FINO PayTech Limited (FINO) was incorporated in 2006, FINO is a financial inclusion software solutions and services company. The acronym FINO stands for Financial Inclusion Network & Operations. It is a business and banking technology platform combined with extensive services delivery channels. FINO services institutions like banks, MFIs, government entity and insurance. FINO’s product portfolio includes Point-of-transaction terminals, biometric smart card, Accounting and MIS systems and Services offered by FINO are Business correspondents services, Consultancy services and Financial literacy. FINO has 422 branches and more than 25,000 access points across 14 states. FINO's payment solutions help service over 78 million active banking customers through 45000 transactions points across 28 states in India.
FINO offers a banking and payments system that uses smart cards and agent-operated mobile point-of-transaction terminals to facilitate reliable, low-cost financial transactions between institutions and customers.
Nominee Director of Hav 3 Holdings (Mauritius) Ltd.
Mr. Pramod Sharma
Nominee Director of Bharat Petroleum Corporation Limited
FINO is the largest business correspondent (BC) in India, having extensive reach in India across all states.
FINO currently has over 400 branches and eyeing 1000 branches in 3 years.
In August 2015, FINO received in-principle approval for setting up a payments bank from RBI, started operations in September 2017 and is looking to break even in the next couple of years.
The company has 400 points for remittances and bill payments named Fino Mart across the nation, which will be converted into bank branches.
FINO is adding newer states like Odisha, Bengal, Gujarat, Andhra Pradesh and Telangana to its network.
The FINO payment bank has also received approval from RBI to tie up with universal banks for taking care of deposits of over Rs. 1 lakh, which will go in automatically as a saving or current account deposit.
The company has over 20,000 business correspondent points and 10,000 retail agents.
FINO counts among its investors several foreign PE firms and Indian banks like Bharat Petroleum Corporation Limited (BPCL), Blackstone Group, Headland Capital, Intel Capital, IFC, ICICI Bank, ICICI Lombard, Life Insurance Corporation, Indian Bank, Corporation Bank and Union Bank of India.
SoftBank Group, Singapore state investment firm Temasek Holdings and a private equity fund managed by Morgan Stanley are in talks to buy a one-third stake in FINO, valuing the payments bank and technology company at about Rs 2,000 crore.