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September 21, 2022

Fino Payments Bank buys 12.19% stake in fintech PaySprint

Indian private sector lender Fino Payments Bank has wrapped up the acquisition of a 12.19% stake in fintech firm PaySprint.

The deal, first announced in April this year, is the first for Fino Payments Bank after its public listing.

Paysprint is a New Delhi-based fintech, which offers application programming interfaces (APIs) in the areas of banking, payments, travel, lending, insurance and investment among others.

In an exchange filing, the bank said, “We wish to inform you that, the bank has executed the share subscription and shareholders’ agreement with PaySprint.”

The aggregate value of the deal is around INR4m.

The partnership with Paysprint is anticipated to synergise on a variety of financial and non-financial use cases for customers via API plug-ins to the lender’s digital platforms.

Fino Payments Bank hopes to attract more customers through the deal and deepen relationships with existing customers. 

At the time of the announcement of the deal, Fino Payments Bank MD & CEO Rishi Gupta said: “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.”

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