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Payments bank of Paytm gets nearly USD 33 mln in new funding

Wednesday 8 February 2017 | 11:56 AM CET

Paytm, an Indian digital payments platform, has got a new funding worth USD 32.5 million to help develop its digital bank services starting in Uttar Pradesh.

With permission from the Reserve Bank of India, Paytm will be combining the wallet business to the newly created payments bank so as to meet the bank’s guidelines, ciol.com reports. With the company targeting 100 million users with its new financial services, the new funds would be used for technology and expansion purposes.

The development comes on the back of two other payments banks -Airtel Payments Bank and India Post Payments Bank launching their operations. Meanwhile, Alibaba too is planning to pump in USD 200 million funding into Paytm’s ecommerce business that could be announced by the end of February 2017.

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