Mumbai, Apr 12 (PTI) Fino Payments Bank on Tuesday announced that it will buy a minority stake in New Delhi-based fintech PaySprint for an undisclosed amount.
The bank will be picking up to 12.19 per cent stake in the company which offers APIs (Application Programming Interfaces) in banking, payments, travel, lending, insurance and investments, as per a statement.
PaySprint was identified as a “profitable fintech” which had an annual gross merchandise value of Rs 5,500 crore in its first full year of operations in FY22, and serves more than 600 customers, including banks, non-bank lenders and small businesses.
The partnership can lead to synergies on both financial and non-financial used cases, and also help the bank to attract more customers and deepen relationships with existing ones.
The bank said the stake buy is another step as it is attempting to create a digital ecosystem as part of the ‘Fino 2.0’ journey.
Fino Payments Bank’s chief executive and managing director Rishi Gupta said, the partnership with the new age technology companies will transform the digital banking space in the days to come.
“…our technical expertise to innovate and create new banking products and solutions that will lead to larger consumer adoption, interface and delight and transform how Bharat transacts,” the company’s co-founder and chief executive S Anand, said.
The bank said its board meet to consider the acquisition of stake started on Sunday and stretched over two days.
The Fino scrip closed 5.51 per cent down at Rs 303.80 apiece on the BSE on Tuesday. PTI AA SHW SHW
