FinTech news in IPO category

Fintech startup Stripe has set a 12-month deadline for itself to go public, either through a direct listing, or pursue a transaction on the private market, such as a fundraising event and a tender offer, according to sources familiar with the matter.

It was at that point that TripActions made the decision to accelerate the timeline for its fintech expense product, TripActions Liquid, which had launched only a month before the pandemic. At that time, the company told me that transaction volume processed via TripActions Liquid more than doubled (by 107%) from January 2022 through March 2022, up 1,231% year-over-year. Citing an unnamed source, Business Insider broke the news on Wednesday that the company had filed confidential paperwork with the U.S. Securities and Exchange Commission for an initial public offering. Prior to the COVID-19 pandemic, TripActions was primarily known for merging many aspects of corporate trip booking — flights, hotels and rental cars — with expense tracking.

Founded by Kamesh Goyal, an ex-KPMG executive with more than three decades of experience in the insurance industry, Digit has simplified the process of buying insurance, allowing users the ability to self-inspect, claim submissions and process service requests from their smartphones, it said in the filing last month. The Securities and Exchange Board of India (SEBI), the Indian market regulator, updated the status of Fairfax-backed Digit to note that it had moved the process of issuance of observations for the startup’s filing into abeyance. The Indian startup, valued at $3.5 billion and which also counts Sequoia Capital India, TVS Capital, A91 Partners and cricketer Virat Kohli and actress Anushka Sharma among its backers, filed the draft red herring prospectus to go public last month. SEBI’s move comes at a time when several local startups, including budget hotel chain Oyo and financial services platform MobiKwik, have delayed their IPO plans as they closely monitor the condition of the global market, which has reversed much of the gains from the 13-year bull run.

Digit, founded by Kamesh Goyal, an ex-KPMG executive with more than three-decades of experience in the insurance industry, says it has simplified the process of buying insurance, allowing users the ability to self-inspect, claim submissions and process service requests from their smartphones. The startup, which also counts Fairfax Group, Indian cricketer Virat Kohli and TVS Capital among its backers and has raised over $540 million from them, says its motor insurance coverage generated $413 million in gross written premium in the financial year that ended in March. The five-year-old startup, which sells auto, health and travel insurance, is part of a group of firms that is attempting to expand the number of individuals in India that buy insurance coverage. The Indian startup, whose valuation jumped to $3.5 billion in a Sequoia India-led financing round last year, said in a filing to the local regulator Tuesday that it plans to raise up to $157.5 million through issue of new shares while existing shareholders plan to sell about 109.45 million shares.