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Corporate expense management platform <keyword id="2738808" type="General" weightage="100" keywordseo="happay" source="Orion">Happay</keyword>, owned by credit <keyword id="6360117" type="General" weightage="50" keywordseo="card" source="Orion">Card</keyword> bill payment provider CRED, has slashed nearly 35 per cent of its workforce as part of a restructuring exercise, the media reported. According to leading startup news portal Inc42, at least 160 employees from departments like sales, marketing, tech, product, and operations, have been asked to go by the platform. According to the report, Happay is giving impacted employees three months salary along with an extension of insurance coverage and some other additional benefits. When reached, CRED did not immediately comment on layoffs at Happay, which it acquired in December 2021 in a cash and stock deal that valued Happay at $180 million. "With professional expenses forming a significant portion of credit card spends, bringing professional expense management into the CRED ecosystem is a natural extension of our proposition," <keyword id="192201" type="General" weightage="50" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>, founder, CRED, had said in a statement during the acquisition. While Happay operated as a separate entity, the team worked closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale. CRED last year acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transaction for an undisclosed sum. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a href="https://www.businessinsider.in/stock-market/news/fears-of-a-us-debt-default-are-mounting-as-the-deadline-to-lift-the-borrowing-limit-looms-heres-what-elon-musk-paul-krugman-and-jamie-dimon-have-warned-/articleshow/100229208.cms">Fears of a US debt default are mounting as the deadline to lift the borrowing limit looms. Here's what Elon Musk, Paul Krugman and Jamie Dimon have warned.</a> <a href="https://www.businessinsider.in/tech/news/heres-how-googles-new-ai-updates-will-transform-your-search-experience/articleshow/100242791.cms">Here’s how Google’s new AI updates will transform your search experience</a>

CRED-owned Happay lays off 35% of its workforce

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

<ul><li><keyword id="1763236" type="PERSON" weightage="20" keywordseo="CRED">CRED</keyword> to feature 90s legendary Bollywood icons in its IPL campaigns, kicks off the first film with <keyword id="6354700" type="DEFINITION" weightage="20" keywordseo="Anil-Kapoor">Anil Kapoor</keyword>. </li><li>CRED rejects Anil Kapoor in its hilarious ad because ‘Not Everyone Gets It.’</li></ul>CRED has come on board as the official partner of the most awaited event of the year, the Indian Premier League 2020. While the country awaits the start of the cricketing spectacle, CRED has kickstarted the journey of making this year’s IPL more rewarding for all players and viewers with a host of activities that would upgrade the experience for CRED Members. In line with the same, CRED also launched their latest campaign - ‘CRED: Not Everyone Gets It’ - featuring three ad films slated to launch over the course of the tournament, and starring leading Bollywood actor Anil Kapoor along with other iconic celebrities from the 90s, that promises to entertain and spread CRED’s message. <div type="Youtube" id="iW63vNsF8ck" title="Not everyone gets it | CRED | Anil Kapoor" thumbUrl="https://i.ytimg.com/vi/iW63vNsF8ck/mqdefault.jpg"></div> Through these creative and fun ad films, CRED aims to amplify its messaging of how easy it is to manage timely credit card payments through the app and also getting regularly rewarded for good financial behaviour. The campaign launched on 19th September with the launch of the first film starring Anil Kapoor. The veteran actor will bring home the message of paying credit card bills on time in his unique, inimitable style which has made him a favorite since the 90s, across generations of audiences from millennials to their parents. To keep up the momentum, two more films featuring other much loved Bollywood celebrities will be released over the next month to join in the celebration. The campaign is truly a memorable and comedic take on CRED’s messaging that has been conceptualized entirely by the in-house team and brought to life by Ayappa KM, Co-founder, Early Man Films, the production agency. Speaking about this exciting campaign to kickstart the IPL Season, Trupthi Shetty, Lead - Growth and Engagement at CRED, said “We are extremely excited to be associated with IPL 2020. At CRED, we believe in rewarding good financial behaviour and with this campaign, we are positive that our message of encouraging financial literacy and educating viewers on the rewarding benefits of responsible financial behaviour would come through in an entertaining manner. With Anil Kapoor and others lending their inimitable styles and unique personalities to each video, we are sure audiences would definitely relate to this campaign and our association would be off to a rewarding start.” Sharing these views, Anand Menon, Executive Producer &amp; Co Founder, Early Man Film said “It was a massive challenge for us to turn around this production keeping in mind the current scenario. But the fact that we had an opportunity to use these celebrities in a unique and entertaining way to tell the CRED story, made the effort worthwhile. We hope everyone enjoys these films and they bring a much needed smile to people’s lives.“ The campaign launched on 19th September with Anil Kapoor on CRED’s <a href="https://twitter.com/CRED_club">Twitter</a> page, with major promotions across digital and television. This would be followed by the second and third videos, with other celebrities highlighting CRED’s take on timely bill payments, over the next 30 days.

Watch Anil Kapoor 'audition' for CRED's first campaign to be aired during IPL

<ul class="summary-list"><li>Delinquent assets are taking over investment products that bundle risky commercial real estate debt, Bloomberg reported.</li><li>Collaterlized loan obligation distress rates surged 440% in 12 months ahead of January, a report said.</li></ul>Investment products that cobble together risky commercial-real-estate debt are becoming increasingly strained, as more and more of their makeup is taken over by delinquent assets, <a href="https://www.bloomberg.com/news/articles/2024-03-19/real-estate-pain-is-showing-up-in-collateralized-loan-obligations-clos?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> reported.The share of distressed debt within these collateralized loan obligations is now four times as high as it was seven months ago, compromising 7.4% of such products. CLO distress rates skyrocketed over <a href="https://cred-iq.com/blog/2024/02/23/cre-clo-distress-rates-surge-over-440-in-12-months/?utm_campaign=Newsletter&amp;utm_medium=email&amp;_hsmi=295398011&amp;_hsenc=p2ANqtz-8kVRTLXt5f244O_ojTSVvzPpZhUIV1LuFwOeDL4ec2BghQnzMIwu4m3alV3REMEjd8zpBnC04ZbpHfNnRMjzX8NaBbDA&amp;utm_content=295398011&amp;utm_source=hs_email" target="_blank" rel="noopener">440% in the 12 months ahead of January</a>, according to a report from CRED iQ.With outstanding CRE loans accounting for an estimated $80 billion of the market, some issuers are already taking on losses.CLOs function by bundling short-term loans for property renovations and expansions, a form of speculative debt often circumvented by banks and typical mortgage-backed securities. It's a market that suddenly surged in the pandemic, as remote work boosted appetite for apartment renovations. Between 2019 and 2021, CLO issuance skyrocketed from $19 billion to $45 billion, Bloomberg found.But as interest rates have made their way up, and <a href="https://www.businessinsider.com/housing-market-outlook-office-inventory-prices-pandemic-shortage-prices-goldman-2024-2">office demand</a> has stayed lackluster, borrowers are having an increasingly tougher time managing their debt.As with the broader commercial real estate market, this is prompting issuers to <a href="https://www.businessinsider.com/corporate-debt-maturity-high-yield-bonds-default-rate-interest-bernstein-2024-1">extend their maturities</a>, while reworking loans in a manner that's encouraging to borrowers — such as two or three-year extensions in return for more capital, Bloomberg said.Others are using cash reserves to buy out delinquent loans, purchasing a record $1.3 billion last year, according to JPMorgan estimates cited by the outlet. In 2022, buyouts stood at just $0.48 billion.Issues with CLOs reflect a bigger theme in commercial real estate, as even investment grade projects face debt concerns. For instance, <a href="https://www.businessinsider.com/office-market-crash-property-loans-commercial-real-estate-mortgage-payments-2024-1">office delinquency rates</a> jumped from 5.1% to 6.5% in the fourth quarter.With problems appearing to <a href="https://www.businessinsider.com/commercial-real-estate-big-trouble-crash-bank-crisis-2024-2">worsen for the sector</a>, some have cautioned that a<a href="https://www.businessinsider.com/commercial-real-estate-crash-property-price-drop-defaults-interest-rates-2024-1"> $2.2 trillion wave of distress</a> is set to hit in coming years.Still, CLO managers are showing some optimism, even as loan origination volumes have remained low, Barclays wrote in mid-March."They also see the pullback in lending from banks as a positive for their volumes. Many also expect property transactions to also increase in 2024," the bank said. "We continue to expect a very limited y/y increase and forecast only $10bn of issuance in 2024."

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CRED-owned Happay lays off 35% of its workforce

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Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

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Fintech startup Razorpay buys SaaS firm TERA Finlabs

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Watch Anil Kapoor 'audition' for CRED's first campaign to be aired during IPL

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Risky commercial real estate investments are getting squeezed as the market collapses

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