ICICI Prudential Life Insurance and existing shareholder ICICI Lombard have provided $22m to Fino Paytech, which is also backed by Intel and Bharat Petroleum.
India-based payments bank Fino Paytech has received Rs 1.5bn ($22m) in funding from investors including insurance providers ICICI Prudential Life Insurance and ICICI Lombard, according to the Economic Times.
The corporates have acquired a 12% stake between them, valuing the company at approximtely $187m. Two other, unnamed investors also contributed to the round.
Fino Paytech operates a payments bank, a financial services model introduced in India in 2014. The banks are able to offer current and savings accounts, with a…
