Fino Payments Bank

About the company

Incorporated in 2007, Fino Payments Bank is a growing fintech company. It offers a broad portfolio of digital financial services to its customers, including current and savings accounts, debit and credit cards, domestic remittances, insurance, loans, and cash management services. The company is a wholly-owned subsidiary of Fino Paytech. It is backed by a strong set of investors, including Blackstone, ICICI Group, Bharat Petroleum, International Finance Corporation, and Exide Life, among others. In 2020, the company was ranked third among banks in facilitating digital transactions, according to the Ministry of Electronics and Information Technology. **Reasons for going public** * Augmenting Tier-1 capital Below is the consolidated financial information of the company for the last three years: **Particulars**| **FY21**| **FY20**| **FY19** ---|---|---|--- **Strengths** * Offers a wide array of financial products and services, such as opening a digital savings account, issuing debit and credit cards, loans, insurances, bill payments, and recharges. * Only payments bank in India to offer subscription-based savings account * Adopted a merchant-led model and capital light business strategy * A tech-focused business model with significant investments in creating technology infrastructure  * Largest network of micro-ATMs with 55% of the market share * Has a merchant network of 6.41 lakh as of 31st March 2021 **Risks** * Intense competition in the industry * Stringent regulations and prudential norms * May face cyber threats attempting to exploit network * Dependence on merchants and strategic commercial partnerships * Inability to secure financing in an acceptable and timely manner * The dominance of cash in financial transactions * Technology failures **Opportunities** * There are around 12 million kirana stores in India. These merchants provide massive potential for fintech companies and payment banks to grow. * Higher mobile penetration, improved connectivity and cheap data plans are expected to contribute immensely to the growth of this industry. Experts believe India will shift from a cash-dominated economy to a digital one.  * CRISIL has forecasted retail digital payments to grow at a Compound Annual Growth Rate (CAGR) of 34% between FY20 and FY25. * The increasing e-commerce spending by consumers is paving the way for a massive spike in digital transactions.  * Factors such as favourable demographics, low-cost infrastructure, government initiatives, and changing customer expectations are driving the growth of fintech companies in India.

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   29 Oct 2021

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   02 Nov 2021

   Last day to place your bid

3. Basis of Allotment

   Completed
   31 Oct 2021

   Share allotment finalised

4. Refund Initiation

   Completed
   10 Nov 2021

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   09 Nov 2021

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   12 Nov 2021

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.