Pine Labs picks up stake in Mosambee 🍊, PhonePe 100Mn in a day💸, Zepto 🤝🏻 LazyPay
Pine Labs picks up majority stake in Mosambee, PhonePe crosses 100 mn transactions in a day, LazyPay partners with Zepto, Funding Deals & more.
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Pine Labs picks up majority stake in Mosambee, to bolster payments play🍊
Digital payments and financial services provider Pine Labs on Wednesday said it has picked up a majority stake in payments solution provider Mosambee.
The merchant-focussed fintech firm has been looking for fintech software and infrastructure providers to bolster its offerings for small and medium enterprises (SMEs), and to launch new offerings.
Founded in 2008, Mosambee offers payment solutions for online and offline merchants and has clients in India and six other countries.
The acquisition comes as Pine Labs has been raising funds, gearing up for an initial public offering (IPO) in the US.
PhonePe says it clocked 100 million transactions in a day for the first time💸
Digital payments and financial services company PhonePe has touched the milestone of processing more than 100 million transactions in a single day.
UPI processed transactions worth $1 trillion in FY23, and crossed a milestone of five million transactions in March this year. However, PhonePe's transactions also include bill payments, insurance purchases, and investments done through its platform.
The company is a leader in the Unified Payments Interface (UPI) with a 47% share in monthly volumes.
Healthtech startup Medikabazaar has raised $65 million in a new funding round led by Lighthouse India Fund.
Performance management startup Mesh has secured $11 million in Series A funding round led by RTP Global.
Securden, a security startup, has bagged $10.5 million in a Series A funding round led by Tiger Global.
Healthtech startup HBox.ai has secured $700,000 in a seed funding round led by Arali Ventures.
Fintech startup Leaf Round has received $300,000 in its pre-seed round from micro VC firm Upsparks, Superb Capital and senior business leaders from McKinsey, Bain, Barclays and Adobe.
LazyPay partners with Zepto, expands BNPL service to quick commerce🤝🏻
PayU's 'buy now, pay later’ (BNPL) solution LazyPay has announced its expansion into the rapidly growing quick commerce market through a partnership with Zepto, a 10-minute grocery delivery platform backed by Y Combinator.
The firm said the partnership offers could help expedite Zepto's client adoption by using LazyPay's large customer base. In addition to speedy checkouts, Zepto will benefit from LazyPay's near-perfect success rate, which will reduce cart abandonment.
Founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto launched its ultra-fast commerce service last April.
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