Fino Payments Bank has agreed to acquire a 12.19% holding in New Delhi-based fintech startup PaySprint for an undisclosed amount.
PaySprint provides application programming interfaces (APIs) for the payments, banking, insurance, investments, and travel segments.
The firm helps payments service providers offer services to customers by providing a Unified Open API Platform through integration and a plug and play model.
It currently has a customer base consisting of more than 600 banks, non-bank lenders and small businesses.
The deal forms part of Fino Bank’s strategy to build a digital ecosystem for its customers as part of its Fino 2.0 journey. It marks the bank’s first strategic investment after its public listing.
Fino Payments Bank managing director and CEO Rishi Gupta said: 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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“Our DNA has always been in the emerging India segment offering diverse payment solutions which eventually generate value for our shareholders,” added Gupta.
Fino Bank plans to leverage its partnership with Paysprint to synergise on various financial and non-financial use cases through API plug-ins to the bank’s digital platforms.
This is expected to help the lender attract new customers while strengthening engagement with existing clients.
Commenting on the development, Paysprint co-founder and CEO S Anand said: “At PaySprint, we are extremely delighted to partner with Fino Payments Bank and synergise our technical expertise to innovate and create new banking products and solutions that will lead to larger consumer adoption, interface and delight and transform how Bharat transacts.”
In January this year, Fino Bank secured regulatory approval from the Reserve Bank of India to launch an international remittance business.