Flipkart’s digital payments firm PhonePe to raise $700 million from existing investors

NEW DELHI (Reuters) – PhonePe, the digital payments unit of Walmart’s Indian e-commerce arm Flipkart, said on Thursday it would sell a stake to existing investors for $700 million, helping it fuel growth in a crowded market that includes Google and Amazon .

FILE PHOTO: The logo of India’s e-commerce firm Flipkart is seen in this illustration picture taken January 29, 2019. REUTERS/Danish Siddiqui/Illustration

PhonePe’s fundraising, from Flipkart investors led by Walmart, will give it a valuation of $5.5 billion, the company said in a statement.

PhonePe is also using the opportunity to assert its independence from the Flipkart Group which runs a successful e-commerce business in India rivalling Amazon’s local unit.

It will have its own board of directors, which will include founder and CEO Sameer Nigam and former Flipkart boss Binny Bansal, who is no longer at the company he co-founded.

PhonePe will also have employee stock ownership

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Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

(Bloomberg) — Private financial technology business Stripe Inc. is in talks to raise a new funding round valuing it higher than its last private valuation of $36 billion, according to people familiar with the matter.



Patrick Collison sitting in front of a window: John Collison, president and co-founder of Stripe Inc., left, and Patrick Collison, chief executive officer and co-founder of Stripe Inc., sit for a photograph after a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018. Stripe Inc. provides payment software services and solutions by designing and producing software to process online credit and debit card payments.


© Bloomberg
John Collison, president and co-founder of Stripe Inc., left, and Patrick Collison, chief executive officer and co-founder of Stripe Inc., sit for a photograph after a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018. Stripe Inc. provides payment software services and solutions by designing and producing software to process online credit and debit card payments.

The valuation being discussed could be more than $70 billion or significantly higher, at as much as $100 billion, said one of the people, who asked not be identified because the matter is private. That would make it currently the most valuable venture-backed startup in the U.S., according to CB Insights.

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SSI and SSDI recipients: What to know about stimulus payments, the first and possible second check

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If a new bill passes and you’re part of the SSI or SSDI programs, you’ll likely be eligible for a second stimulus check.


Angela Lang/CNET

Communications between Congress and the White House about the next coronavirus relief package have stalled, but once they restart, those who qualify for Supplemental Security Income or Social Security Disability Insurance will likely be eligible for a second stimulus check.

The odds on the IRS distributing another economic impact check before the end of 2020 are growing slimmer. President-elect Joe Biden has a stimulus plan that would include a second check, but Inauguration Day is still over 60 days away. 

Read moreJoe Biden is president-elect. Here’s his stimulus plan for the US

If you do participate in the SSI or SSDI programs and didn’t get the first stimulus payment, you must file a claim for yourself or your child dependents in

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The Internet Of Cash Drives Need For New Payments Standards

Founder & CEO of MovoCash, Inc., where he’s combining the best of banking & blockchain through MOVO, a highly secure payment card platform.

The payments industry has undergone a radical shift in recent years. Consumer desire for fast, frictionless digital payment options has driven adoption of mobile payment solutions, peer-to-peer (P2P) payments, digital wallets, cryptocurrencies and more. The global Covid-19 pandemic and associated growth of online shopping have further accelerated this trend.

However, along with the rise of digital payments has come a surge in fraud. Traditional financial institutions, neo-banks, mobile payment apps and other payment players have all found themselves targets of fraud and cybersecurity attacks. In fact, cyberattacks against the financial sector rose 238% during the early months of the pandemic as lawmakers poured trillions of dollars of relief funds into the financial sector and fraudsters sought to take their piece of the pie. It’s a

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Some Iowans wait months for unemployment payments; state employees blame a 48-year-old computer system for benefit delays

Michelle Hansen has used up all of her savings. She’s cut the TV service. She declined to buy her children’s school pictures this year. She borrowed money from her father to buy toilet paper.

Americans who lost their jobs to COVID-19 are finding news careers in different fields

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“It’s very embarrassing,” said Hansen of Sioux City, Iowa. “I’ve always been able to support myself. And I think I could be if I was getting the benefit I’m supposed to be getting.”

Hansen, 31, has seen her unemployment payments shrink this fall, a problem that Iowa Workforce Development staffers blame on the agency’s outdated computer systems.

In the lead-up to the 2020 election, all eyes are on Iowa. Get updates of all things Iowa politics delivered to your inbox.

After Hansen originally received $580 a week under the state’s standard unemployment program, an Iowa Workforce Development

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Some Iowans wait months for unemployment payments; state employees blame a 48-year-old computer system for jobless aid delays

Michelle Hansen has used up all of her savings. She’s cut the TV service. She declined to buy her children’s school pictures this year. She borrowed money from her father to buy toilet paper.

Americans who lost their jobs to COVID-19 are finding news careers in different fields

UP NEXT

UP NEXT

“It’s very embarrassing,” said Hansen of Sioux City, Iowa. “I’ve always been able to support myself. And I think I could be if I was getting the benefit I’m supposed to be getting.”

Hansen, 31, has seen her unemployment payments shrink this fall, a problem that Iowa Workforce Development staffers blame on the agency’s outdated computer systems.

In the lead-up to the 2020 election, all eyes are on Iowa. Get updates of all things Iowa politics delivered to your inbox.

After Hansen originally received $580 a week under the state’s standard unemployment program, an Iowa Workforce Development

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Paytm on India’s digital payments sector

SINGAPORE — Indian tech start-up Paytm is “super comfortable” with its position in an increasingly competitive payments sector in the country, a top executive at the company said Monday.

Paytm is an ubiquitous name in India’s digital payments sector. Millions of Indians use the service to pay for things including utility bills, groceries, recharging mobile connections or buying movie tickets. Paytm is also a fully licensed digital bank.

The service faces competition from the likes of Google Pay, Walmart’s PhonePe and most recently Facebook’s WhatsApp messaging service, which announced a feature allowing its users to send money through the app.

Paytm, PhonePe, Google Pay (Gpay) and Bhim UPI QR Codes (Standee) are Kept outside for Cashless payments at a medical store in Gurugram on the outskirts of New Delhi, India on 16 May 2020.

Nasir Kachroo | NurPhoto | Getty Images

“It’s no doubt that India is the last big

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Stimulus checks, SSI, SSDI: Key details about the first and second potential payments

money-cash-dollars-bills-bank-stimulus-covid-finance-7157

If a new bill passes and you’re part of the SSI or SSDI programs, you’ll likely be eligible for a second stimulus check.


Angela Lang/CNET

Supplemental Security Income and Social Security Disability Insurance recipients will likely qualify for a second stimulus check. But negotiations on the substance of another coronavirus rescue package that would fund that stimulus aid must yield an agreement soon — and withstand a Congressional vote — for people to see any money before 2021

Read moreJoe Biden is president-elect. Here’s his stimulus plan for the US

If you participate in the SSI or SSDI programs and didn’t get the first stimulus payment, you must file a claim for yourself or your child dependents by 12 p.m. PT (3 p.m. ET) on Nov. 21. We’ll walk you through details that concern SSI and SSDI recipients below. (Here are some of the groups

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Stimulus checks, SSI, SSDI: Crucial details about the first and second payments

money-cash-dollars-bills-bank-stimulus-covid-finance-7157

If a new bill passes and you’re part of the SSI or SSDI programs, you’ll likely be eligible for a second stimulus check.


Angela Lang/CNET

We still have hope that a second stimulus check will make it into the hands of qualifying people before 2021, even as negotiations to pass another coronavirus rescue package move at a glacial pace. 

Despite the fact that many people won’t be eligible for a second stimulus check, it’s likely that Supplemental Security Income and Social Security Disability Insurance recipients will meet the qualifications to get paid — even though it’s unclear how much anyone will get.

Read moreJoe Biden is president-elect. Here’s his stimulus plan for the US

If you didn’t get the first stimulus payment and you participate in the SSI or SSDI programs, you have until 12 p.m. PT (3 p.m. ET) on Nov. 21 to file

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