Machi Navi Wed, 01 Dec 2021 05:50:09 +0000 en-US hourly 1 Machi Navi 32 32 LKQ CORP: Conclusion of a material definitive agreement, financial statements and supporting documents (Form 8-K) Tue, 30 Nov 2021 21:58:19 +0000

Item 1.01 Conclusion of a Material Definitive Agreement.

On November 23, 2021, LKQ Corporation ("LKQ" or the "Company") and certain other
subsidiaries of LKQ (collectively, the "Borrowers") entered into Amendment No. 6
to the Fourth Amended and Restated Credit Agreement dated January 29, 2016 (the
"Credit Agreement") with the several lenders from time to time party thereto;
Wells Fargo Bank, National Association, as administrative agent; Bank of
America, N.A. and MUFG Bank, Ltd. ("MUFG") as syndication agents; Citizens Bank,
N.A.; SunTrust Bank (now known as Truist Bank); BBVA Compass; PNC Bank, National
Association; HSBC Bank USA, National Association; TD Bank, N.A.; and Capital
One, National Association, as documentation agents; and Wells Fargo Securities,
LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and MUFG, as joint
bookrunners and joint lead arrangers.
Amendment No. 6 to the Credit Agreement modifies certain interest rates to
provide that (1) Loans denominated in euros shall bear interest at a rate per
annum equal to the Euro Interbank Offered Rate as administered by the European
Money Markets Institute (or a comparable or successor administrator approved by
the Administrative Agent) plus the Applicable Rate, (2) Swingline Loans
denominated in Pounds Sterling shall bear interest at a rate per annum equal to
the Sterling Overnight Index Average as administered by the Bank of England (or
any successor administrator of the Sterling Overnight Index Average) ("SONIA")
plus the Applicable Rate, (3) Revolving Loans denominated in Pounds Sterling
shall bear interest at a rate per annum equal to SONIA plus an adjustment equal
to 0.0326% per annum plus the Applicable Rate, and (4) loans denominated in
Swiss Francs shall bear interest at a rate per annum equal to the Swiss Average
Rate Overnight as administered by SIX Swiss Exchange AG (or any successor
administrator of the Swiss Average Rate Overnight) plus the Applicable Rate. All
other interest rates remain the same. Amendment No.6 also makes other immaterial
or clarifying modifications and amendments to the terms of the Credit Agreement.
These amendments were necessary given that the syndicated loan market is
transitioning from using the LIBO Rate as an interest rate for all loans to
specific risk free rates for loans in each currency beginning with Pound
Sterling and Swiss Francs. LKQ expects to amend its Credit Agreement in the
future to incorporate other risk free rates for those loans that still bear
interest at the LIBO Rate plus the Applicable Margin as the syndicated loan
market continues to transition away from the LIBO Rate.
This summary does not purport to be complete and is subject to and qualified in
its entirety by reference to Amendment No. 6 to the Fourth Amended and Restated
Credit Agreement, which is filed as an exhibit to this Current Report on Form
Item 2.03      Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
               Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this report is incorporated herein by

                 Item 9.01   Financial Statements and Exhibits.

(d) Exhibits
Exhibit Number           Description of Exhibit
  4.1                    Amendment No. 6 dated as of November 23, 2021 to the Fourth Amended and
                         Restated Credit Agreement, which is Exhibit A to

amendment and rewording

                         Agreement dated as of January 29, 2016 by and 

among LKQ Corporation and

                         certain additional subsidiaries of LKQ 

Company, as borrowers, some

                         financial institutions, as lenders, and Wells Fargo Bank, National
                         Association, as administrative agent.

104                      Cover Page Interactive Data File (formatted as

Inline XBRL and contained in

                         Exhibit 101).

————————————————– ——————————

© Edgar online, source Previews

Source link

Apply for an instant loan from Fintechs? Here are the key points to consider Tue, 30 Nov 2021 13:00:00 +0000

New age fintechs are taking advantage of digital lending and making the process of getting loans faster and more convenient than traditional banks. They offer customized products to meet the demands of the borrowers. Instant Loan is one such product that a customer resorts to in an emergency.

Instant loans can be used as a personal loan from traditional banks or financial technology companies.

Previously, processing a personal loan from a bank was time consuming. However, with the advent of online banking or mobile apps, customers can now avail instant loans at a faster rate.

On the other hand, private banks offer pre-approved loans to some of their existing customers with good credit history. Any customer with a working bank account and a fixed income can apply for an instant loan. In most cases, loans require regular KYC documents and the money is credited the same day.

Unlike risk-averse banks and NBFCs, digital lenders offer financing to New-to-Credit (NTC) borrowers. As the process is digitized, it requires less or little physical paperwork.

“The growing affinity of borrowers towards fintech for personal loans can be attributed to their distinctive characteristics, made possible by technology,” said Madhusudan Ekambaram, co-founder of the Fintech Association for Consumer Empowerment. Express Financial.

Here are some key points to consider when getting an instant loan from a fintech

  • New age loan platforms offer instant loans from Rs 15,000 to Rs 10 lakh.
  • The interest rates for instant loans vary among lenders and depend on the credit rating of the customer. Some fintechs allow customers with an outstanding personal loan to instantly top up the existing amount.
  • While traditional banking setups charge for partial or prepayment, borrowers at fintech companies have the option of choosing no partial fees or prepayment.
  • Before offering a loan, digital lenders assess a borrower’s creditworthiness based on their credit history, employment history, income level, and repayment capacity.
  • Some fintech lenders use efficient underwriting algorithms to assess a borrower’s credit rating and repayment history in order to provide immediate loan approvals.
  • The borrower should provide documents like PAN card, Aadhaar card, pay slips and bank statement for loan processing. With a digital lender, the borrower can upload these documents online through a website or mobile app.
  • Fintech Lenders Leverage e-KYC for Borrowers to Get Digital Signatures on Loan Agreements
  • A borrower should read the terms and conditions and fees before digitally signing an instant loan agreement online.
  • Digital lenders use multiple sources to verify the accuracy of borrower details. It is therefore essential to provide precise information to benefit from the loan.
  • Source link

    Joyville from Shapoorji Pallonji to invest Rs 300 crore to build 750 apartments, Real Estate News, ET RealEstate Mon, 29 Nov 2021 13:00:00 +0000 NEW DELHI: Joyville, Shapoorji Pallonji’s housing platform, will invest around 300 crore rupees to develop new phases, comprising around 750 apartments, in its three residential projects in Pune, Mumbai and Kolkata to cash in on rising demand .

    Joyville, which is a 1,240 crore rupee platform established by business conglomerate Shapoorji Pallonji, ADB, IFC and Actis, has so far launched six housing projects – three in Pune and one each in Mumbai, Kolkata and Gurugram.

    In an interview with PTI, Sriram Mahadevan, managing director of Joyville Shapoorji Housing, said the company will soon launch new phases of development in its ongoing housing projects to meet growing demand, driven by positive consumer sentiments.

    The company will launch new phases in its three projects: Joyville Hadapsar (East Pune), Joyville Virar (near Mumbai) and Joyville Howrah (near Kolkata)

    “We plan to launch more than 750 apartments in the new phases of these three projects,” he said.

    Asked about the cost of the project, Mahadevan said the total investment would be around Rs 300 crore.

    “We expect total sales achievement of around Rs 400 crore,” he said.

    Regarding operational performance, Mahadevan said the company saw an almost three-fold jump in its sales bookings to Rs 450 crore during the first half of this fiscal year.

    Joyville had sold properties worth Rs 160 crore during the corresponding period last fiscal year.

    The Joyville platform had sold properties worth around Rs 1,100 crore in the last fiscal year, double the previous year, despite the COVID-19 pandemic.

    “The real estate market is doing well due to improving market sentiment thanks to the progress of the vaccination program,” Mahadevan said.

    In addition, cases of COVID-19 have also dropped significantly, he added.

    Sales were good in all four cities where the company operates, but all three projects in Pune performed extremely well.

    The company hopes to keep the momentum going.

    To the robust growth of its sales bookings, Mahadevan attributed various factors including “positive consumer sentiment, improved affordability of consumers on their higher incomes and stable house prices, low interest rate on home loans and the importance of homeownership during the pandemic “.

    Regarding the construction update, he said the company has already delivered over 700 apartments in its projects well ahead of the RERA schedule.

    “We plan to deliver over 1,600 apartments over the next year,” Mahadevan said.

    In the overall housing market, he said, the share of the middle income segment (Rs 40 lakh to Rs 1 crore), the price range in which Joyville operates, has reached nearly 50%.

    The market share of brand developers, both listed and unlisted, rose to 40 percent from 18 percent earlier, due to the trust factor, he observed.

    Earlier this year, Joyville announced plans to invest around Rs.400 crore in acquiring 3-4 plots of land in Mumbai and Pune to expand its business.

    In addition to this platform, the Shapoorji Pallonji group company Shapoorji Pallonji Real Estate has a development pipeline of over 80 million square feet.

    Shapoorji Pallonji Real Estate and Joyville are not listed entities.

    Recently, real estate consultant PropTiger said home sales could increase by 15-20% per year in calendar year 2021, in eight major cities, with pent-up demand and low interest rates on loans. real estate.

    In calendar year 2020, sales plunged 47% to 1,826,39 units from 347,586 units in 2019, mainly due to the strict national lockdown imposed in March of last year to control the COVID pandemic, did he declare.

    Source link

    Responsible bank: new dimension of green banking Sat, 27 Nov 2021 19:32:55 +0000

    With the climax of climate change and its adverse effects, we are all concerned about our habitat, our economy, our way of life and future generations. The banking sector is not far from it. As societal expectations change, banks need to be transparent and precise about how their products and services create value for their customers, clients, investors and society.

    In this context, the United Nations Environment Program for the Financial Initiative (UNEP FI) has taken a commendable initiative to change banking strategy by putting in place a framework called Responsible Banking Principle (PRB), which consists of six principles. These principles will help any bank to align its business strategy with the objectives of the company. The principles are:

    Alignment: This principle will ensure that the business strategy is consistent with the needs of individuals and the goals of society, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.

    Impact and Definition of Objectives: Financial institutions will continually increase their positive impacts while reducing negative impacts and managing risks to people and the environment resulting from our activities, products and services.

    Clients and Customers: Financial institutions will work responsibly with their clients and clients to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.

    Stakeholders: Financial institutions will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve company goals.

    Governance and Culture: Financial institutions will implement the commitments of UNEF FI members through effective governance processes, management systems and a responsible banking culture.

    Transparency and Accountability: Financial institutions should periodically review the individual and collective implementation of these principles and be transparent and accountable for its positive and negative impacts and its contribution to societal objectives.

    In short, the principles provide the framework for a sustainable banking system and help the industry demonstrate how it makes a positive contribution to society and the environment. These will accelerate the contribution of the banking sector to the achievement of societal objectives as expressed in the Sustainable Development Goals and the Paris Climate Agreement.

    The Principles for Responsible Banking were launched by 130 banks in 49 countries, representing over $ 47 trillion in assets, at the United Nations Annual General Assembly in 2019. Over 45 CEOs, as well as the Secretary United Nations General, attended the launch ceremony. IDLC Finance Ltd, the only UNEP FI member from Bangladesh, has signed the PRB.

    As we know, the government of Bangladesh has taken a proactive role in promoting sustainable banking practices and green lending through the central bank. The Bangladesh Bank released a dedicated Green Banking Policy for Banks and Non-Bank Financial Institutions in 2011 to take the initiative forward.

    It set up a green refinancing program with low cost financing for eligible sectors and components, and issued a directive on environmental and social risk management (ESRM) for banks and non-banks which strongly encouraged the implementation of sustainable banking practices.

    The ESRM directive is also a prudent measure to prevent financial institutions from financing projects that are negatively responsible for carbon emissions. In accordance with the Directive, each manufacturing company within the framework of the financing of large and medium-sized enterprises and the manufacturing companies selected by sector within the framework of the financing of small businesses require environmental and social due diligence.

    Under the regulations, the BB has set a disbursement target of 5% for green loans and 20% for sustainable financing to banks and financial institutions of their annual disbursement.

    Banks are also required to submit quarterly reports on their individual green and sustainable finance. The BB recently published its list of the best banks and NBFI under the 2020 sustainability rating. This will also encourage financial institutions to increase their participation in sustainable or responsible banking practices. In truth, all of these government initiatives aim to develop a green economy as part of the broader SDG agenda.

    Carbon emissions are one of the main driving forces negatively impacting the climate and increasing its temperature. In order to mitigate this and protect the environment from further adversities, organizations like the UNEP FI have been very steadfast.

    UNEF FI has launched another initiative as part of the Net Zero Banking Alliance (carbon neutral economy by 2050) for banks / FIs to take a step forward towards a better and sustainable future. IDLC became a proud signatory member of this initiative in 2021 and is working diligently on setting smart targets to reduce carbon emissions.

    Now the banking sector must show its strong commitment and actions to increase the movement. Without a doubt, green finance can be an alternative financing opportunity. Some banks and financial institutions have set up a partial green portfolio and are building a sustainable global portfolio on the demand and need for a sustainable economy. Our banks must be very focused on this issue and must define their own vision of sustainability.

    The author is the business manager at IDLC Finance Ltd.

    Source link

    GOLUB CAPITAL BDC, INC. : entering into a material definitive agreement, creating a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, financial statements and supporting documents (Form 8-K) Wed, 24 Nov 2021 12:05:04 +0000

    Article 1.01 – Conclusion of an important definitive agreement.

    At November 19, 2021, Golub Capital BDC, inc. (the “Company”) has entered into an addendum (the “JPM Credit Facility Addendum”) to this certain Senior Secured Revolving Credit Agreement, dated February 11, 2021, by and among, Golub Capital BDC, inc., as a borrower, JPMorgan Chase Bank, NA., as Administrative Agent and Guarantee Agent, and Lenders, Syndication Agents, Associate Bookkeepers and Associate Lead Agents (as amended and supplemented by the Amendment to the JPM Credit Facility, the “JPM Credit Facility”). The amendment to the JPM credit facility came into effect on November 19, 2021.

    The Amendment to the JPM Credit Facility amended the JPM Credit Facility to, among other things, (x) increase the accordion function, which allows the Company, in certain circumstances, to increase the total size of the facility, to a total size of the ease of $ 1.5 billion of $ 712.5 million, and (y) replace the benchmark LIBOR and interest rate for loans denominated in pounds sterling and Swiss francs. Upon the entry into force of the amendment to the JPM Credit Facility, borrowings under the JPM Credit Facility remain subject to compliance with a basic borrowing test. As part of the amendment to the JPM credit facility, interest under the JPM credit facility for loans denominated in pounds sterling or Swiss francs, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the total amount of certain outstanding debt of the Company, or the “Amount of the Combined Debt”, is payable at a rate equal to one month of SONIA plus 1.7826% per year or one month of SARON plus 1.6929% per annum, respectively and, (B) if the value of the gross value of the borrowing base is less than 1.60 times the amount of the combined debt, is payable at an equal rate to one month of SONIA plus 1.9076% per year or one month of SARON plus 1.8179% per year, respectively.

    At 23 November 2021, the Company has entered into an agreement with First National Bank of Pennsylvania, JPMorgan Chase Bank, NA., MUFG Union Bank, NA, CIBC Bank United States, and Sumitomo Mitsui Banking Company (the “Commitment Increase Agreement”), under which, through the accordion function of the JPM Credit Facility, the total commitments under the JPM Credit Facility were increased from
    $ 687.5 million To $ 1,037.5 million. The accordion function of the JPM credit facility allows the Company, in certain circumstances, to increase the total size of the facility to a maximum of $ 1.5 billion.

    The foregoing descriptions are only a summary of the material provisions of each of the JPM Credit Facility Addendum and Commitment Increase Agreement and are qualified in their entirety by reference to copies of the Addendum. to the JPM Credit Facility and the Commitment Increase Agreement, respectively, which are filed as Exhibit 10.1 and Exhibit 10.2 of this current report on Form 8-K and incorporated by reference herein.

    Item 2.03 – Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

    The information set out in section 1.01 above is incorporated by reference into this section 2.03.

    Item 9.01 – Financial statements and supporting documents.

    (d) Exhibits:
    Exhibit Number   Description
      10.1             Amendment No. 1, dated as of November 19, 2021, to Senior Secured
                     Revolving Credit Agreement, dated as of February 11, 2021, by and
                     among, Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank,
                     N.A., as administrative agent and as collateral agent, and the
                     lenders, syndication agents, joint bookrunners, and joint lead
                     arrangers party thereto
      10.2             Commitment Increase Agreement, dated as of November 23, 2021, by
                     First National Bank of Pennsylvania, as Assuming Lender, JPMorgan
                     Chase Bank, N.A., MUFG Union Bank, N.A., CIBC Bank USA, and Sumitomo
                     Mitsui Banking Corporation, each as an Increasing Lender, in favor
                     of Golub Capital BDC, Inc., as borrower, and JPMorgan Chase Bank,
                     N.A., as administrative agent under the Senior Secured Revolving
                     Credit Facility, dated as of February 11, 2021, as amended, among
                     Golub Capital BDC, Inc., as borrower, JPMorgan Chase Bank, N.A., as
                     administrative agent and as collateral agent, and the lenders,
                     syndication agents, joint bookrunners, and joint lead arrangers
                     party thereto.

    © Edgar online, source Previews

    Source link

    Detailed information about payday loans online Mon, 22 Nov 2021 18:47:14 +0000

    If you are looking for how to get Payday loans? How will the funds be released? So, in this article, we will discuss borrowing from the company in detail. It also gives you efficiency, whether you want it in installments or instant cash back to pay off quickly. Due to this digital way of life, transfer money by wire transfer. However, this is a safe and fast way to get funds and meet your needs.

    although there may be rules and regulations to do this, and these processes are very quick and easy. You will be able to borrow money immediately by sitting at home. while lenders allow you to borrow money instantly when you need it. Although you should consider before applying for a loan, the amount borrowed will only be a small amount. This small amount can be increased if you repay the pre-obtained loans at that time.

    Apply for a payday loan online

    Applying for a payday loan online is a very simple process. Today our world is becoming a digital world, which is why everything will be online. It also makes online money transfer more accessible. No need for paperwork for the loans and it takes less time to complete the application. To apply for instant money, you can visit their official website. There you will receive an application form to fill out. It will receive quick notifications whether it is capable or not.

    The application form contains all the details necessary to verify your detailed account information and verify your identifications. The application form would be in flexible form, completely avoiding paperwork, and you can fill it out while sitting on your couch. When you have completed the entire form and submitted all your information according to their requirements, it will take a few days or some time to process it.

    Borrow Money Online

    While fulfilling all the requirements for the application form and being informed about your ability to get loans, now is the time to borrow money. Before moving on to the next procedure, your detail information should be verified, while your monthly income would be verified by bank transfer. After checking your detail information, the money is sent out in a short time. Your authorization is required to sign the transfer check from the lenders.

    You can also repay the loan in one go and can also repay it in a fixed monthly amount such as in installments. While this money will be repayable with the minimum interest rate. You must have a credit card and a bank account if you are applying for payday loans.

    Fund refund policy

    If you have applied for payday loans and have been successful in withdrawing the requested amount, the due date is now the time to repay the loans. Getting money in a crisis is a wonderful and wonderful opportunity to take charge of the problem. It’s short term and straightforward and should be paid back as soon as possible. This loan will be very short to meet your instant need and also payable until the next paycheck. It also offers two options for paying off your loan.

    It is up to you to decide if you want to repay the entire amount at once. And you can also get the installments payable every month with little interest. You can request payments of a certain percentage of the total each month or year. This makes repaying your payday loan easy and reliable. Visit the website for more information:

    Source link

    Portland, OR Nonprofit Coordinator – Money Diary Mon, 22 Nov 2021 16:37:59 +0000 Occupation: Coordinator
    Industry: Non-profit
    Age: 41
    Site: Portland, OR
    Salary: $ 43,600
    Net value : – $ 23,000 ($ 9,000 in 401 (k) minus debt. My husband and I keep our finances separate and split the bills based on income. He was making a lot more than I did when we first moved in together. His salary has had its ups and downs over the years but he recently got a raise and earns about $ 7,000 more than I. He has a small amount of savings and all the major expenses like car repairs or vet bills are usually covered by him up front and I will pay half (sometimes spread over paychecks if necessary). Although we do not share any accounts, we are 100% committed to supporting each other anyway and money is rarely a problem. As our income has increased over the past year, we are eager to pay off our personal expenses (debts and focusing on savings.)
    Debt: $ 28,000 in student loans, $ 3,000 remaining on car loan and $ 1,000 remaining on credit cards.
    Paycheck amount (2x / month): $ 1,320
    Pronouns: she she

    Monthly expenses
    To rent: $ 550 for me for a rented two-bedroom apartment (husband covers the remaining $ 765, utilities are included.)
    Car loan: $ 270
    Student loans: $ 500 (not on hiatus during COVID due to status.)
    Payment by credit card: $ 150
    Health / vision insurance: $ 71.82
    401 (k): $ 74
    Telephone: $ 152 (I cover both my husband’s and my phone.)
    The Internet: my husband pays
    Car insurance: my husband pays
    HBO / Hulu / Shudder: $ 35
    Spotify /NYT/NY Mag: $ 19
    Savings: $ 0 right now, whatever is left at the end of the month goes to my credit card payment.

    Source link

    No change on gasoline, diesel, Auto News, ET Auto prices Sun, 21 Nov 2021 04:31:00 +0000
    Gasoline prices have also increased in 28 of the previous 54 days, raising its price at the pump to Rs 8.85 per liter.

    Gasoline and diesel prices remain unchanged on Sunday after tariffs were revised by central and state governments on the eve of Diwali, offering continued relief to consumers.

    As a result, gasoline and diesel prices remained static for the 17th day in a row on Sunday under the daily price review mechanism followed by oil marketing companies.

    The pump price of gasoline in Delhi, which fell to Rs 103.97 per liter at 6 a.m. on November 4 from the previous day’s level of Rs 110.04 per liter, remained the same on Sunday. .

    Diesel prices also remained unchanged in the capital at Rs 86.67 per liter.

    In the financial capital Mumbai, gasoline continues to be priced at Rs 109.98 per liter and diesel at Rs 94.14 per liter.

    Prices also remained static on Sunday in Calcutta where the price of gasoline was reduced from Rs 5.82 to Rs 104.67 per liter and that of diesel from Rs 11.77 to Rs 89.79 per liter over the course of the first week of November.

    The price of gasoline in Chennai also remained at Rs 101.40 per liter and diesel at Rs 91.43 per liter.

    Across the country, too, prices were largely unchanged on Sunday, but retail prices varied depending on the level of local taxes.

    Global crude prices, which hit their three-year high at over $ 85 a barrel on several occasions over the past month, have now sagged to less than $ 80 a barrel. Rising inventories in the United States have pushed crude prices down, but OPEC + ‘s decision to only gradually increase production in December could raise crude prices further. This could cause oil companies to revise fuel prices upwards.

    Before the price cuts and the hiatus, diesel prices rose 30 days over the past 58 days, raising its retail price by Rs 9.90 per liter in Delhi.

    Gasoline prices have also increased in 28 of the previous 54 days, raising its price at the pump to Rs 8.85 per liter.

    Since January 1, 2021, prices have increased by more than Rs 26 per liter.

    The reduction in excise duties by the Center on November 3 was the first such exercise since the start of the Covid pandemic. In fact, the government heavily revised excise duties on gasoline and diesel in March and again in May of last year in order to mobilize additional resources for Covid relief measures.

    Source link

    HouseAfrica, CARMA and two other African blockchain startups receive $ 125,000 in funding from CV Labs Fri, 19 Nov 2021 15:02:32 +0000

    Payhippo, one of Nigeria’s leading SME lending platforms, has raised $ 3 million in seed funding to improve access to credit facilities and recruit more talent to its team.

    The tour de table was led by the co-founders of the African cross-border payments company Chipper Cash, Ham Serunjogi and Maijid Moujaled, founder of Flutterwave, Olugbenga Agboola, CEO of investment bank Chapel Hill Denham, Bolaji Balogun, and founder of Metis Capital Partners, Hakeem Belo-Osagie. Other angel investors include the management of Paystack, Brex and Tala and several LPs of Payhippo’s pre-seed investors. Institutional investors include TEN13, VentureSouq and Prodigio Capital.

    Payhippo, part of the 2021 Y Combinator summer cohort, was founded in 2019 by Chioma Okotcha, Zach Bijesse and Uche Nnadi. The $ 3 million raised in the fundraising round is the largest amount Payhippo has raised to date after receiving $ 1 million in pre-seed funding earlier this year. The company has raised a total of $ 4 million to date.

    According to Chioma Okotcha, co-founder and chief operating officer (COO) of the company, Payhippo is looking to hire more engineers and data scientists. She said, “We capture our data from the loans we issue, and more talent on the team would allow us to optimize our technology to better serve our clients. “

    Chioma also said the company is ensuring that loan disbursement occurs within 3 hours of approval, a record that seems unattainable in traditional banking institutions in Nigeria.

    “We’re really focused on keeping it under three hours and making sure businesses can get the money they need when they need it. Ours is also a product that works for SMEs in terms of a flexible repayment structure.

    “We had seen that traditional banks and lenders were not lending to small businesses primarily because there was no credit rating or the collateral requirements were too high. We decided to enter the market and create an instant financing option, where we create a credit rating that allows small businesses to get the cash they need to buy inventory for business continuity, ” Okotcha said.

    According to the COO, Payhippo uses its own personalized credit score formula to determine the value of loans available to each business. “We use data from historical records that borrowers have built with us, but we also check their banking history to see the actual performance of their businesses,” she said.

    Payhippo says he relies on his quick turnaround time for loan applications to expand his customer base in Nigeria before venturing to other countries. From its inception to date, the company has reportedly disbursed approximately 5,000 loans, valued at $ 1 million and with a repayment rate of 97%, generating approximately $ 64,000 in revenue.

    She added that the demand for credit is high, fueling its current 25% month-on-month growth. The minimum loan disbursed is around $ 200 while the average loan disbursed was $ 1,300. “We know that only 1% of the Nigerian market represents around 40,000 businesses, and we want to be able to disburse 40,000 loans per day,” she said.

    Ham Serunjogi, Co-Founder and CEO of Chipper Cash, said: “New financial technologies are being developed and implemented, changing the competitive landscape of the financial sector in Africa. Access to credit is a critical necessity for small businesses to manage their daily challenges. Payhippo helps meet this need with its innovative approach that grants loans to small businesses in less than three hours, giving them access to sufficient working capital to grow.

    Source link

    Income Tax Raids in Haryana, Delhi for Instant Loans Via App: The Tribune India Thu, 18 Nov 2021 00:58:00 +0000

    New Delhi, November 17

    The Income Tax Department today conducted search and seizure operations in Delhi and Haryana in the case of a fintech company offering instant short-term personal loans through a mobile app.

    The searches were carried out on commercial and residential premises in Delhi and Gurugram.

    During the search, it was revealed that the company allegedly charged high processing fees when the loans were disbursed.

    “The company is owned by a group based in the Cayman Islands. The company brought nominal initial capital to India through FDI, but took out substantial working capital loans from Indian banks. The company’s business model results in high capital turnover, as evidenced by turnover of Rs 10,000 crore in its first year of operation, ”the finance ministry said.

    Computer detectives noted that a repatriation of around Rs 500 crore had been made by the company to its weapons abroad under the pretext of purchasing services in two years.

    “The evidence gathered during the search revealed that these remittances to group companies are either very inflated or not genuine. The evidence also indicates that the internal web application for lending activities was controlled from outside India. Statements by foreign nationals have been recorded, ”the ministry said. – TNS

    Source link