Fino Payments Bank

What Fino Payments Bank does

Fino Payments Bank is an RBI-licensed Indian payments bank publicly listed on BSE (FINOPAY) and headquartered in Mumbai. The bank targets financial inclusion, serving unbanked and underbanked populations, government DBT beneficiaries, small merchants, and salary-segment customers through a hybrid of digital channels and a physical network of over 1 million merchant and Business Correspondent touchpoints spanning 97% of India's districts. Its product portfolio includes 10 savings account variants (FinoPay, Gati, Shubh, Gullak, Women, Saral, Aarambh, Bhavishya, Suvidha, Jan), two current account products (Pragati, Sampann), RuPay Platinum debit cards, UPI/AePS/micro-ATM payment services, and an asset-light loan-referral business routed through partner banks and NBFCs.

The bank's core technology stack is built on the Finacle Core Banking System, completed via a ₹200 crore migration in April 2026, and is delivered to customers through the FinoPay mobile app (Android/iOS), WhatsApp Banking, internet banking, and Aadhaar-based e-KYC onboarding. Proprietary features include video-based V-KYC, Fino Soundbox merchant devices, micro ATM infrastructure, and Aadhaar seeding for DBT. In December 2025 the RBI granted in-principle approval to convert into a Small Finance Bank, a transition that would unlock direct lending and larger deposit acceptance; the bank is investing in AI partnerships (Ezee.ai) and Finacle-based scalability to support this pivot.

The revenue model is diversified across transaction and payment service fees (UPI, AePS, micro ATM, IMPS), subscription-style annual and quarterly plan fees on account variants (₹50–₹899), interest income on the ₹2,950 crore deposit base, third-party insurance and loan referral commissions, and merchant services. Go-to-market is product-led via the FinoPay app and website, supplemented by the merchant/BC channel for assisted acquisition in rural India. The franchise is currently navigating a leadership transition following the February 2026 DGGI arrest and May 2026 early retirement of MD & CEO Rishi Gupta, with CFO Ketan Merchant serving as RBI-approved interim CEO.

Name

Fino Payments Bank

Legal name

Fino Payments Bank Limited

Website

https://fino.bank.in

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Fino Payments Bank is an RBI-licensed Indian payments bank serving unbanked and underbanked populations through a digital platform and a 1 million+ merchant network across 97% of India's districts, with RBI in-principle approval to convert into a Small Finance Bank.

Ownership category

akta.pro rank

Product category

Payments Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

akta.pro secondary industries

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN), Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ), A2A Fraud, Risk & Authentication (FSAMAFAI), Bank Bill Pay (Consumer & Small Business) (FSAMAJAC), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Payments banking
• Digital banking
• Financial inclusion
• Micro banking
• Merchant banking

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Transaction & Payment Services: Fee income from processing digital payments including UPI transactions, AePS (Aadhaar Enabled Payment System), micro ATM transactions, IMPS transfers, and bill payments. Transaction throughput declined 48% YoY due to ecosystem shift from cash to UPI and strategic focus on higher-quality merchants.
2. Account & Plan Fees: Annual and quarterly plan fees from various savings account variants (FinoPay, Gati, Shubh, Gullak, Women, Jan, etc.) and current account products (Pragati, Sampann). Fee structure varies by account type.
3. Loan Referral Disbursals: Revenue from referring customers to partner banks and NBFCs for lending products including home loans, gold loans, personal loans, and business loans. Loan referral disbursals nearly tripled to ₹210 crore in May 2026. FY26 referral disbursements expected to reach ₹1,300 crore.
4. Interest Income on Deposits: Interest earned on customer deposits maintained with the bank. Savings account interest rates up to 7.75% p.a. with sweep facility for higher balances.
5. Third-Party Product Distribution: Commission income from sale of insurance products (life, health, motor, general) and other third-party financial products to the customer base.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Fino Payments Bank is an RBI-licensed payments bank providing digital-first banking services focused on financial inclusion across India. The bank offers savings accounts, current accounts, loan referral products, insurance, UPI/AePS payment services, and digital banking channels (mobile app, WhatsApp, internet banking). It serves customers through the FinoPay app and a network of over 1 million merchant/BC touchpoints covering 97% of India's districts, with instant account opening via e-KYC and zero minimum balance on most variants.

Product overview

Fino Payments Bank operates as a digital-first payments bank with a multi-product portfolio centered on savings accounts, current accounts, loans, insurance, and payment services. The core banking platform comprises 10 distinct savings account variants (FinoPay Digital, Gati, Shubh, Gullak, Women, Saral Salary, Aarambh, Bhavishya, Suvidha, Jan) and 2 current account products (Pragati, Sampann), all supported by RuPay Platinum debit cards and digital banking channels. Lending products (Personal Loan, Home Loan, Gold Loan, Loan Against Property, Two-Wheeler Loans) are currently offered through referral partnerships with banks and NBFCs, with plans to build an direct lending book upon Small Finance Bank conversion. Insurance offerings include life, health, and motor insurance through partnerships. Payment services include UPI, AePS, bill payments, and recharge capabilities. The bank serves customers through its FinoPay mobile app, WhatsApp Banking, and a network of over 1 million banking touchpoints across 97% of India's districts.

Differentiator

Problem solved

Functional benefit

Products and services

• FinoPay Digital Savings Account Zero balance digital savings account with UPI experience, RuPay Platinum Debit Card, and instant account opening through e-KYC. Designed for everyday digital transactions and spending. Annual plan fee Rs 423+GST.
• Saral Salary Account Zero balance salary account for organizations to process employee salaries. Offers RuPay Platinum Debit Card with accidental death/permanent disability cover up to Rs 2 lakh, sweep-in facility for higher interest rates up to 7.60% p.a., and up to 6 free ATM transactions per month.
• Aarambh Savings Account Zero balance account designed for receiving government DBT (Direct Benefit Transfer) scheme benefits. Features Aadhaar seeding facility and interest rate up to 7.60% p.a. Annual plan fee Rs 84+GST.
• Bhavishya Savings Account Minor savings account for children aged 10-17 years to receive scholarship subsidies. Features Aadhaar seeding for DBT, RuPay Platinum Debit Card, and auto-conversion to Shubh Savings Account upon turning 18. Annual plan fee Rs 338+GST.
• Women Savings Account Premium digital savings account for women with benefits worth Rs 50,000 including vouchers and cashbacks. Features unlimited UPI transactions, priority call center, and designer platinum RuPay debit card. Annual plan fee Rs 899 (1st year), Rs 699 (2nd year onwards) including GST.
• Pragati Current Account Business current account with free cash deposit up to Rs 5 lakh per month and free cash withdrawal up to Rs 4 lakh. Features RuPay Platinum Debit Card with insurance cover up to Rs 2 lakh and Rs 2,000 minimum average balance requirement.
• Sampann Current Account Zero balance business current account designed for UPI payments collection. Features free cash deposit up to Rs 5 lakh per month, UPI merchant registration, and real-time settlement. Annual plan fee Rs 593+GST.
• Personal Loan Personal lending product offered through referral partnerships with banks and NBFCs, as part of the bank's transition toward becoming a Small Finance Bank.
• Home Loan Home/property loan offered as referral business through partner banks and non-bank lenders, supporting the bank's strategy to build a lending portfolio in preparation for Small Finance Bank conversion.
• Gold Loan Secured gold loan product offered via referral partnerships with banks and NBFCs as part of the bank's asset-light, technology-led Small Finance Bank strategy.
• Two-Wheeler Loans Two-wheeler financing offered as referral disbursals through partner banks and NBFCs, part of the bank's loan referral business that tripled to Rs 210 crore in May 2026.
• Platinum RuPay Debit Card Free personalized RuPay Platinum Debit Card offered with savings and current accounts, providing deposit/withdrawal/transfer capabilities, e-commerce shopping, and exclusive offers. Includes accidental death/permanent disability cover up to Rs 2 lakh on select accounts.
• UPI Payments Unified Payments Interface (UPI) based digital payment services enabling instant fund transfers, QR code payments, and merchant collections through the FinoPay app.
• AePS (Aadhaar Enabled Payment System) Aadhaar-based banking service enabling customers to perform cash withdrawals, balance enquiries, and fund transfers using biometric authentication at Fino merchant points.
• FinoPay App Mobile banking application offering savings account management, UPI payments, bill payments, recharge services, and transaction tracking. Available on Android and iOS platforms with self-service account opening.
• WhatsApp Banking Banking services accessible via WhatsApp messaging platform. Customers can send 'Hi' to +91 8657008036 to access account information, transactions, and support.
• Fino V-KYC Video-based Know Your Customer (KYC) verification service enabling remote customer onboarding through video authentication, with Rs 200 cashback for successful verification.
• Fino Soundbox Audio notification device for merchants that provides instant payment confirmation through voice alerts, enhancing customer trust and merchant convenience.
• Micro ATM Micro ATM service enabling cash withdrawals, deposits, and balance enquiries through Fino's network of over 1 million banking outlets across 97% of India's districts.
• Life Insurance Life insurance products including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offered in partnership with insurance providers, providing financial protection to account holders.
• Health Insurance Health insurance offerings including Go Digit Health Plus Policy and ICICI Lombard Group Safeguard, offered through partnerships with leading insurance companies.
• Motor Insurance Motor vehicle insurance products including Go Digit My Business Policy, offered through partnership with insurance providers for comprehensive vehicle coverage.

Quantifiable outcome

• 97% of India's districts covered through merchant network
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Ezee.aicoreTechnology or Integration · 1 June 2026Strategic partnership with Ezee.ai to implement AI-enabled systems for Fino's transition into a Small Finance Bank. The initiative aims to enhance lending capabilities, operational efficiency, and customer experience as part of the bank's digital transformation strategy.
• Partner Banks and NBFCscoreChannel Partner/ Reseller/ DistributorFino refers customers to partner banks and NBFCs for lending products including home loans, gold loans, personal loans, and business loans. Loan referral disbursals nearly tripled to ₹210 crore in May 2026. Currently offers lending products as referral business through partner institutions.
• Finacle (Infosys)coreTechnology or IntegrationCore Banking System provider. Fino migrated its CBS to Finacle in April 2026 with a ₹200 crore investment, establishing a scalable and modular infrastructure to support the bank's future growth and Small Finance Bank transition.
• Go Digit (Insurance)minorChannel Partner/ Reseller/ DistributorPartnership for distribution of Go Digit health insurance and motor insurance products through Fino's customer base.
• ICICI LombardminorChannel Partner/ Reseller/ DistributorPartnership for distribution of ICICI Lombard Group Safeguard health insurance product through Fino's network.
• NPCI (National Payments Corporation of India)coreTechnology or IntegrationIntegration with NPCI for UPI, AePS, IMPS, and other payment services enabling digital transactions.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Airtel Payments Bank: Airtel Payments Bank is one of India's authorized payments banks with a similar product portfolio (savings accounts, UPI, AePS, money transfers). It is a direct competitor because it operates the same RBI-licensed payments bank model and targets underbanked customers via a large distribution network tied to Airtel's retail footprint.
• Paytm Payments Bank: Paytm Payments Bank is/was a directly comparable payments bank serving similar digital-first, small-merchant and unbanked customers with UPI, wallets, and savings accounts. It is the closest peer given its similar RBI-licensed payments bank model and digital-led GTM (though operations have been wound down post-RBI action, making the comparison instructive).
• India Post Payments Bank: India Post Payments Bank is a government-backed payments bank with the largest physical reach in rural India through India Post's branch network. It is directly comparable because it targets the same unbanked/rural segment using a similar BC-led last-mile distribution model.
• Jio Payments Bank: Jio Payments Bank is a Reliance-backed payments bank offering savings accounts, UPI, and merchant services through the Jio digital ecosystem. It is a direct peer given identical RBI payments bank license, similar product set, and overlap in target segments (unbanked, small merchants, rural India).

Broad incumbents

• AU Small Finance Bank: AU Small Finance Bank is a listed Indian SFB that scaled from a similar financial-inclusion origin into a full-service retail and commercial bank. It is a relevant benchmark for Fino's potential SFB trajectory given comparable customer demographics and rural/semi-urban focus.
• Equitas Small Finance Bank: Equitas Small Finance Bank is a listed Indian SFB targeting underserved and small-business customers with savings, lending, and digital banking. Comparable to Fino given the shared SFB transition path and similar microfinance-to-bank customer base evolution.
• Ujjivan Small Finance Bank: Ujjivan Small Finance Bank is a listed Indian SFB focused on financial inclusion and micro/small enterprise lending. Comparable to Fino as a successful microfinance-to-SFB transition story targeting similar underbanked segments.
• Bandhan Bank: Bandhan Bank is a listed Indian universal bank that scaled from microfinance origins into a mass-market retail and SME lender. Comparable to Fino given similar financial inclusion DNA and demonstrated path from BC/BC-led lending to a diversified banking franchise.
• One97 Communications (Paytm): Paytm (One97 Communications) is a listed Indian fintech ecosystem offering payments, merchant services, lending, and wealth through partner banks. Comparable to Fino given its overlapping customer base (small merchants, underbanked consumers) and shared reliance on UPI/AePS digital rails, despite operating without its own bank license.

Emerging players

• PhonePe: PhonePe is India's largest UPI-driven digital payments platform serving consumers and merchants with payment acceptance, financial services, and wealth products. Comparable to Fino in UPI/merchant acceptance focus and rural customer base, though it lacks a banking license and operates through partner banks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Customer concentration

• Xx.com/FinoPaymntsBank
• YouTubeyoutube.com/channel/UCuX2Z2cEczguBxiEKaB28KQ
• Facebookfacebook.com/FinoPaymentsBank
• LinkedInlinkedin.com/company/finopaymentsbank
• Instagraminstagram.com/finopaymentsbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fino Payments Bank