Fintech firms freeze cards💳, FIXCRAFT acquires VMotive🚗, Twitter partners with Shopify🛍️

Some fintech firms freeze prepaid cards, FIXCRAFT acquires VMotive, Twitter joins Shopify to bring merchants' products on its app, Funding Deals and more.

Jun 23, 2022

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Hi folks🙋🏻‍♂️,

RBI’s latest move has disturbed the “$5 Bn credit card -based industry opportunity.” Many fintech players in the ecosystem are looking for a workaround. We covered many funding deals in today’s edition with an acquisition in the automotive sector. To read more about this, you can visit our LinkedIn page. Let’s see what Twitter and Shopify together are planning to increase sales!

Some fintech firms freeze prepaid cards after RBI order💳

Fintech firms such as Jupiter, EarlySalary and KreditBee have temporarily stopped customers from using their prepaid cards after RBI banned the non-banks from loading credit lines on prepaid payment instruments (PPIs).

Some partner banks of these card-based fintech firms may also stop supporting their bank PPIs to these platforms after seeking clarification from the RBI.

Card-based fintech firms such as Slice, Uni, Kissht (through its Ring card offering) and LazyPay are also likely to be severely impacted, with their business models now questioned.

Even as they seek further clarity from the RBI, fintech firms are thinking of ways to work around the regulator’s order. Some fintech firms are thinking of re-issuing credit cards as some bank partners log out to comply with RBI’s communication.

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FIXCRAFT forays in the automotive market by acquiring VMotive🚗

Fixcraft, a one-stop car repair and service startup, has acquired VMotive, an automotive spares brand of Vogo, along with its trademark for an undisclosed amount.

The team of V-Motive will also join Fixcraft as part of this deal. With this acquisition, Fixcraft will be able to strategically deepen its play in the Indian post-sales automotive market, the third-largest in the world at $24 billion, a statement said.

“VMotive in Fixcraft’s portfolio of offerings makes our play in the post-sales car repair and service segment deeper across the entire value chain,” said Vivek Sharma, Founder and CEO, Fixcraft.

Hot Shorts⚡

Cashify, a seller of used smartphones, has raised $90 million from NewQuest Capital Partners (NewQuest) and Prosus.
Overseas higher-education startup Leap raised $75 million in a funding round led by Owl Ventures, Steadview Capital, Paramark Ventures and a few others.
WayCool, a food and agri-tech platform has received an investment of $40 million in a funding round led by 57 Stars.
Healthtech startup Spry has closed a $7 million Series A round led by Eight Road Ventures, with F-Prime Capital, and Together Fund also participating.
CloudFeather Games, a Bengaluru-based provider of next-generation plug-&-play real-money gaming (RMG) and Web 3.0 tools for game developers, has raised $1.25 million from Lumikai.

➡️ Check out our LinkedIn space for more on the funding deals.

Twitter joins Shopify to bring merchants' products on its platform🛍️

Expanding its e-commerce business, Twitter on Wednesday partnered Shopify and will soon launch a sales channel app for the US merchants in Shopify's app store.

All US Shopify merchants will have a quick and easy way to tap into Twitter to drive their customers to purchase.

"With our Twitter Shopping ecosystem, we're investing in features that empower businesses to put their products in front of their customers and drive them to where they can make a purchase," the company said in a statement.

The company has built a Twitter sales channel app, available in Shopify's App Store and through the Shopify admin. With just a few clicks, merchants can connect their Twitter account to their Shopify admin and onboard onto Twitter's Shopping Manager.