Welcome to TechCrunch Fintech! This week we’re taking a look at an organization making a uncommon entrance into India’s important — however locked-down — banking market and a brand new lawsuit going through SoLo Funds.
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The massive story
Indian fintech Slice seals financial institution merger
Slice has accomplished its merger with North East Small Finance Financial institution, marking a uncommon occasion of a startup efficiently coming into India’s tightly regulated banking sector. The merger transforms Slice right into a banking entity following months of regulatory scrutiny — and offers the startup entry to capital at decrease price and direct management over its lending operations.
In accordance with an e-mail despatched to prospects, Slice will keep its current digital fee and lending providers in addition to broaden into conventional banking with choices like financial savings accounts and funding merchandise.
Evaluation of the week
This time, we’re placing the ball in your court docket. This text drops the day after our Fintech Stage at our annual Disrupt convention, and proper in the course of the three-day, jam-packed affair. In case you’re desperate to catch the Disrupt Stage programming, or make amends for the occasion general, watch our livestream or read our live blog.
If you’d like the complete obtain on the highlights and largest takeaways from our Fintech Stage, you’ll have to attend till subsequent week. Till then, take a look at the recordings of whichever panels curiosity you and discover the trade insights by yourself phrases.
{Dollars} and cents
Finix raised $75 million for its greatest push but towards competitor Stripe. CEO and founder Richie Serna informed TechCrunch that turning into a fee processor was “hugely transformational” for the business, and a important driver of the fundraise. Serna says Finix has quadrupled its income within the final yr, however there’s nonetheless an extended technique to go to compete with Stripe’s buyer base.
Upflow is a startup that initially targeted on managing excellent invoices. However the firm is now announcing a shift in its strategy to become a B2B payment platform with its personal fee gateway to enrich its accounts receivable automation resolution.
Distant, an HR platform for managing geographically distributed groups, is doubling down on its deal with managing fairness compensation with a brand new product: Distant Fairness. Due to a brand new partnership, companies using Carta to manage their cap table can now draft and issue option grants in Carta and embody worldwide staff.
SoLo Funds is going through a new class action lawsuit. The go well with, first reported by Bloomberg, accuses SoLo Funds of deceptive customers by promoting zero-interest charges on loans but encouraging “tip charges” and “donation charges” to acquire mentioned loans. The grievance alleges these are hidden charges which can be arduous to decide out of, making the corporate’s loans costlier than debtors anticipated.
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