Fino Payments Bank, a private sector lender, announced on Tuesday that it had gotten board permission to acquire a 12.19 percent investment in Paysprint, a fintech business located in New Delhi. The bank’s Board of Directors, which met on April 10, approved a strategic investment of up to 12.19 percent in the fintech through the subscription of its shares, according to a statement released here. The transaction value, however, was not disclosed by the bank.
“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 successful fintech, is a fast-growing financial technology firm that provides next-generation APIs in banking, payments, travel, lending, insurance, and investing, among other fields.
“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.
S Anand, the co-founder and CEO of Paysprint, commented on the development, saying that with this partnership, the company will be able to combine its technical expertise to innovate and create new banking products and solutions that will lead to increased consumer adoption, delight, and transform how Bharat transacts.
