The board of Fino Payments Bank Limited (“Fino Payments Bank” or “the Bank”) at its meeting held on Sunday, the 10th of April, 2022 and which continued till the 11th of April 2022 has approved a minority strategic investment by the Bank in New Delhi based Paysprint Private Limited (“Paysprint” or “fintech”). The Bank will be investing upto 12.19% in the fintech by way of subscription to its shares.
The strategic investment is a first for Fino Payments Bank after its public listing. This is in continuation to several in-house initiatives by the Bank that are already underway towards building a digital ecosystem for its customers as part of its Fino 2.0 journey.
Paysprint, a profitable fintech, is a rapidly growing financial technology company offering next generation APIs in the areas of banking, payments, travel, lending, insurance, investment and more. It is helping payments service providers to offer seamless services to customers by providing Unified Open API Platform through fast and wholesome integration and a plug and play model.
FY22 was the first full year of operations for Paysprint and it achieved an annual GMV of ₹5,500 cr. The strong growth momentum is expected to continue in FY23 as well. It also onboarded more than 600 partners across banks, NBFCs, MSMEs, fintechs and various other start-ups during the year.
Speaking about this development, Rishi Gupta, the MD & CEO of Fino Payments Bank, “The journey of Fino as a group has come to a full circle. We were incepted to provide BC banking services through a technology platform to various financial institutions across the country. As we continue our journey as a Payments Bank today, we are now partnering with new age technology companies that will transform the digital banking space in the days to come.”
He further added, “our DNA has always been in the emerging India segment offering diverse payment solutions which eventually generate value for our shareholders.”
“At PaySprint, we are extremely delighted to partner with Fino Payments Bank and synergise our technical expertise to innovate and create new banking products and solutions that will lead to larger consumer adoption, interface and delight & transform how Bharat transacts”, adds S Anand, the co-founder and CEO of Paysprint.
The partnership with Paysprint is expected to synergize on a host of financial and non-financial use cases for the emerging India customers through API plug-ins to the Bank’s digital platforms. This will not only result in attracting more customers into the funnel but will also help in deepening engagement with the existing customers and provide an impetus to their lifetime value with Fino Payments Bank.