Fino Payments Bank to acquire 12.19% stake in New Delhi based fintech 'Paysprint'; stock climbs ~3%

13 Apr 2022 , 12:13 PM

Fino Payments Bank Limited informed that its board has approved the acquisition of a minority, strategic stake in New Delhi based Paysprint Private Limited (Paysprint). The bank will be investing upto 12.19% in the Paysprint through a share subscription.

The is the first strategic investment by Fino Payments Bank after its public listing. The company also informed that this is an addendum to several in-house initiatives by the Bank which are already underway towards building a digital ecosystem for its customers as part of its Fino 2.0 journey.

Paysprint is a rapidly growing and profitable financial technology company offering next-generation APIs in the areas such as payments, banking, lending, travel, insurance, investment, and more. It is enabling payments service providers to offer seamless services to customers by providing a Unified Open API Platform through fast and wholesome integration and a plug and play model.

Speaking about this development, Rishi Gupta, the MD & CEO of Fino Payments Bank commented, “The journey of Fino as a group has completed its full circle. We build this company to provide BC banking services through a technology platform to various financial institutions across the country. As we move ahead in our journey as a Payments Bank today, we are now partnering with new-age technology companies that will revolutionize the digital banking space in the days to come.”

This was Paysprint’s first full financial year, and it achieved an annual GMV of Rs5,500 crore. The strong growth momentum is expected to continue in FY23 as well. It also onboarded more than 600 partners across banks, NBFCs, MSMEs, fintech, and various other start-ups during the year.

Fino Payments Bank is currently trading at Rs311.85 up by Rs8.05 or 2.65% from its previous closing of Rs303.80 on the BSE. It has touched today’s high and low of Rs325 and Rs310.80 respectively so far.