Rishi Gupta, previously the COO and Executive Director of FINO PayTech, has beeen appointed the companys Managing Director and CEO. Gupta had been overseeing the business operations of the company since December 2013, and assumes charge with immediate effect, according to a statement from the company. He has been with FINO for over 8 years and was earlier its CFO.
FINO has applied for payment bank license and has ICICI Bank, Union Bank of India, Indian Bank, Corporation Bank, LIC, ICICI Lombard, Intel Capital, IFC, Headland Capital Partners and the Blackstone Group as its investors. The company primarily operates as a business correspondent for banks, and says that it has catered to more than 80 million individuals for banking needs in 29 states in India.
It is interesting to note the FINO had acquired Nokia Money in 2012 and launched a service called Takatak Money. Takatak Money offers money transfers, utility bill payments, mobile & DTH recharges, and the company said that it is bank and telecom operator agnostic, targeting both urban and rural customers. In 2013, FINO’s subsidiary Alpha Payment Services launched its mobile wallet services in India.
Earlier in November 2014, FINO partnered with ecommerce player Snapdeal to launch assisted e-commerce centres in semi-urban, rural and low-income residential areas across India. Snapdeal plans to set up such FINO PayTech-operated assisted e-commerce outlets or kiosks across 70,000 rural areas in 65 cities by end of the current financial year.