Fino Payments Bank To Buy 12.19% Stake In Paysprint

“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 in a statement to the stock exchanges. 

Paysprint, a profitable fintech, is a rapidly growing financial technology company offering next generation application programming interfaces (APIs) in the areas of banking, payments, travel, lending, insurance, investment and more, it said. 

The statement said that 2021-22 was the first full year of operations for Paysprint and it achieved an annual gross merchandise value (GMV) of ₹5,500 crore and the growth momentum is expected to continue in FY23 as well. 

Rishi Gupta, chief executive of Fino Payments Bank said that the journey of Fino as a group has come to a full circle. 

“We were incepted to provide business correspondent 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,” said Gupta. 

S Anand, co-founder and chief executive of Paysprint said the fintech is delighted to partner Fino Payments Bank and synergise technical expertise to innovate and create new banking products and solutions that will lead to larger consumer adoption.