PhonePe Raises $100 Million to Expand Product Offerings

Key Insights and Signals -Banking & Financial Services

Tradeweb, Euroclear, and IGM collaborate to build a new solution for syndicated Eurobonds
The solution aims to provide essential pre-pricing data to investors by improving security identification and set-up processes and addressing critical delays. Read More>>
CorePlus Federal Credit Union Selects Upstart Holdings for Personal Lending
The partnership with Upstart allows CorePlus to stay ahead of online lenders while providing a modern, all-digital personal lending experience to more creditworthy members. Read More>>
Equifax partners with Spear Technologies to help with access to finance
The companies provide traditional credit and BNPL products to underserved customers using data and technology to identify and help customers at financial risk. Read More>>
Centre Setup and Expansion
First Community Bank opens first Charlotte-area branch
The opening of the new branch comes after it announced in March 2022 that it was expanding to York County with plans to add a loan production office in Rock Hill. Read More>>
Executive Movements
Quilter Cheviot Europe appoints Andrew Fahy as Chief Executive Officer
Andrew joined the firm earlier this year as Head of Financial Planning in Ireland, helping to establish the firm’s financial planning capability. Read More>>
Scotiabank appoints Francisco Aristeguieta to lead International Banking business
Francisco brings more than 30 years of international banking experience to his new role, including strategic repositioning of a major institution’s Asset Servicing business. Read More>>
Farmers & Merchants Bank announces leadership changes
F&M Bank appointed Mr. Wilkerson to the Board. He brings with him extensive experience in Retail Banking, Private Banking, Commercial Banking, and strategic leadership. Read More>>
Financial and Market Activity
HDFC Bank’s Net Profit Leaps 20%
HDFC Bank reported a net profit of USD 1.47 Bn for the quarter ended March 2023, an increase of 19.8% over the corresponding quarter last year. Read More>>
Anand Rathi Wealth consolidated net jumps 23% in Q4
Anand Rathi Wealth’s Q4 FY23 consolidated net profit rose 23% YoY to USD 5.1 Mn, while total revenue jumped 28% to USD 17.7 Mn. Read More>>
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Latest Industry Insights from Draup Braindesk

Mobile Banking Operations
  • PayPal focuses on developing mobile applications to enhance system automation for improved automated bill payments 
  • The company aims to develop users’ debit cards, credit cards, and checking accounts to allow them to pay on the go without disclosing financial information. 
  • PayPal is keen on expanding PayPal banking apps to offer a convenient and secure way to manage banking accounts and conduct financial transactions on mobile.
Advanced Financial Services
  • PayPal focuses on providing flexible pay-later services to its customers and enables collateral-free loans for transactions made through PayPal’s app 
  • The company aims to expand its financial payments platform to a commerce platform that includes features like PayPal shipping, invoicing, and even PayPal loans.
Digital Payment Services & Solutions
  • PayPal focuses on expanding digital transaction services to offer a unique wallet experience using Cloud & Machine Learning

Key Funding Alert

PhonePe raises another USD 100 Mn from General Atlantic
The investment aims to aid PhonePe’s expansion of product offerings, including insurance, mutual funds, and stock trading, to better serve SMEs. Read More>>

Start-up Spotlight 

Company – Skuad
Total Funding – USD 19.75 Mn
Skuad’s Global HR & Payroll Platform simplifies digital onboarding, cross-border payroll, statutory benefits, and local legal compliance for employees. With Skuad, businesses can scale globally without heavy investments, complex HR admin, or lengthy processes. Read More>>

Latest Reports Published in Draup

Bank of America Corporation Account Intelligence Report
Bank of America is investing in digital-first banking strategies like AI, P2P money transfers, and mobile platforms. Read More>>
U.S. Bancorp Account Intelligence Report
U.S. Bancorp focuses on developing digital banking services for transactions and voice assistance to accelerate the future of banking modernization. Read More>>
Stripe Account Intelligence Report
Stripe intends to strengthen its security solutions and automatically block high-risk payments to simplify advanced payment options through a single platform. Read More>>
Here’s what’s new on our Sales Intelligence Platform
Introducing outsourcing highlights
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