Instant Alert: Indian fintech company Paytm raises $1.4 billion from Japan’s SoftBank

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  Indian fintech company Paytm raises $1.4 billion from Japan’s SoftBank by on May 18, 2017, 9:33 AM Advertisement

MUMBAI, May 18 (Reuters) – India’s Paytm said on Thursday it has raised $1.4 billion (£1.07 billion) from Japan’s SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia’s third-largest economy. SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider. Paytm announced in February that it has now has over 200 million users of its mobile wallet, which is a popular payment method in India. China’s Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm. (Reporting by Sankalp Phartiyal; Editing by Rafael Nam)SEE ALSO: Paytm is accelerating its banking push DON’T MISS: India is demonetizing some of its currency to curb a rising shadow economy

 
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