ANZ Bank invests heavily in the future of Fintech
To the layman, the banking industry may mean little more than a place to hold money. To the professional banker, banking means a chance to improve the assets of personal investments while creating opportunities for those willing to participate in the process of making money. Ultimately, financial success relies on the ability to see such a windfall investment opportunity as an upcoming company like Fintech has to offer.
As a banking institution, ANZ leads the way with supporting small local businesses and applying its services toward their needs. When Fintech needed support to get a new concept off the ground and become the successful business they are today, ANZ Bank was ready to help not just with the local branch as was the case before the days of the internet, but with the same cutting edge technology which made Fintech a legitimate business proposition.
When ANZ showed its support for Fintech, it showed how the bank is ahead of the curve with support for a burgeoning new business model known as the tech startup. Although ANZ is a relatively small bank comparative to others, it has a wide vision which allows for the introduction and use of technologies as they become available to the businesses with the foresight to use them. Fintech set the mold for how technology is used to conduct business in the modern age, and with the support of ANZ were able to expand their business model in ways which were useable by new companies even as new technological innovations became available as business opportunities.
The banking industry is different than it was 50 years ago, as all businesses are with the introduction of the internet and accompanying technologies. ANZ has been a leader in the field as it shows how to quickly adapt to the changing business environment. ASstech start-ups continue to develop, organizations like Fintech are sure to find continued success with the support of larger established companies and banking systems such as ANZ.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.