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) and
• 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.
Competitive Strengths:
- Unique DTP (Distribution, Technology, Partnership) network helps in better customer servicing
- Focus on technology development and in-house technological expertise
- Customer centric and innovative business model
- Highly experienced management team
- Vision of socially inclusiveness and empowerment
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Augmenting its Tier–1capital base to meet its future capital requirements | — |
| Metric | 30-March-21 | 31-Mar-20 | 31-Mar-19 |
|---|---|---|---|
| Total Assets | 1,010 | 624 | 684 |
| Revenue | 791 | 691 | 371 |
| PAT | 20 | 32 | 62 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 15,562,735 (75%) | — |
| NII / HNI | — | 3,112,546 (15%) | — |
| Retail (RII) | — | 2,075,031 (10%) | — |
| Employee | — | 51,993 (0%) | — |
| Total | — | 20,802,305 (100%) | — |
* Amount calculated at upper price band (₹577) · ** Total includes all investor categories
- 1 Initiation of Refund 10 Nov 2021
- 2 Credit of Shares to Demat 11 Nov 2021
- 3 Lock-in Period (30%) December 9, 2021
- 4 Lock-in Period (50%) February 7, 2022
- Retail allocation is weak at 10% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 75%.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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