In today’s FinTech news, Stashfin raised funds to reach more consumers in India with its virtual credit facility. Meanwhile, India’s central bank is halting non-bank issuers of PPIs from loading cards and digital wallets through credit lines, and Nubank is looking to buy FinTechs in Latin America.
The Reserve Bank of India has announced that non-bank issuers of prepaid payment instruments (PPIs) can’t load cards and digital wallets with funds through credit lines. There are more than 35 non-bank PPI issuers in India, including Amazon Pay, Bajaj Finance, slice, Phone Pe and others.
Digital banking startup Stashfin is using its latest capital from a Series C round to continue growing its platform across Southeast and South Asia.
The startup offers a virtual credit facility to consumers in India with loans ranging from ₹1000 to ₹5,00,000, with repayment periods ranging from three months to 36 months. Stashfin also offers Stashfin Credit Line Cards, which offers virtual and physical cards with rewards and free ATM withdrawals.
PropTech startup Huspy is using its fresh capital raised in a Series A round to invest in the development of new technology and expand across the United Arab Emirates (UAE) and Europe.
The home financing startup enables buyers in the UAE to find mortgages online, and Huspy is also launching a full-service property marketplace.
Latin America’s biggest digital lender Nubank has its sights set on picking up a few bargains in the region’s FinTech space. Nubank CEO David Vélez referred to the LatAm space as being too crowded and said that not every company will survive, opening the door for mergers and acquisitions.
After halting withdrawals on June 17, crypto lender Babel said it could be getting closer to an agreement that would offer some debt relief, although no date was given.
In a letter, the company said it is “in close communication with all related parties on the actions we are taking in order to best protect our customers. During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately.”