PhonePe, one of India’s largest fintech platforms, today announced it has raised $350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion. The General Atlantic investment marks the first tranche of an up to $1 billion total fundraise that PhonePe has commenced in January 2023. Another new marque global and Indian investors have already been signed up for the second tranche, which is expected to close next month.

Pilon, a Singapore-headquartered FinTech firm that offers a cloud-based Supply Chain Financing system, announced today that it has successfully raised a seed round of USD 5.2 million (both debt and equity). Wavemaker Partners led this round, with participation from Octava Pte Ltd and Polaris Kin Pte Ltd.

FNZ, the global wealth management platform, has agreed to acquire YieldX, a U.S.-based provider of fixed-income portfolio management technology, optimization services and direct indexing tools for the wealth management industry.

Channel Capital Advisors LLP (Channel) has appointed Bhoomika Kesaria as its new head of investor relations.

The British Business Bank has agreed an initial £175m ENABLE Guarantee with specialist commercial lending bank, DF Capital.

The Guarantee will enable Manchester-based DF Capital to provide up to £225m of additional inventory finance annually through its commercial floorplan and unit stocking solutions for UK SME dealer and manufacturing businesses.

The businesses that will survive and thrive in 2023’s challenging economic environment all have one thing in common, resilience. Being resilient means a business is able to deal with shocks and adversity while continuously adapting to achieve growth in any environment. A key factor to achieving resilience is partnering with others to do the things that aren’t core to your business model. That’s exactly what embedded fintech is all about.

Microsoft is to acquire a 4% stake in the London Stock Exchange Group (LSEG), This stake is part of a larger 10-year partnership which also incorporates a commitment for LSEG to spend a minimum of £2.3 billion on cloud computing services over the contract period. It is a big move.

Hi Sun FinTech Global (HSG) supports ACU Group to offer fast, transparent and cost-effective international payments in multiple currencies.

Gartner estimates $195 Billion of spending across industries on Cloud Application Services (SaaS) in 2023, with Financial Services, set to be one of the key contributors to this overall estimated spend.