Mumbai,
Private sector lender Fino Payments Bank on Tuesday said it has received Board approval to pick up 12.19 per cent stake in New Delhi based fintech firm Paysprint. The Board of the bank, which met on April 10, has given its approval for strategic investment of upto 12.19 per cent in the fintech by way of subscription to its shares, it said in a statement issued here. The bank, however, did not disclose the transaction value.
"The strategic investment is a first for Fino Payments Bank after its public listing. This is in continuation to several in-house initiatives by the Bank that are already underway towards building a digital ecosystem for its customers as part of its Fino 2.0 journey," the bank said. Paysprint, a profitable fintech, is a rapidly growing financial technology company offering next generation APIs in the areas of banking, payments, travel, lending, insurance, investment and more.
"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," Rishi Gupta, the MD & CEO of Fino Payments Bank said.
Speaking about this development, S Anand, the co-founder and CEO of Paysprint said that with this partnership, the company can synergise its 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.