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Financial services platform for startups <keyword id="14074636" type="General" weightage="100" keywordseo="strideone" source="Orion">StrideOne</keyword> on Tuesday said it has raised Rs 250 crore via a mix of equity (led by <keyword id="211885" type="General" weightage="80" keywordseo="elevar-equity" source="Orion">Elevar Equity</keyword>) and debt from banks. StrideOne, started by founders of venture debt fund <keyword id="9353689" type="General" weightage="50" keywordseo="stride-ventures" source="Orion">Stride Ventures</keyword>, introduced a startup-led credit distribution model for their supply chains and crossed AUM (asset under management) mark of Rs 200 crore in six months of inception across more than 20 anchor companies. It aims to reduce technological and financing gaps by leveraging the startups' existing ecosystem (vendors, suppliers) to provide credit related and other financial products such as tie-up finance, personal loans, etc. "We have been trying to innovate newer structures that would be further conducive to startups who are looking to expand and grow their businesses," said <keyword id="13803875" type="General" weightage="50" keywordseo="ishpreet-singh-gandhi" source="Orion">Ishpreet Singh Gandhi</keyword>, Founder, StrideOne. StrideOne, an NBFC licensed by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, said it leverages its team's expertise and deep-rooted understanding of the startup (anchor) ecosystem's financing need-gaps and their data on business performance and cash flows. StrideOne recently acquired tech firm EzCred platform and plans to make more tech-focused acquisitions in 2022. "The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended startup ecosystem and we are excited to partner with them to bring it to life," said <keyword id="14074637" type="General" weightage="50" keywordseo="jyotsna-krishnan" source="Orion">Jyotsna Krishnan</keyword>, Managing Partner, Elevar Equity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/vineeta-singhs-sugar-cosmetics-raises-50-mn-as-it-plans-to-add-30000-stores/articleshow/91906537.cms">Vineeta Singh’s Sugar Cosmetics raises $50 million as it plans to add 30,000 stores</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/mango-production-down-by-80-in-up-due-to-abnormal-weather-conditions-say-growers/articleshow/91905401.cms">Mango production down by 80% in UP due to abnormal weather conditions, say growers</a>

StrideOne raises ₹250 crore to help reduce technological and financing gaps

Nearly 30,000 child Covid-19 cases were reported in the US in just a week, the second consecutive weekly increase, according to the latest report by the American <keyword id="6382289" type="General" weightage="50" keywordseo="academy" source="Orion">Academy</keyword> of Pediatrics (<keyword id="6356115" type="General" weightage="50" keywordseo="aap" source="Orion">AAP</keyword>) and the Children's Hospital Association. Over 14.9 million children in the country have tested positive for Covid-19 since the onset of the pandemic in early 2020, according to the report. Nearly 105,000 of these cases have been added in the past four weeks, reports <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword>. For the week ending November 3, the portion of child <keyword id="8764262" type="General" weightage="100" keywordseo="covid" source="Orion">Covid</keyword> cases was 13.2 per cent. Reported cases are likely a "substantial undercount" of Covid-19 cases among children, said the report. There is a need to collect more age-specific data to assess the severity of illness related to new variants as well as potential longer-term effects, said the AAP. "It is important to recognize there are immediate effects of the pandemic on children's health, but importantly we need to identify and address the long-lasting impacts on the physical, mental, and social well-being of this generation of children and youth," the Academy added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/cop27-adb-pledges-200-million-funds-for-water-related-infra-in-asia-pacific/articleshow/95392419.cms">COP27: ADB pledges $200 million funds for water-related infra in Asia, Pacific</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/health-tech-startup-curebay-raises-50-crore-in-series-a-funding-led-by-elevar-equity/articleshow/95397581.cms">Health-tech startup CureBay raises ₹50 crore in Series A funding led by Elevar Equity</a>

US reports nearly 30,000 weekly child Covid cases

<keyword id="7561347" type="General" weightage="100" keywordseo="enkash" source="Orion">EnKash</keyword> on Wednesday said it has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA). Founded in 2018, the spending management platform EnKash has helped thousands of businesses to digitize and decentralize their corporate payments. The licence by the central bank will enable the platform to broaden its product offerings to more number of businesses. Payment aggregators are intermediaries playing an important function in facilitating payments in the online space. According to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, these aggregators facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. "We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and solutions not only to our existing business ecosystem but also to bring about path-breaking and leading technological solutions to the market covering the entire payments flow," said <keyword id="8571523" type="General" weightage="50" keywordseo="yadvendra-tyagi" source="Orion">Yadvendra Tyagi</keyword>, Co-founder of EnKash. "This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate their all payable and receivable and make necessary actions around payments," said <keyword id="19991" type="General" weightage="50" keywordseo="tyagi" source="Orion">Tyagi</keyword>, adding that the RBI's approval reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. EnKash now looks forward to bringing product offerings around corporate payments such as forex collections, cross-border payments, and Software-as-a-service collections. Notably, besides EnKash, several other firms have got RBI's in-principle nod to operate as payment aggregators. In 2020, the RBI issued guidelines saying firms it approves can only acquire and offer payment services to merchants. Existing non-bank entities offering payment aggregator services shall apply for such authorization. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-bank-sees-india-growth-slowing-to-6-6-next-fiscal/articleshow/96906506.cms">World Bank sees India growth slowing to 6.6% next fiscal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/live-ecommerce-startup-working-with-local-artisans-raises-6-million-in-seed-round-led-by-elevar-equity/articleshow/96909740.cms">Live ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity</a>

EnKash gets RBI's in-principle nod to operate as payment aggregator

<ul><li>Data breaches have impacted one in four companies in the last three years.</li><li>Amid an increase in cyber issues, over 80% of Indian executives predict an increase in <keyword id="6361948" type="General" weightage="100" keywordseo="cybersecurity" source="Orion">cybersecurity</keyword> budgets in 2023.</li><li>Over 89% of Indian executives claimed their organization detected a cyber threat.</li></ul>Data breaches and cybersecurity attacks have become quite common, with companies reporting increased attacks compared to earlier years. A <keyword id="66728" type="General" weightage="80" keywordseo="pricewaterhousecoopers" source="Orion">PricewaterhouseCoopers</keyword> (PwC) survey revealed that one in four companies, globally, was a victim of a data breach in the past three years. The data breaches reportedly cost companies anywhere between $1-20 million. According to PwC’s annual Global Digital Trust Insights India edition report, India has fared better than its global counterparts in mitigating cybersecurity risks. Globally, less than 40% of the executives said they have fully mitigated cybersecurity risk in critical areas. In India, more than half the respondents are confident that they have successfully mitigated the risks caused due to measures taken since 2020, including enabling remote and hybrid work, cloud adoption, digitization of supply chains and back-office operations. <cmsannotation type="cmsannotation" annotationid="Organizations to increase cybersecurity budgets in 2023" comment="subhead" text="Organizations to increase cybersecurity budgets in 2023">Organizations to increase cybersecurity budgets in 2023</cmsannotation> Amid an increase in cybersecurity threats, 82% of Indian executives predict an increase in cyber security budgets in 2023. In 2022, 69% of the executives said that their <keyword id="2077314" type="General" weightage="20" keywordseo="cybersecurity-budget" source="Orion">cybersecurity budget</keyword> was increased. Globally, 65% of executives plan on spending more on cybersecurity. The top threat actors for Indian organizations include cybercriminals, insiders, hackers, competitors, and nation-states. “The digitalisation of business demands that corporates and boards invest in becoming more cyber resilient. This needs to be across the spectrum – in technology, people, processes and engineering capabilities,” said <keyword id="2235930" type="General" weightage="80" keywordseo="sivarama-krishnan" source="Orion">Sivarama Krishnan</keyword>, partner and APAC cybersecurity leader, PWC. “Our survey clearly reveals that organisations that have made cybersecurity a strategic priority have witnessed less disruption to business. Cyber resilience is not only key to survival of businesses but also a key driver of public trust,” Krishnan added. <cmsannotation type="cmsannotation" annotationid="Increased threats" comment="subhead" text="Increased threats">Increased threats</cmsannotation> The PwC survey has revealed that 89% of Indian business executives have claimed that their organization’s cybersecurity team detected and prevented significant cyber threats to their business. In India, cloud-based pathways (59%) and the internet of things (58%) are the top areas of concern, followed by mobile devices and software supply chains (54%), according to the report. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-avatar-what-is-it-and-how-to-create-your-avatar/articleshow/95394882.cms">WhatsApp Avatar: What is it, and how to create your Avatar?</a> <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a> <a href="https://www.businessinsider.in/business/startups/news/health-tech-startup-curebay-raises-50-crore-in-series-a-funding-led-by-elevar-equity/articleshow/95397581.cms">Health-tech startup CureBay raises ₹50 crore in Series A funding led by Elevar Equity</a>

Four out of five Indian business execs believe that their cybersecurity budgets will rise in 2023

Welcome to The Fintech Briefing, a morning email providing the latest news, data, and insight into disruptive fintech in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Ireland, the Continent, and beyond, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.<form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></form>MONDO CO-FOUNDER ON THE FUTURE OF DIGITAL-ONLY BANKS. Several digital-only banks are due to launch in the UK this year, including the high profile <a href="https://www.atombank.co.uk/">Atom</a>, <a href="http://starlingbank.co.uk/">Starling</a>, and Mondo banks. <a href="https://getmondo.co.uk/">Mondo</a> is the only one of these that currently has a live product, having launched its second phase of testing last week. Anyone with an iPhone can now download its app, which offers spending tracking and P2P payments between Mondo customers, and join the waiting list of around 50,000 people to receive a prepaid card. Mondo will add more functionality once it gets its banking licence from the UK regulator. We attended an event last week where Mondo co-founder Tom Blomfield talked about his vision for the future of banking.<ul><li>British consumers still want "banks." There is a psychological reason Mondo defines itself as a bank, despite its efforts to distance itself from incumbents, according to Blomfield. He believes that the British public are trained to believe they must have a bank account from a young age - so even though a product may provide the same or better services, it won't get traction unless it's called a bank.</li><li>But the future of banks is as "digital identity brokers." This means your bank account will be connected to all the other services you use, like investments, and contain all the data that identifies you as you. In the future, instead of using your Facebook credentials to log into 3rd party services, you could use your bank account details. </li><li>APIs will "upend retail banking in the UK". Open APIs, which UK banks will soon be required to build under <a href="http://ec.europa.eu/finance/payments/framework/index_en.htm">EU law</a>, provide third-parties with services previously reserved for banks. Third-parties can use these services to provide better financial products for consumers, without the constraints that hold back banks like regulation and old IT. For example, in the future, comparison sites could autopopulate a consumer's financial details to provide them with the best deal on financial products. Or, a new direct payments system which bypasses Visa and MasterCard, like <a href="https://www.ideal.nl/en/">iDEAL</a> in the Netherlands, could be created and pass cost savings onto consumers. </li></ul>The definition of a bank is going to change. Fintechs are better at providing the consumer-centric financial products people are coming to expect. This is partly due to a combination of new technology making fintechs agile, without legacy IT systems holding them back, and iterative design processes allowing fast integration of consumer feedback. The result is a change in consumer expectations of all financial services providers, and what they expect a "bank" to be. WECHAT PAYMENTS SOAR. The volume of payments handled by Chinese tech companies continues to grow. WeChat, the messaging service owned by Chinese internet giant Tencent, could handle more than £380 billion ($550 billion) this year, <a href="http://uk.mobile.reuters.com/article/idUKKCN0WJ12S?irpc=932">according</a> to calculations from Reuters. This figure only includes money sent via WeChat's P2P payment service, and not the other payment types it facilitates such as taxis, online media and restaurant bills. That means the total figure will likely be much higher. <ul><li>Tenpay still behind Alipay. Tenpay, the payment platform underlying WeChat, had a fifth of the third-party mobile payments market in China in Q3 2015, <a href="http://www.iresearchchina.com/content/details7_19560.html" target="_blank">according</a> to iResearch. Alibaba-affiliated Alipay accounted for nearly half. </li><li>Dwarfing PayPal's 2015 volume. If WeChat processes the volume forecast, then it would be double the total amount US payments leader PayPal <a href="https://www.paypal.com/uk/webapps/mpp/send-money-online">processed</a> globally last year - £195 billion ($282 billion). This figure includes online, mobile and P2P payments. </li></ul>The third-party mobile payments market in China is vast. It <a href="http://www.iresearchchina.com/content/details7_19560.html" target="_blank">reached</a> £260 billion ($376 billion) in Q3 2015 alone. It's driven by a large <a href="http://data.un.org/CountryProfile.aspx?crName=CHINA">population</a> of nearly 1.4 billion, with smartphone <a href="http://www.bbc.co.uk/news/technology-34004734">penetration</a> of about 50%. It also lacks a legacy digital payments infrastructure to overcome. The big figures published by WeChat and Alipay have encouraged firms like Apple to enter the market. However, the two giants have such a stranglehold on the market that it will be difficult for Apple to gain share. SWISS REGULATOR PUSHES FOR FINTECH GROWTH. Swiss Financial Market Supervisory Authority (Finma) has created a number of new rules to help fintech startups thrive, <a href="https://www.finextra.com/newsarticle/28634/swiss-regulator-amends-rules-to-allow-fintech-to-flourish" target="_blank">according</a> to Finextra. One big change is that it will now be easier for fintechs to authenticate their customers online and through video. The rules also make licensing less burdensome for innovative companies and some firms will be license-exempt while they are testing out products.Finma's reasoning for easing licensing requirements is that startups often have more focused business models than legacy banks which merits reduced regulatory scope. Startups that accept £36 million (CHF 50 million) in deposits or less can apply for a financial innovators' license. Firms must hold £214,114 (CHF 300,000) and 5% of deposits as collateral. The Swiss financial industry is facing pressure to evolve as foreign governments crack down on tax havens. Switzerland joins the UK and South Korea on the growing list of countries that are loosening regulations to stimulate the burgeoning fintech industry. BANK EXECS IN THE NETHERLANDS FEAR FINTECHS. Global financial services executives <a href="https://www.pwc.com/gx/en/advisory-services/FinTech/PwC%20FinTech%20Global%20Report.pdf?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-fintech%29:%20Fintechs%20could%20take%2023%25%20of%20financial%20services%20%20%E2%80%94%20Korea%20loosens%20regulations%20%E2%80%94%20Crowdfunding%20platform%20partners%20with%20LSE&amp;utm_term=BII%20List%20Fintech%20Briefing%20exBII" target="_blank">fear disruption</a> by fintechs, and in the Netherlands, 89% believe consumer banking will be the most disrupted sector by 2020, <a href="http://www.pwc.nl/nl/assets/documents/pwc-how-fintech-is-shaping-financial-services.pdf">according to</a> PWC. Other areas likely to be disrupted according to execs are:<ul><li>Fund Transfers &amp; Payments, rated most likely to be disrupted by 59% of respondents. </li><li>Small &amp; Medium Enterprise (SME) banking, rated most likely to be disrupted by 39% of respondents. </li></ul>Nearly 90% of surveyed executives believe they will lose business to fintechs. Execs fear that the disruption will lead to a decline in market share, margin pressure, and a loss of customers. But they are collaborating with fintechs - only 3% said they were not engaged with fintechs in some way. This fits the emerging global pattern of co-operation between fintechs and incumbents as banks try to avoid disruption. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56ef9bf5dd089541148b4633-960/dutch financial services.png"></a>BI Intelligence</div></div></div>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. <form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></form>Around the world... SQUARE FACING TROUBLES DOWN UNDER. Square brought its mobile card reader into the Australian market earlier in March, but is facing security concerns from the country's largest bank, Commonwealth Bank of Australia (CBA), <a href="https://www.finextra.com/newsarticle/28632/square-faces-oz-bank-concerns-over-mpos-security?utm_medium=newsflash&amp;utm_source=2016-3-17" target="_blank">according</a> to Finextra. At the behest of Visa and other card schemes, CBA has temporarily unblocked payments facilitated through the device. However, if the bank's security concerns aren't resolved, the bank will again block transactions. CBA <a href="https://www.finextra.com/pressarticle/63621/commbank-adds-kounta-app-to-albert-pos-device" target="_blank">offers</a> a competing mPOS product called Albert which may impact its decision on whether or not to block Square. Another difficulty for Square is that it has not launched its contactless-capable card reader in Australia - 60% of card payments in the country are contactless, <a href="http://economictimes.indiatimes.com/news/international/business/australia-banks-agree-android-pay-deal-apple-pay-still-frozen-out/articleshow/50197783.cms" target="_blank">according</a> to the Economic Times citing ANZ Bank. That could frustrate consumers who are used to making contactless payments. P2P LENDER CLOSES £5.5 MILLION ROUND IN LATIN AMERICA. World Bank Group and Elevar Equity each <a href="https://www.pehub.com/2016/03/3320530/" target="_blank">contributed</a> half of Afluenta's Series B round. In 2012, Afluenta launched in Argentina and has since expanded to Peru with planned expansion to Mexico, Colombia, and Brazil in the next year. Latin America hasn't seen the same explosive fintech growth as Asia, Europe, and the US, but there are some positive signs. P2P lender Lendico launched in Brazil in 2015 and Dutch P2P lender Lendahand is active in Colombia, for example. FEMALE-FOCUSED ROBO-ADVISOR TO LAUNCH IN US. DailyWorth, a financial and career advice website is in the process of launching an advisory platform targeted at affluent women that will automatically create investment advice, <a href=",%20according%20to%20Wealthmanagment.com." target="_blank">according</a> to Wealthmanagement.com. In order to receive advice, users will answer a number of survey questions about their personality and what they would like to achieve. The female-focus is built into the design of the platform, according to co-founder Michelle Smith - but pre-launch, the details of what that means are unclear. DailyWorth's newsletter has 1.2 million engaged users which provides a sizable prospect pool for when WorthFM launches. <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions"></a> EXCLUSIVE FREE REPORT: 5 Top Fintech Predictions by the BI Intelligence Research Team. <a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/self-destructing-videos-from-your-iphone-2016-3">Forget Snapchat - you can send self-destructing videos from your iPhone</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="U2Y2d4MTE6EE53N85sRY-e_C_DDDdwLn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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StrideOne raises ₹250 crore to help reduce technological and financing gaps

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US reports nearly 30,000 weekly child Covid cases

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EnKash gets RBI's in-principle nod to operate as payment aggregator

ANI

Four out of five Indian business execs believe that their cybersecurity budgets will rise in 2023

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FINTECH BRIEFING: UK digital-only banks ready for launch - WeChat payments soar - Swiss regulator pushes fintech growth

Sarah Kocianski,John Heggestu…

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