Fino Payments Bank Ltd, on Tuesday said it has approved a minority strategic investment in the fintech startup Paysprint Private Limited to acquire 12.19% stake by way of subscription to its share, the company said in a statement.
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 is already underway toward building a digital ecosystem for its customers as part of its Fino 2.0 journey, the company said.
Fino Payments Bank is a wholly-owned subsidiary of Fino Paytech Ltd. Principle shareholders include marquee investors such as ICICI Bank Ltd, Intel Capital Corp., International Finance Corp., HAV3 Holdings (Mauritius) Ltd, Blackstone GPV Capital Partners (Mauritius) VI-B FDI Ltd, and Bharat Petroleum Corp. Ltd.
“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 and transform how Bharat transacts”, said S Anand, co-founder and CEO, Paysprint.
Founded in 2020, Paysprint is a fintech startup that offers an application programming interface (APIs) in the areas of banking, payments, travel, lending, insurance, investment and more. It has onboarded more than 600 partners across banks, non-banking financial companies (NBFCs), micro, small and medium enterprises (MSMEs), fintech companies and various other startups.
It helps payment service providers to offer services to its customers by providing a unified open API platform through fast integration and a plug-and-play model.
“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," said Rishi Gupta, managing director and chief executive officer of Fino Payments Bank.
Fino Payments Bank said that with this investment the partnership with Paysprint will work on a host of financial and non-financial use cases for emerging Indian customers through API plug-ins to the bank’s digital platforms.
