account product that enables banks/MFIs to offer financial products, such as loans, remittance, and insurance to their customers by issuing multi-application smart cards; FINOSaral, an end-to-end loan management solution that enables each branch of the bank/MFI to reach out to a large number of loan applicants and process the loan applications; and FINO Tatkaal, which provides a technology platform and processing capabilities for...
Plot no. 38 & 39, Sector 30
Near Sanpada Railway Station
Founded in 2006
Key Executives for FINO PayTech Ltd.
Chief Executive Officer, Managing Director and Director
Director of Business Development & Government Initiatives
Compensation as of Fiscal Year 2015.
FINO PayTech Ltd. Key Developments
FINO PayTech To Raise Funds
Jan 12 16
FINO PayTech Ltd. intends to raise funds through private equity. The company will name its bank 'Fino Payments Bank', which plans to start operations in 2016. Rishi Gupta, Managing Director and Chief Executive Officer of the company said: "The name of the bank will be Fino Payments Bank, and Fino PayTech is the operating holding company of the bank. As per regulation, 51% holding should be domestic for the promoter entity. In the bank, foreign shareholding can be 74%. So there is higher restriction for the promoter and lower restriction for the bank. Right now, Fino as promoter has 70% foreign shareholding. That needs to be brought down. As we are raising INR 4 billion to INR 5 billion, this will help us reduce the foreign shareholding. We are planning to raise the resources from private equity, strategic investors."
ICICI Group Seeks To Acquire Stake In FINO PayTech Through ICICI Lombard General Insurance
Dec 16 15
FINO PayTech Ltd. will raise fresh funds from domestic institutional investors as it prepares to face competition from nimble rivals and reduce foreign shareholding in the company to comply with RBI regulations. As a result, ICICI Bank Ltd. (NSEI:ICICIBANK), which owns around 16% in FINO PayTech Ltd, is likely to increase its stake through ICICI Lombard General Insurance Company Limited and will also be the partner bank for FINO's new venture, FINO's Managing Director & Chief Executive Officer Rishi Gupta said in an interview.
FINO PayTech Seeks Private Placement
Aug 31 15
FINO PayTech Ltd. is mulling to raise $60-80 million in the next six months most probably through a private placement with strategic investors or one or more PE player, according to Rishi Gupta, Managing Director and Chief Executive Officer at FINO PayTech.
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