FinTech news in Uni category

Uni, which is backed by General Catalyst, Elevation Capital and Lightspeed Venture Partners, confirmed in a statement to us that it is suspending card services on its products (Uni Pay 1/3rd Card and the Uni Pay 1/2 Card) and expects to roll out the change to entire customer base by Monday.

The Reserve Bank of India has informed dozens of fintech startups that it is barring the practice of loading non-bank prepaid payment instruments (PPIs) — prepaid cards, for instance — using credit lines, in a move that has prompted panic among — and existential threat to — many fintech startups and caused some to compare the decision to China’s crackdown on financial services firm last year.

FPL Technologies, the Indian startup that operates OneCard, is set to double its valuation to about $1.5 billion in a new financing round, just a month after it disclosed its previous funding, according to three sources familiar with the matter.