Fino Payment Bank Limited IPO

About the Business

Incorporated in 2017, Fino Payments is a growing fintech company offering a wide portfolio of digital financial products and services in India. The company has a pan-India distribution network and its' major products and services includes:

• Current accounts and Savings accounts (CASA).
• Issuance of debit card and related transactions.
• Facilitating domestic remittances.
• Open banking functionality (through their Application Programming Interface).
• Withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System (AePS)
• Cash Management Services (CMS).

The company's merchants facilitate them in cross-selling their other financial products and services such as third-party gold loans, insurance, bill payments and recharges. Fino Payments also manages a large BC (Business Correspondents) network on behalf of other banks.

For revenue generation, the company relies on fees and commissions from their merchant network and strategic commercial relationships. The company is looking to target a population of India which has low levels of financial literacy and technology use and typically does not have access to even basic banking services. In 2020, the Ministry of Electronics & Information Technology ranked Fino payments third among banks in facilitating digital transactions in India. According to CRISIL, the company also has the largest network of micro-ATMs and the third-highest deposit growth rate in FY' 2021.