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FINO Paytech is a leading provider of last mile banking solutions. In August 2015, the company got a payment banking license from RBI. The payments bank is expected to be operational before the end of this calendar year. Fino Paytech is the promoter of Fino Payments Bank. Preipo finopaytech share price is near Rs 115.
In July 2016, Government-owned oil marketing company Bharat Petroleum Co Ltd (BPCL) picked up a 21% stake in the company for Rs 251 crore in an all-cash deal. This deal values FINO Paytech at around 1250 crores or aprox Rs 175 per share.
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The company expects to raise between Rs 400 crore and Rs 500 crore which will simultaneously dilute the foreign shareholding in the company to below 49% to comply with the RBI licensing conditions. Private equity investors, banks, insurance, technology, retail and non-banking finance companies are showing interest in picking up stake.
FINO PayTech is an institutional investor driven company owned by international and Indian investors. Foreign shareholding in FINO currently stands at 70%. Major investors in the company include ICICI Group (16%), Headland Capital Partners (15%), International Finance Corp (10%), Intel Capital (10%) and Blackstone (10%). Its other shareholders are Corporation Bank, Union Bank, Indian Bank and Life Insurance Corporation.
Recently there are news reports that ICICI Bank would be its partner bank for support in deposits, cash management, manpower and technology. Fino PayTech already offers a variety of other services, including recharges for mobiles, utility bill payments, ticket booking, insurance distribution, and assisted online shopping, among others.
The fast-growing remittances on the retail platform (which had doubled in the past five months to about Rs 300 crore every month) augurs well for the fintech company.
Fino Paytech invests in CityCash – December 2018
Through the partnership Fino will attempt to digitise public transport payment for consumers taking the bus, auto or cabs in the country.