Fino Paytech Limited
About
Fino Paytech was found in the year July 13, 2006 and is headquartered in Mumbai. It is a business and banking technology platform with a broad service delivery channel and has the goal of meeting all of its clients’ financial service needs and so being their universally preferred choice.
Fino Paytech is a company backed by institutional investors from around the world and India.Fino Paytech, as an alternative banking channel, allows for smooth end-to-end customer sourcing and servicing. Fino Paytech Limited Group’s main business is offering technology-based financial inclusion solutions and services. It’s a commercial and financial technology platform with a broad range of service delivery options. The Group includes a Reserve Bank of India-registered Non-Banking Financial Company – Non-Deposit Accepting or Holding Company (‘NBFC-ND’).
Its mission is to provide financial assistance to underprivileged women in rural India who are organised into Joint Liability Groups (‘JLG’). Banks, microfinance organisations, government bodies, and insurance businesses are examples of group services institutions.
Overview
Due the majority of the risks in this domain arise owing to the remoteness of consumers, the success of the business correspondent service domain is built in excellent field management. Fino Paytech has used its significant field knowledge to build cutting-edge solutions for more effectively managing the many field aspects of operations.
Customer Enrolment Solutions: Fino Paytech has developed client enrolment solutions that can be used to effectively attract micro customers. To overcome the infrastructural issues on the ground, basic processes and minimum gear (including mobile phones) can be used.
Hardware Solutions: Fino Paytech’s Financial Inclusion Solution is powered by reliable, yet inexpensive, technology and solutions. Fino Paytech offers a broad range of biometric devices for enrolment, storage, and verification, as well as all back-end system components, allowing them to create and market unique financial inclusion applications.
Operations Solutions: The operations solutions team manages data messaging in order to churn out the necessary data for day-to-day operations planning and management. The principals have the option of using Fino Paytech’s pre-designed reports or requesting custom reports.
Insights
The company’s net revenue was Rs. 6,414.21 lakhs, up from Rs. 5,302.85 lakhs the previous year. The profit/loss before tax was Rs 839.26 lakhs, up from Rs 385.41 lakhs the year before. The Company has spent a significant amount of money constructing a brand and establishing its business activity, which has resulted in losses. We spent a significant amount on various capital and operating costs, resulting in losses for the fiscal year.
Expected Increased productivity and profits: Business and consumer confidence are likely to improve in the next years, and the company plans to expand its operations using a streamlined organisational style. Consumer sentiment is improving, and online platforms are increasing consumer spending, allowing the growth momentum to build up.
The company’s management is cautiously optimistic about the external economic situation, expecting consumer demand to become more steady and robust over the next several fiscal years. Furthermore, the company’s different policy initiatives will operate as a growth channel, resulting in larger revenues and improved margins. In addition, a number of efforts aimed at increasing productivity and profitability, as well as increasing technological investments, customer interaction, loyalty programmes, and improving the customer experience, have had positive outcomes.
Management
Rishi Gupta (MD & CEO)
Rishi is a founding member of Fino Paytech Ltd. and heads a team dedicated to Fino’s objective of becoming the customer’s first option for all financial services. Rishi previously worked at Fino as COO and CFO, where he established and oversaw cutting-edge operational and financial capabilities. Rishi previously worked for the International Finance Corporation in New Delhi before joining Fino. He also served as the Chairman of the Economic Affairs Committee.
Rishi has almost two decades of expertise in a variety of industries, including manufacturing, finance, and international organisations. He began his career at Maruti Udyog Ltd. before moving on to ICICI Bank and then Fino.
On January 19, 2018, Mr. Gupta was honoured by the Committee for Professional Accountants in Business & Industry (CPABI) in the category of CA Entrepreneur- Path Breaker Banking & Financial Institution, and in February 2019, he was honoured as one of the “100 Top Most Influential BFSI Leaders.”
Ketan Merchant (CFO)
Ketan has managed different Finance teams in leadership positions across the globe as a seasoned Financial Services leader and Chartered Accountant by profession. He has served as CFO and Director Finance in global financial services organisations during the course of his two-decade career. Ketan has worked in senior roles for HSBC, Standard Chartered, Barclays, and other multinationals in India, Europe, Africa, and the Pacific before to joining Fino. He was a member of the UK group companies’ Board of Directors and oversaw the finance function for Barclays’ global Corporate and Treasury Business. His responsibilities at Fino include strategic leadership of Planning, MIS, Accounting, Funds & Investments, and tax, compliance, legal, and secretarial governance. Ketan enjoys watching cricket and listening to music in his spare time.