Newtap Technologies News Today

The RBI has blocked the attempts of CRED to increase its stake in Newtap Finance, an NBFC founded by CRED founder Kunal Shah.

The fintech’s plan to increase its stake in Newtap Finance, formerly Parfait Finance and Investments, from the current 23.6% stake suffered a setback after the regulator returned Cred’s application.

ET has learnt that sellers need to apply to the central bank saying that they intend to transfer the licence to the acquirers name.

Newtap Finance, an NBFC founded by CRED founder Kunal Shah, posted a net profit of INR 5.63 Cr in FY23, the first year of its operations.

Founded in 2019 by Shah and Gaurav Arora, Spenny was a micro-investment platform that nudged users to invest small amounts of money in mutual funds and digital gold every time they chose to spend.

CRED is said to be eyeing a bigger digital lending play and compete more directly with the likes of Paytm and PhonePe

Kunal Shah’s CRED is looking to raise $50-70 Mn for its non-banking finance  (NBFC) platform Newtap Technologies.

Tiger Global, one of the most active venture capital backers in India over the past decade, has made its second biggest exit from India after ......

2021 was a blockbuster year for global fintech funding, exits and unicorn minting, a trend that was also observed in the Indian fintech landscape.