New Delhi: Recently Listed Fino Payments Bank Key parameters have witnessed decent growth during the first half of the current financial year and are expected to grow by around 30-35% in terms of revenue on a long-term basis, said its Managing Director & CEO Rishi Gupta said.
Fino Payments Bank has been a profit making company since the last quarter of FY20 and the bulk of its revenue comes from transaction fees. It was listed on the stock exchanges with its IPO in November this year.
“We have been a profitable company, we have shown decent growth. In the first half of this year, our transaction value increased by 51%, our revenue increased by 36% and our profit increased by 73%,” They said .
“Our business is growing, fundamentally nothing has changed for us since we went public. There is also stability with good growth of 30-35 per cent on both revenue growth and growth on operating leverage. We see growth in Will continue our profit,” Gupta Said, who is also the founder of Fino Payments Bank.
He believes that the bank is at a sweet spot among its competitors, especially listed companies as the bank is the only profitable company in the sector and its business is also growing.
Gupta said that Fino is a very different payments bank compared to other fintech players in the market.
“Our target segment is very different, we are looking at people who are in middle and low income group. We are serving not in digital mode but also in physical mode. As a bank, 97 per cent of our income Transaction fees come through. And there is no credit risk that could damage our portfolio,” he added.
Going forward, the payments bank is set to launch several new products for its customers such as international remittance services as well as mutual funds, apart from a few other consumer and business products.
The official said Fino is awaiting regulatory approvals for both these products.
Fino Payments Bank is a wholly owned subsidiary of Fino Paytech Limited (FPL). FPL Backed by other marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC.
Over the years, the bank has witnessed a huge increase in transaction volume due to the digitization and proliferation of its banking points.
The payments bank’s platform facilitated over 43.4 crore transactions in FY’21 with a gross transaction value of Rs 1.32 lakh crore.
As of March 2021, Fino Payments Bank had the largest network of micro ATMs with a market share of 55 per cent, a merchant network of 6.4 lakh and 25.7 lakh bank accounts.
Fino Payments Bank has been a profit making company since the last quarter of FY20 and the bulk of its revenue comes from transaction fees. It was listed on the stock exchanges with its IPO in November this year.
“We have been a profitable company, we have shown decent growth. In the first half of this year, our transaction value increased by 51%, our revenue increased by 36% and our profit increased by 73%,” They said .
“Our business is growing, fundamentally nothing has changed for us since we went public. There is also stability with good growth of 30-35 per cent on both revenue growth and growth on operating leverage. We see growth in Will continue our profit,” Gupta Said, who is also the founder of Fino Payments Bank.
He believes that the bank is at a sweet spot among its competitors, especially listed companies as the bank is the only profitable company in the sector and its business is also growing.
Gupta said that Fino is a very different payments bank compared to other fintech players in the market.
“Our target segment is very different, we are looking at people who are in middle and low income group. We are serving not in digital mode but also in physical mode. As a bank, 97 per cent of our income Transaction fees come through. And there is no credit risk that could damage our portfolio,” he added.
Going forward, the payments bank is set to launch several new products for its customers such as international remittance services as well as mutual funds, apart from a few other consumer and business products.
The official said Fino is awaiting regulatory approvals for both these products.
Fino Payments Bank is a wholly owned subsidiary of Fino Paytech Limited (FPL). FPL Backed by other marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC.
Over the years, the bank has witnessed a huge increase in transaction volume due to the digitization and proliferation of its banking points.
The payments bank’s platform facilitated over 43.4 crore transactions in FY’21 with a gross transaction value of Rs 1.32 lakh crore.
As of March 2021, Fino Payments Bank had the largest network of micro ATMs with a market share of 55 per cent, a merchant network of 6.4 lakh and 25.7 lakh bank accounts.
,