India, 18 April 2022: PaySprint is a star-up Fintech launched in December 2020 with the vision is to empower millions of Indians to Digital Banking. The recent guidelines of RBI on establishment of Digital banking Units is line with their vision of empowering the expansion of digital financial services across India. In a short period, PaySprint, has raised seed capital funding from Fino Payment Bank. Fino is acquiring 12.19% stake in PaySprint.
PaySprint has pioneered strong Partnerships with the Banking ecosystem and providing Unified Open API Platform that would transform how Bharat transacts and leads to larger Consumer Adoption, Interface and Delight.
Speaking about this development, Rishi Gupta, the MD & CEO of Fino Payments Bank, “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.”
He further added, “Our DNA has always been in the emerging India segment offering diverse payment solutions which eventually generate value for our shareholders.”
“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 & transform how Bharat transacts”, adds S Anand, the co-founder and CEO of Paysprint.
PaySprint, is a rapidly growing financial technology company offering next generation APIs in the areas of NexGen Banking, NexGen Payments, NexGen Solutions, Travel, Lending, Insurance, Investment and more. It is helping payments service providers to offer seamless services to customers by providing Unified Open API Platform through fast and wholesome integration and a plug and play model. FY22 was the first full year of operations for PaySprint and it achieved an annual GMV of ₹5,500 cr. The strong growth momentum is expected to continue in FY23 as well. It also onboarded more than 600 partners across banks, NBFCs, MSMEs, fintechs and various other start-ups during the year.
“As a Bank, our focus is to deliver superior and secure customer service at the last mile and innovate on scalable banking and payments solutions. In order to add more use cases for our customers within our ecosystem, we fall back to our DTP (Distribution, Technology and Partnership) philosophy of partnering with new age technology companies that can deliver the best solutions”, mentioned Ashish Ahuja, the Chief Operating Officer of Fino Payments Bank.
The partnership of PaySprint with Fino is expected to synergize on a host of financial and non-financial use cases for the emerging India customers through API plug-ins to the Bank’s digital platforms. This will not only result in attracting new customers but also help in deepening engagement with the existing customers and thereby empower & transform how Bharat transacts.