Microsoft CEO Satya Nadella joins Groww as investor, advisor

Tiger Global-backed Groww on Saturday said Microsoft chief executive officer Satya Nadella has joined the company as an investor and advisor. “Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India,” Groww’s co-founder and CEO Lalit … Read more

SBI does another interesting investment. This time into Pine Labs.

The bank is making a $20 mn investment into Pine Labs (PL). Key points to note – In May-July 2021, PL was valued at $3.5 bn when it had raised $ 600 mn from reputed investors including Fidelity, Blackrock and others. Later in September it had raised another $100 mn from Invesco at an undisclosed … Read more

PB Fintech to set up an Account Aggregator subsidiary

PB Fintech’s board has approved to set-up a wholly owned subsidiary to carry on the business of an Account Aggregator (AA). Key points to note – Account Aggregator Network – a financial data sharing system was recently introduced in India in September 2021. An Account Aggregator (AA) is a type of RBI regulated entity (with … Read more

Niti Aayog floats idea of full-stack digital banks

Government think-tank Niti Aayog on Wednesday proposed setting up of full-stack ‘digital banks‘, which would principally rely on the internet and other proximate channels to offer their services and not physical branches, to mitigate the financial deepening challenges being faced in the country. The Aayog, in a discussion paper titled ‘Digital Banks: A Proposal for … Read more

Shriram hires Chief Digital Officer from Bajaj Finserv

Shriram Capital has hired Ajay Thomas John as Group Chief Digital Officer to lead the digital transformation at the company. He has been hired from Bajaj Finserv where his last designation was Head – Digital Strategy, Transformation and Fintech. Key points to note – Shriram Capital (SC) is the holding company of Shriram Group comprising … Read more

Groww’s valuation hits $3 bn as start-up raises $251 mn in Series E round

Fintech unicorn start-up Groww’s valuation has reached $3 billion after a fundraise of $251 million, led by ICONIQ Growth, including participation from investors like Alkeon, Lone Pine Capital, Steadfast, and existing investors.   The platform, which can be used to invest in direct mutual funds, stocks, ETFs and IPOs, currently has more than 20 million … Read more