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CURRENT AFFAIRS
Description
Fi, a neobanking startup backed by investors like Peak XV and Temasek, has received a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI), allowing it to make loans on its own books. This move is consistent with the trend observed among fintech businesses in recent years, where obtaining NBFC licenses helps direct lending and asset base construction.
Key Details
Fi’s Strategic Move
Narayanan and Gwalani, former Google executives, created Fi in 2019 to provide zero-balance savings accounts, investments, payments, and savings services.
Fi's purchase of the NBFC license is a big step forward, allowing it to expand its operations beyond traditional financial services to include independent lending.
NBFC Licensing Trend In Fintech
In response to the RBI's tough limitations on online credit disbursement, fintech businesses have sought NBFC licenses in greater numbers.
These licenses enable fintechs to make loans directly from their own books, building a strong asset base rather than operating only as intermediaries.
Investor Support And Financial Standing
Fi has received significant equity capital from major investors such as Ribbit Capital, Alpha Wave Global, and Temasek, totaling over $160 million.
Investor support emphasizes Fi's development potential and solidifies its place in the competitive fintech sector.
Challenges And Industry Landscape
While the RBI has shown willingness to award lending licenses to fintech businesses, some players, notably Fi, have had challenges in securing the license.
Other well-known fintech businesses, such as Pune-based unicorn One Card and 'buy now, pay later' startup Uni Cards, have had similar issues in meeting regulatory criteria.
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