Fintech players receive $2.7 bn from VCs in 2020
Global fintech investments stood at a whopping $105 billion across 2,861 deals in the year, the third-highest annual total ever, as per the data collated by KPMG India
PTI | February 25, 2021 | Updated 20:22 IST
Representational Image
Despite the pandemic-induced disruptions, venture capital funds pumped $2.7 billion into domestic fintech companies in 2020, the second-highest fund infusion into the sector since 2019 when it had peaked at $3.5 billion, according to a report.
The biggest investments were into Bengaluru-based payments firm Navi Technologies at $397.9 million from angel funds, Noida-based Pine Labs attracted $300 million from private equity players, and Razorpay received $100 million from GIC of Singapore, Sequoia and others, making it a unicorn.
Prism Group s Swiss subsidiary Global Fintech Investments and Abu Dhabi s Royal Strategic Partners signed a share purchase agreement to buy Finablr, which is listed on the London Stock Exchange, in December.
Finablr, whose companies include the UAE Exchange, Xpress Money, Bayan Pay, Remit2India and Unimoni brands, is being restructured after the group reported undiscovered liabilities in May last year that mean its debts were $1 billion higher than the $334 million reported in its last filed accounts for the year to June 30, 2019.
The company s former owner, BR Shetty, has claimed he is the victim of a fraud perpetrated by former managers, who forged cheques and other documents without his knowledge.
17 December 2020 | 09:42am
StockMarketWire.com - Finablr said it had entered into a definitive agreement with Global Fintech Investments to sell its entire business and operations.
The company said it would use the nominal consideration and any further consideration received to return value to its creditors, followed by its shareholders. Given the circumstances of the company and the fact that absent the proposed funding from GFIH the company will have insufficient working capital the bBoard f the Company believes that the Transaction is in the best interests of the shareholders of the company, Finablr said.
Story provided by StockMarketWire.com
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.