# Fino Payments Bank

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fino-payments-bank

- Industry: Financial Services
- Headquarters: Mumbai, India
- Website: www.finobank.com
- Total disclosed funding: $15M
- Latest round: Series D (Jan 10, 2012)
- Investors on record: 3

## About

Based in India, Fino Payments Bank Limited operates as a digital banking service provider, facilitating payments and financial services for individuals and small to medium-sized enterprises.Fino Payments Bank Limited offers digital banking and payment processing services, founded in 2007 in Mumbai, India. The company was established by Zhenzhong Wang, who has a history of entrepreneurial ventures. In November 2021, Fino raised INR 12 billion in an IPO, marking its most recent deal, which coincides with the total amount raised.Finobank offers a suite of financial services primarily aimed at individuals and small to medium-sized enterprises (SMEs). Their core product offerings include digital banking solutions, payment processing services, and lending products designed to enhance financial accessibility and efficiency. Through their mobile banking platform, users can manage their accounts, conduct transactions, and access personalized financial advice in real-time. Additionally, Finobank provides SMEs with merchant services that facilitate payment acceptance through various channels, including online and in-store transactions. The company caters to customers across multiple geographical markets, including but not limited to North America, Europe, and select regions in Asia, focusing on delivering user-friendly solutions that address the diverse needs of their client base.Finobank generates revenue through a structured transaction model that encompasses both B2B and direct-to-consumer services. Their revenue streams include subscription fees for premium banking features, transaction fees associated with payment processing, and interest from their lending products. For example, clients may engage with Finobank's payment processing service, which charges a percentage fee for each transaction completed through its platform. In 2022, Finobank reported a revenue of INR 133,377,504.20, with an EBITDA of INR 10,496,673.70, creating a consistent revenue flow as businesses rely on Finobank for seamless financial transactions.Fino Payments Bank Limited plans to launch new financial products aimed at enhancing customer engagement and expanding its service offerings. The company targets expansion into additional markets across Asia and Africa by the end of 2023. The funds raised in the November 2021 IPO, amounting to INR 12 billion, will be utilized to support these new product developments and facilitate the geographic expansion of their services.

## Funding rounds

- Series D, Jan 10, 2012 — IFC Venture Capital
- Series B, Dec 8, 2009, $15M — Intel Capital, IFC Venture Capital, Headland Capital Partners

## Investors

- Intel Capital (https://capitalatlas.ai/funds/intel-capital) — Series B
- IFC Venture Capital (https://capitalatlas.ai/funds/ifc-venture-capital) — Series B, Series D
- Headland Capital Partners (https://capitalatlas.ai/funds/headland-capital-partners) — Series B