Fino Paytech IPO: Fino Payment Bank (company name Fino Paytech) planning to raise Rs. 300 crores by dilution of company shareholdings by October this year. This fund raise will be targeted towards the expansion of it payment bank business, technology and marketing strategies of the company. This information is revealed by the MD of the company, Mr. Rishi Gupta (source PTI).
Fino Paytech IPO: Story towards expansion
Fino Paytech is engaged in Business Correspondents Services, Consultancy Services and Financial Literacy. Also provides customer enrollment services, hardware and operational solutions. Company is being given license as payment bank recently and contributing a good share in spreading financial literacy and other banking services. Company is presently operating about 420 numbers of branches and having reach of more than 499 district so it is expected to increase significantly due to raising of funds in the business.
Corporation Bank, ICICI Lombard, Intel Capital, Life Corporation of India, Blackstone Group, BPCL and ICICI Bank are some of the major strategic investors of the company.
Fino Paytech is a thought leader, innovator and implementer of technology solutions for institutions like banks, governments and insurance companies. Company is a business and banking technology platform combined with extensive services delivery channel. As an alternate banking channel, we enable end-to-end customer sourcing and servicing. It’s business model derives its strength from the robust in-house technology, versatility of operations, scale of the channel and customer know-how. The challenges of serviceability and scalability of the traditional banking channels have been addressed by way of innovation. In ten years, we have touched the lives of over 78 million customers through over 28000 transaction points in 499 districts across 28 states in India.