INDIA: FLIPKART INVESTING $500M IN PAYMENT PLATFORM PHONEPE - CALIPHATE MEDIA

Breaking News

Post Top Ad

Post Top Ad

Friday, 13 October 2017

INDIA: FLIPKART INVESTING $500M IN PAYMENT PLATFORM PHONEPE

 Image result for flipkart 
 RIYAD HOSSAN
October 13,2017

India e-commerce giant flipkart has just committed over $500 million in investment in it group payment platform phonepe

   Image result for phonepe
     In reacting to the investment an excited phonepe CEO and co-founder Sameer Nigam said in a statement '' the investment will be used to scale up our investment platform, and expand our merchant network and consumers base rapidly. We have been growing at over 100% every two months this year and this investment will help us maintain that growth rate for the next two years.'' 

phonepe platform enables users to send and receive money, make payment for utility bills, recharge phones,shop online and offline. The platform is said to have over 45 million active users. Phonepe is critical  to flipkart srategy of building a comprehensive ecosystem for our customers. We are fully dedicated to make phonepe the most loved and best digital payment app in India,'' said flipkart CEO Binny Bansal. 

 ABOUT PHONEPE

Image result for phonepePhonepe is an india based fin-tech company founded in December 2015,that provides online payment system and was acquired by flipkart  in April 2016

Sameer Nigam,

Read more at: https://www.dealstreetasia.com/stories/india-flipkart-invest-500m-payments-arm-phonepe-84087/
Sameer Nigam,

Read more at: https://www.dealstreetasia.com/stories/india-flipkart-invest-500m-payments-arm-phonepe-phonepe CEO
Mongolian fintech startup AND Global has raised $5 million in an angel investment round which will enable it to expand its reach as a microlender, according to the company announcement on October 12. The multi-million investment round – backed by existing backers from Mongolia and Japan – perhaps makes AND Global by far the most successful startup in the country’s nascent startup ecosystem. The post-money valuation of the fintech startup is said to be $30.8 million. ANG’s platform named LendMN was launched this January to address the informal and fragmented lending sector. “We’re creating the first globally recognized Mongolian brand since Chinggis Khan (founder of the Mongol Empire), and we’re doing it by offering people convenient, fast, collateral-free loans that they can afford to pay back,” said Anar Chinbaatar, founder of AND Global. “Mongolia is more than just an ideal test bed for LendMN, it also provides the talent we need to build a globally-scalable AI-based fintech company.” The fintech company allows both banked or unbanked to access micro loans through their smartphones in only five minutes. To date, the star-up has extended loans worth $1.9 million in the mineral exporting country with a population of 3 million. The startup enjoys repayment rate of 98.5 percent. The latest investment will allow AND to expand its personal micro loan portfolio as well as interest-free product purchase financing. The fintech startup is also looking at expanding across Asia and Central Europe. “There is enormous interest in piloting AND’s platform in Cambodia, Indonesia, Pakistan and the Philippines,” stated the announcement. Its behavior-based monthly fee is set on proprietary AI-based algorithms by assessing the borrower’s social media activities and other information. AND’s monthly fees can drop down to 3 per cent, significantly undercut the annual interest rates offered by banks and the 10 percent per week rates charged by loan sharks. Prior to the latest seed round, it received $1 million pre-seed round from the same investors who decided to contribute to the latest investment. AND Global, that hit the market in 2015 was previously known as AND Systems, founded by serial entrepreneur, Anar Chinbaatar, who also established G-Mobile, Mongolia’s fourth largest telecom player.

Read more at: https://www.dealstreetasia.com/stories/mongolias-ai-based-fintech-company-global-fetches-5m-aims-reach-global-stage-84076/
BBBBBitcoin bubble or just the beginning? Or both? Those are the questions being asked on Wall Street to Main Street after the digital currency breached $5,000 for the first time, pushing this year’s gains to more than fivefold. As recently as December, bitcoin was trading at less than $1,000. Since then, it has dodged everything from tightening regulations, feuding factions splitting its underlying blockchain and warnings from the likes of JPMorgan Chase & Co. Chief Executive Jamie Dimon of fraud and an eventual price collapse. The latest leg higher is being driven in part by increasing institutional interest, with everyone from Goldman Sachs Group Inc.’s Lloyd Blankfein to Dimon saying they’re now open to ways to get involved. The change of heart comes amid growing optimism about the blockchain technology. “This record is an exciting milestone and sign of market confidence in the outlook for bitcoin and the underlying technology,” said Iqbal Gandham, a managing director at eToro. “We expect many more milestones like this to come.” Interest is growing by the day, as measured by searches on the Internet. SEMrush, a data analytics firm, found the price had a 96 percent correlation with Google searches on bitcoin, suggesting that growing interest in the cryptocurrency is helping to drive demand. Bitcoin tumbled below $4,000 last month after China’s central bank banned initial coin offerings and ordered all cryptocurrency exchanges to close. Reports that the Chinese government will ease those regulations is also helping the price. A rotation out of digital tokens sold in initial coin offerings and into bitcoin is providing an additional boost. Investors are becoming increasingly wary as projects with little substance have mushroomed, and as hacks and technical issues have caused some to lose thousands. There’s a Wu-Tang Coin with the sole purpose of buying and releasing the Wu-Tang Clan album bought by fraudster Martin Shkreli, while Paris Hilton and Floyd Mayweather publicized their ICO investments on social media. Bitcoin is seen as a crypto-safe haven next to many of these tokens. “Everyone seemed to agree that once it broke through $5,000, the sky is the limit. I wouldn’t be surprised to see it double from here in a very short space of time,” said Ben Kumar, a money manager at Seven Investment in London, who invests in bitcoin in an individual capacity. “There’s a long time to run before people get tired of chasing the next big thing.” Bitcoin isn’t the only one to benefit as lately it seems that shares of any company with even an indirect link to the cryptocurrency space is bound to rally. Overstock.com Inc. soared after announcing a regulated digital tokens exchange, while Goldmoney Inc. climbed after saying it will offer its clients the ability to trade and store bitcoin and rival digital currency ether. In June, Nvidia Corp. and Advanced Micro Devices Inc., which make hardware used in cryptocurrency mining, rallied as ether surged to a record. Bioptix Inc.’s stock nearly doubled in the days leading up to the company’s announcement that it’s renaming itself Riot Blockchain Inc. Bitcoin’s rally and the proliferation of other digital assets is attracting the wary eyes of regulators globally. China and South Korea banned ICOs, while Russian President Vladimir Putin this week called for regulation of the sector. At least 13 other countries have imposed new rules or announced plans to tighten regulations. The digital currency’s surge has divided the financial community between those convinced it is a bubble on the verge of popping, like billionaire hedge fund manager Ray Dalio said, while other big-name investors like Mark Cuban and Mike Novogratz said they’re investing in the sector. Novogratz, who is starting a $500 million cryptocurrency fund, said this week he believes the price will double to $10,000 in less than a year. The road is sure to be rocky, as bitcoin’s volatility is still 10 times that of gold. “It’s a very speculative market,” Jon Moulton, a U.K.-based private equity veteran who owns bitcoins, said in an interview with Bloomberg TV’s Francine Lacqua. “It’s going to be a very volatile asset for a long time.” Bloomberg

Read more at: https://www.dealstreetasia.com/stories/bitcoin-surges-past-5000-first-time-84106/BITCOIN RISES ABOVE $5000

No comments:

Post a Comment

Leave A Comment

Post Top Ad