Paisa Bazar Fintech makes a splash with PB Pay launch.

TLDR:

• PB Fintech, parent company of PolicyBazaar, launches subsidiary PB Pay for payment aggregation
• Regulatory filings reveal focus on digital payment infrastructure for domestic and cross-border transactions

Paisa Bazar Fintech dives into payment aggregation with PB Pay launch

PB Fintech, the parent company of PolicyBazaar, has announced its foray into the payment aggregator business with the launch of a subsidiary named PB Pay Private Limited. This new entity aims to provide merchants with offline and digital payment acceptance infrastructure, catering to both domestic and cross-border transactions, pending RBI approval. The company plans to have a paid-up share capital of ₹27 crore and is working towards securing the necessary licenses from the RBI to conduct payment aggregator operations seamlessly.

This move comes on the heels of Singapore-based Temasek Holdings divesting its stake in PB Fintech and US-based Capital Group acquiring shares in the company. PB Fintech has shown significant growth in its financial performance, shifting from a net loss to a net profit and experiencing a surge in revenue from operations. With its entry into the payment aggregator segment, PB Fintech aims to strengthen its position in India’s fintech ecosystem and continue its growth trajectory.