Fino Payments Bank has been a for-profit business since the last quarter of FY20 and the bulk of its revenue comes from transaction fees. It was listed on the stock exchange with its IPO in November of this year.

“We have been a profitable business, we have shown good growth. In the first half of this year, our transaction value increased by 51%, our revenue increased by 36% and our profits increased by 73%, “he said.

“Our business is growing, fundamentally nothing has changed for us since our IPO. Sustainability with good growth of 30-35% on both revenue growth and operating leverage growth is also on the cards. We will continue to see growth in our profit, ”said Gupta, who is also the founder of Fino Payments Bank.

He believes the bank is in an ideal position among its peers, especially listed companies, as the bank is the only profitable business in this space and its business is growing as well.

Gupta said Fino is a very differentiated payments bank compared to other fintech players in the market.

“Our target segment is very different, we are looking for people who are in the middle and lower income segment. We do not necessarily serve digitally but also physically. As a bank, 97% of our income comes from fees. transaction and there is no credit risk as such that our portfolio could deteriorate, ”he added.

Going forward, the payment bank is set to launch a number of new products for its clients, such as international money transfer services as well as mutual funds, in addition to a few other consumer products. and businesses.

For these two products, Fino is awaiting regulatory approval, the official said.

Fino Payments Bank is a 100% subsidiary of Fino Paytech Limited (FPL). FPL is backed by renowned investors such as Blackstone, ICICI Group, Bharat Petroleum and IFC, among others.

In recent years, the bank has experienced a sharp increase in transaction volumes thanks to the digitization and proliferation of its bank points.

In fiscal year 21, the payment banking platform facilitated over 43.4 crore in transactions with a gross transaction value of Rs 1.32 crore lakh.

Fino Payments Bank had the largest network of micro ATMs as of March 2021 with 55% market share, 6.4 lakh merchant network and 25.7 lakh bank accounts.