Fino Payments Bank Limited (“Fino Bank”) was incorporated on June 23, 2007. Fino Bank is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. The Bank offers such products and services to their target market via a pan-India distribution network and proprietary technologies, and since 2017, they have grown their operational presence to cover over 90% of districts as of September 31, 2021. Fino Bank operates an asset light business model that is underpinned by their “phygital” delivery model (i.e., a combination of physical and digital) and relies on their merchant network and other participants. The company’s merchants facilitate them in cross-selling their other financial products and services such as third-party gold loans, insurance, bill payments and recharges. Fino Payments also manages a large BC (Business Correspondents) network on behalf of other banks. For revenue generation, the company relies on fees and commissions from their merchant network and strategic commercial relationships. It is backed by marquee investors such as Blackstone, ICICI Group, Bharat Petroleum and International Finance Corp. Fino PayTech Limited is the company promoters.

For year/ period ended ( in Cr.)

• It has unique DTP (Distribution, Technology, Partnership) network helps in better customer servicing
• Focus on technology development and in-house technological expertise
• Customer centric and innovative business model
• It has highly experienced management team
• Its vision of socially inclusiveness and empowerment

• Augmenting Bank’s Tier – 1 capital base to meet its future capital requirements.
• To meet the expenses in relation to the offer.

The company is a novel technology company in the financial sector. It enjoys a niche place. For the last three fiscals, it has posted an average negative earnings and hence it has a negative P/E. Considering all these, risk seeker/cash surplus investors may consider investment for the long term.