ADVERTISEMENTREMOVE AD

Paytm Raises $1.4 Billion from Japanese Telecom Giant SoftBank 

Paytm is ready to start its own bank from 23 May.

Updated
Tech News
1 min read
story-hero-img
i
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female

Mobile payment and commerce platform Paytm, run by One97 Communication Ltd, has raised $1.4 billion funding by the Japanese internet and telecom major SoftBank Group.

Paytm plans to invest Rs 10,000 crore over the next three to five years towards its commitment to enabling half a billion Indians to join the mainstream economy. As a part of this vision, the company will soon launch the Paytm Payments Bank, a mobile-first product that will reach every corner of the nation, and focus on the millions of unserved and under-served Indians, the company said.

ADVERTISEMENTREMOVE AD

In line with the Indian government's vision to promote digital inclusion, Paytm is looking to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments.

Paytm is ready to launch the operations of its payments bank on 23 May.

Paytm was launched in August 2010 as an online recharges and bill payments platform, and soon expanded into online and offline use cases. In January 2014, it launched the Paytm Wallet. It now has over 220 million users and has over five million offline merchants across India.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

0

Read Latest News and Breaking News at The Quint, browse for more from tech-and-auto and tech-news

Topics:  SoftBank   Paytm   Paytm Payments Bank Ltd. 

Published: 
Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More
×
×