Paytm Payments Bank has reportedly received a 122 Crore ($18.8m) from its parent company, One97 Communications.
This capital injection brings the total funded into Paytm Payments Bank to around $61.9m, according to a report by the Economic Times. The company founder Vijay Shekhar Sharma contributed around $9m of the capital injection, with One97 funding the rest.
India-based Paytm Payments Bank offers a savings account without an opening charge or minimum balance requirement. Users gain 4 per cent interest each month and access to a virtual card which allows them to make online purchases at all merchants accepting RuPay cards. Real-time transaction and balance updates are available on the app.
Earlier this year Paytm acquired lending platform Creditmate to help bring financial services available for the masses. Creditmate enables clients to assess, approve, process and distribute loans to customers without the need of a formal credit history.
Earlier this month, India-based mobile payment solution Kissht closed a $10m round of funding, which was led by Fosun International. The equity line is set to help the company expand its presence across India, and with hiring more staff.
Interest in the India FinTech sector has seen a massive increase, with the first three quarters of 2017 seeing $6.6bn deployed. This year has already seen more than five-times as much capital invested than 2016, and counters the 44.5 per cent decline in funding between 2014 and 2016.
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