Bengaluru-based fintech startup Groww has turned profitable as it registered Rs 1,277 crore in revenue in FY23, a huge 266 per cent surge. The Zerodha rival reported a net profit of Rs 448.7 crore in FY23 against Rs 239 crore in net loss in the previous fiscal year.
According to data by the Reserve Bank of India, PoS transactions in India has seen a muted growth over the last eight months, from January to August, 2023, alongwith a tepid growth in installation of new PoS machines in India. Here’s what the data suggests:
Bitcoin rose 6% on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.
According to the company, the growth in revenues comes as it doubled down on new merchant acquisitions. Further, profit pools increased as almost 90% of transactions on the platform were from repeat customers.
FinTech lenders now command a 47% market share in the personal loan sector in 2023, up from 13% in 2018, says a report.
A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash.
The digital lending industry in India is expecting a quick rebound in business during the festive season. Fintech lenders are well-prepared to meet the heightened credit demand, with stronger and profitable balance sheets. Digital lending platforms anticipate an average increase of 15-20% in disbursals during the festive period.
The criminal trial of Sam Bankman-Fried, the disgraced cryptocurrency mogul, has attracted a diverse group of observers, including a popular YouTuber known as Taco. With a devoted following of around 5,000 online followers, Taco provides updates on the trial to his audience, despite declining to reveal his real name.
The ongoing festive season is proving to be a shot in the arm for the digital lending industry. This and more in today’s ETtech Morning Dispatch.
The correlation between crypto markets and macroeconomic factors underscores the evolving nature of both the cryptocurrency industry and the global financial system. As the traditional and digital financial worlds continue to converge, understanding the interplay between these two realms is of paramount importance