Fino Payments Bank IPO GMP, Review & Important detail 2021
Fino Payments Bank was founded on April 4, 2017. ICICI Bank, BPCL, and Blackstone have all invested in IFC Fino Payments Bank, which has an exceptional financial and distribution track record. Every year, this strong network experiences amazing growth. Fino Payments Bank IPO will hit the market in October 2021.
About
Fino Payments Bank is Digital Banking Partner for thousands of Indians. They understand the customer and what they want from a bank, and it is their constant goal to give an outstanding banking environment to customers through easy solutions and services that can be accessible at any time and from any location.
With approximately 6.41L banking facilities, 54 Bank Branches, and 143 Customer Service Points, they are available in 94 percent of India’s regions.
They’re a fast-growing fintech firm that specialises in digital financial products and services with a strong focus on payments.
Across a pan-India distribution network and proprietary technology, they provide various solutions and services to their target market.
Business Model
They have a low-asset company model that relies primarily on fee and commission income from their merchant network and targeted commercial agreements.
Each merchant caters to its community’s banking and financial needs, forming the backbone of their assisted-digital ecosystem, also known as their “phygital” delivery model (a mix of physical and digital).
The merchant’s use of technology, as well as their use of analytics on the data we collect, improves the merchant’s capacity to cross-sell third-party items to their existing clients, thus raising revenue and allowing them to further customise overall product and solution offerings.
Approach
While innovation is always present, technology and consumer trust are at the heart of all they do and serve as the foundation for their success.
The entirety of their business model They have emphasised and will continue to emphasise their focus on “emerging India,” which caters to a population that is rapidly growing.
They feel it represents a significant market opportunity that has been largely missed by the majority of India’s big financial institutions.
Poor levels of monetary knowledge and technology use, as well as a lack of financial resources, characterise this segment of Indian society.
It is sometimes referred to as the “unserved and underserved” because it does not have exposure to even minimum banking services.
Products & Services
Numerous current and savings accounts (“CASA”), the issuance of debit cards and linked transactions, supporting domestic remittances, open banking features (via our Application Programming Interface (“API”)), withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System “AePS”), and cash management services (“CMS”) are among their products and services.
Their retailers also use their existing client connections in their communities to help us cross-sell additional financial products and services like third-party gold loans, insurance, bill payments, and recharges.
On behalf of other banks, they also operate a vast BC network. The MEITY ranked them third among banks in 2020 in terms of supporting digital transactions.
Fino Payments Bank IPO
Fino Payments Bank, headquartered in Mumbai has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 1300.00 Crore on 30 July, 2021.
There will be fresh issue of 300.00 Crore & OFS (Offer for sale) up to 15,602,999 equity shares from existing Promoters mentioned in the DRHP of the company.
They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.
Pre- IPO Placement
A pre-IPO placement of up to Rs 60 crore may be considered by the bank. The size of the new issue will be reduced if this placement is performed.
Originally published at https://profitmust.com on August 2, 2021.
