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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
A non-bank fintech lender controlled by Chinese organizations through a Nasdaq-listed Norwegian software firm shows the depth of the predatory loan app crisis.
Editor's note: Note: A day after we published this investigation into PC Financial, its predatory lending practices, its indirect Chinese ownership and control, and more, a representative for the company called and offered “support in the right way” if the story could be taken down. We are doing one better and making the story free to read. Sign up for a free account to read this very important story, and feel free to share it widely. *** I’m very confused how they are still operating. If you look at Twitter, their name comes up the most in terms of complaints and all. How have they been able to evade scrutiny is the question,” says the co-founder of a digital lending platform. The company this person is referring to is Gurugram-headquartered PC Financial Services Pvt. Ltd. PC Financial is a non-banking financial company, or NBFC, incorporated back in 1995. Today, it’s also a very active fintech company and digital lender, one of several caught up in the recent scrutiny over predatory loan apps in India, most of which seem to be run by …
Its biggest banking customer, Unity Small Finance Bank, has decided to part ways. The departure comes at a time when the fintech infrastructure startup has been trying to become a full-stack banking software provider.
Vijay Shekhar Sharma’s fintech has reported its first operationally profitable quarter. However, he will need to wait to win back the regulator’s trust for Paytm to scale further.
Its core POS machine business is small and growing slowly, and the company has done little else to justify its high valuation.
