Fino Paytech to raise ₹200 cr.

Fino Paytech — the holding company of Fino Payments Bank — is planning to raise ₹200 crore from a clutch of domestic and foreign investors by the end of the financial year, said Rishi Gupta, MD and CEO, Fino Payments Bank, in an interaction.

The funds will be required to support the growth of the payments bank as well as the non-banking finance arm (NBFC) of Fino. Fino Paytech had raised ₹700 crore so far, including ₹400 crore for the bank.

The bank, which started business in July this year, had seen its operations stabilising with each of its branches adding 10-15 accounts everyday. It had 422 branches in 12 States like Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar, among others. It planned to add 200 branches in 2018.

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http://www.thehindu.com/business/fino-paytech-to-raise-200-cr/article21115576.ece