bank turned profitable in the fourth quarter of FY20 and has consistently enhanced its profitability since. “This makes FPBL the first profitable fintech to file for an IPO,” the payments bank said in a statement.
Fino serves the emerging India market with its digital based financial services. Over the last few years, the payments bank has witnessed a steep surge in transaction volumes on the back of digitization and proliferation of its banking points.
As stated in the DRHP, at the end of fiscal year March 2021 the payment bank’s platform has facilitated more than 434 million transactions having a gross transaction value of Rs 1.32 lakh crores. It has the largest network of micro ATMs as of March 2021 with a market share of 55%, a robust merchant network of 6.4 lakhs and 25.7 lakh bank accounts.
Its revenue for FY21 stood at Rs 791 crores that grew at a CAGR of 29% in last three years. The bank registered a profit of Rs 20.5 crores in FY21 with an annual average ROE of 15%, the DRHP states.