Fino DRHP: A rural-focussed payments bank wants to IPO

Fino’s business aligns with the government’s massive direct benefits transfer program. From processing transactions to onboarding beneficiaries as account holders and extending financial services, the payments bank covers a wide gamut of services crucial to improving financial inclusion in India

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By 

Pratik Bhakta

August 10, 2021

5 Min Read

As the government committed to extend Rs 2 lakh crore ($26.8 billion) to the country’s poor last year via its direct benefits transfer scheme, Fino Payments Bank, with more than 55% share of the country’s microATM market, doubled its business.

With more than 65% of its Rs 770 crore ($103million) income from financial services in 2020-2021 coming from benefits transfers to the poor and domestic remittance payments, Fino managed a net profit of Rs 20 crore ($2.6million) in FY 2021, after having accumulated losses of Rs 318 crore ($42.7million) over the previous four years. It is now vying for a public sale of its shares worth Rs 1,300 crore ($174.5million).

With over 600,000 agents catering to the needs of migrant workers, domestic helps, small shop owners and educated rural youth, Fino wants to drive financial inclusion with offerings across payments, banking, insurance and lending. 

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