ICICI Prudential Life Insurance and ICICI Lombard have bought a 12% stake in payments bank Fino Paytech for Rs 150 crore, valuing the company at Rs 1200 crore. Proceeds from the fund-raise would be used to set up the technology framework for the payments bank, create physical infrastructure and meet marketing and operational expenses.
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Fino Paytech had closed a Rs 251-crore funding from state-run refiner Bharat Petroleum Corp. (BPCL) for a 21% stake, in July 2016.
As per the norms, a payments bank has to bring down foreign stake from 75% currently to 49%. At Fino, primary funding has seen a total dilution of 33% and its investors include Intel Capital, IFC, Headland Capital and Blackstone. FINO was one of 11 companies to receive the Reserve Bank of India’s in-principle approval to start a payments bank last year.
FinoPayTech currently provides basic banking, direct benefit transfer (DBT) payments, remittances and other payment services for the unbanked rural and urban masses in partnership with banks and financial institutions. The payments bank licence would help it provide a range of financial offerings, such as savings and term deposits, credit and insurance besides its existing set of basic banking
and business correspondent services.
Fino Paytech is set to commence operations soon. https://buysellunlistedshares.com/2017/02/17/fino-paytech-to-launch-payment-bank-soon/
Fino Paytech is touted to be the biggest beneficiary of Demonetisation
https://buysellunlistedshares.com/2016/11/21/fino-paytech-demonetisation/
https://buysellunlistedshares.com/2016/11/21/fino-paytech-demonetisation/
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