Is Fino Paytech the same as Fino Payments Bank?

No. Fino Paytech Limited is the unlisted parent holding company that owns Fino Payments Bank Limited. Fino Payments Bank is a separately listed entity on Indian stock exchanges (NSE/BSE), while Fino Paytech Limited remains an unlisted holding company. The two entities have distinct CINs and corporate identities, though they share the Fino brand and operational ecosystem.

When was Fino Paytech Limited incorporated?

Fino Paytech Limited was incorporated in 2006 in Maharashtra (CIN: U72900MH2006PLC162656), initially as a business correspondent and financial inclusion technology company. It subsequently obtained RBI authorization for Fino Payments Bank, which commenced operations in 2017.

How do I buy Fino Paytech unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Fino Paytech?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Fino Paytech shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Fino Paytech Unlisted Share Price | Buy Fino Paytech Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Fino Paytech Unlisted Share Price | Buy Fino Paytech Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Fino Paytech Limited is one of India's most significant fintech infrastructure companies, having pioneered the business correspondent banking model and built India's largest last-mile banking distribution network. With institutional backing from ICICI Bank, Blackstone, IFC, and LIC, the company has strong governance and capital support. While the unlisted holding company structure creates complexity for investors, the underlying asset — Fino Payments Bank (listed) — is a credible and growing financial services franchise. At ₹109 per share for the unlisted holding company, investors should evaluate the implied discount versus Fino Payments Bank's listed market value and assess the strategic pathway to value realization.

Pros

Fino Paytech Limited has an exceptionally strong marquee investor base including ICICI Bank, Blackstone, Intel Capital, IFC (International Finance Corporation), Bharat Petroleum, and Life Insurance Corporation of India — signaling institutional confidence in the company's business model and management
Fino Paytech holds a unique position as the parent and technology infrastructure company behind Fino Payments Bank — one of India's largest payments bank networks with over 1.3 million banking touchpoints across the country, providing unparalleled last-mile financial services delivery
The company pioneered the Business Correspondent (BC) banking model in India, enabling millions of unbanked citizens in rural and semi-urban areas to access basic banking services through a tech-enabled agent network — a truly transformative financial inclusion play
Fino Payments Bank (the listed subsidiary) serves as India's largest domestic remittance channel, processing tens of millions of transactions annually and commanding a strong market position in cash-in/cash-out and inter-bank transfer services
The broader fintech infrastructure business of Fino Paytech includes white-label banking technology solutions, ATM management, and payment processing capabilities that generate recurring B2B revenue streams independent of the payments bank operations
India's financial inclusion agenda, Jan Dhan Yojana, Direct Benefit Transfer (DBT) push, and rising rural digital payment adoption provide strong structural tailwinds for Fino's agent-led banking and payments infrastructure model

Cons

Fino Paytech Limited itself is an unlisted holding company, with its primary operating subsidiary Fino Payments Bank separately listed on Indian stock exchanges. This structure creates a holding company discount and complexity for investors in the parent entity
Payments banks in India face regulatory restrictions — they cannot extend credit (loans) directly — limiting the revenue potential compared to full-service small finance banks and creating ceiling on Net Interest Margin (NIM) generation
The business correspondent and payments bank space is intensely competitive, with India Post Payments Bank (IPPB), Paytm Payments Bank (facing regulatory issues), Airtel Payments Bank, and Jio Financial Services all competing for similar rural banking and remittance market share
Fino Payments Bank's revenue model is heavily dependent on transaction volumes, interchange fees, and service charges, which are subject to regulatory pricing interventions by RBI and NPCI
The migration of rural customers to UPI and mobile banking platforms is reducing the need for agent-based cash-in/cash-out services over time — a structural headwind to Fino's core agent network revenue
High operational costs of maintaining a 1.3 million+ merchant/agent network across India, including agent commissions, technology maintenance, and compliance costs, create pressure on operating leverage

Business Segments

Banking Technology Infrastructure

Core banking technology platforms, white-label banking solutions, ATM/micro-ATM management systems, and BC network management technology deployed for banking partners across India

Fino Payments Bank Operations (Subsidiary)

Payments bank operations through a 1.3 million+ agent/merchant touchpoint network offering remittance, CASA deposits, insurance, Aadhaar-enabled payment services (AePS), and DBT services

Business Correspondent Services

Managing business correspondent relationships on behalf of multiple partner banks, enabling them to extend banking services to rural and semi-urban markets through Fino's agent network

Revenue Model

Fino Paytech generates revenue through (1) technology licensing and service fees from banking and NBFC clients for its core banking technology platforms and BC network management systems, (2) transaction-based income from Fino Payments Bank operations including remittance charges, AePS fees, insurance commissions, and CASA deposit interest income, and (3) Business Correspondent fees earned for facilitating banking services on behalf of partner banks. The model is largely transaction-volume driven with some recurring SaaS-like technology licensing revenue from institutional clients.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

Potential conversion of Fino Payments Bank to a small finance bank, unlocking lending capabilities and significantly expanding revenue potential

India's financial inclusion drive (Jan Dhan, DBT, PM Kisan) continuing to generate high transaction volumes through agent banking networks

Expansion of digital financial products (insurance, micro-credit via partnerships, investments) through Fino's vast distribution network

B2B banking technology revenue growth from new financial institution clients adopting Fino's platforms

Recent Developments

Fino Payments Bank Continues Digital Expansion

Fino Payments Bank (the listed subsidiary) continued expanding its digital product suite including UPI-based services, BNPL (Buy Now Pay Later) partnerships, and insurance distribution through its vast agent network. The bank reported strong growth in AePS (Aadhaar-enabled Payment Services) and domestic remittance volumes across rural and semi-urban India.

2024

Technology Platform Upgrades and B2B Expansion

Fino Paytech invested in upgrading its core banking technology platform to support next-generation digital financial services for its banking and NBFC clients. The company expanded its B2B financial technology offerings to additional bank and fintech clients, diversifying its institutional client base beyond the core Fino Payments Bank relationship.

2023

Fino Payments Bank IPO on NSE/BSE

Fino Payments Bank Limited (subsidiary of Fino Paytech) successfully completed its IPO in October 2021, listing on NSE and BSE. The IPO raised approximately ₹1,200 crore, with a significant component being an offer for sale by Fino Paytech and institutional shareholders. The listing provided partial liquidity to Fino Paytech as the parent company while the payments bank gained access to public markets.

Comparable Companies

CompanyTypeTickerMkt Cap

Fino Payments Bank Limited (listed subsidiary)ListedFINOPB~₹2,500 Cr

Paytm (One97 Communications Limited)ListedPAYTM~₹15,000 Cr

Fino Payments Bank Limited (listed subsidiary)Listed

FINOPB · ~₹2,500 Cr

Paytm (One97 Communications Limited)Listed

PAYTM · ~₹15,000 Cr

Frequently Asked Questions

Fino Paytech Limited is the Navi Mumbai-based holding and technology company behind the Fino group's financial services operations. It provides banking technology infrastructure, Business Correspondent (BC) network management, and payment processing solutions. Its primary subsidiary is Fino Payments Bank Limited, one of India's leading payments banks with over 1.3 million banking touchpoints across India.

Fino Paytech Limited has a distinguished institutional investor base including ICICI Bank, Blackstone Group, Intel Capital, International Finance Corporation (IFC), Bharat Petroleum Corporation Limited (BPCL), and Life Insurance Corporation of India (LIC). This multi-institutional backing has provided Fino Paytech with both capital and strategic partnerships to build its banking technology and payments infrastructure.

The Business Correspondent model, pioneered and scaled by Fino Paytech, enables licensed banks to extend their reach to rural and remote areas through a network of agent 'correspondents' — local shopkeepers, kiosks, and entrepreneurs equipped with Fino's technology devices. These agents offer basic banking services including account opening, cash deposits, withdrawals, remittances, and government benefit disbursements on behalf of the bank, dramatically expanding financial services access without requiring full bank branches.

About Fino Paytech

Fino Paytech Limited is a pioneering financial technology company headquartered in Navi Mumbai, Maharashtra, incorporated in June 2006. The company serves as the holding entity and technology backbone for Fino Payments Bank, one of India's first payments banks licensed by the Reserve Bank of India. Fino Paytech provides technology solutions and services specifically designed for the banking and financial services sector, enabling financial inclusion at scale across underserved rural and semi-urban India. The company's primary business model revolves around delivering customer sourcing and servicing through alternate banking channels. Fino Paytech operates an extensive network of micro-ATMs, business correspondents, and merchant points that collectively enable last-mile delivery of banking and financial services. This network model allows the company to reach customers who are geographically and economically excluded from conventional banking infrastructure. Founded by Rishi Gupta and backed by marquee institutional investors including ICICI Group, Blackstone, Bharat Petroleum Corporation Limited (BPCL), and International Finance Corporation (IFC), Fino Paytech has raised over $177 million across 9 funding rounds from 43 investors. This institutional backing underscores the company's strategic importance in India's financial inclusion ecosystem and the credibility of its technology platform. Fino Paytech reported a revenue of Rs 1,480 Cr for FY2024 and Rs 1,860 Cr for FY2025, representing a compounded annual growth rate (CAGR) of approximately 22% over five years. Profit after tax stood at Rs 86.2 Cr for FY2024, confirming the company's shift towards sustained profitability. The company's subsidiary, Fino Payments Bank, is a listed entity (BSE/NSE: FINO) and operates through over 1.4 million merchant touchpoints across India. Fino Paytech's competitive moat lies in its proprietary technology stack, deep rural distribution network, and regulatory relationships. The company serves over 10 crore (100 million) customers through its network, processing millions of transactions daily including remittances, cash withdrawals, deposits, insurance premium collections, and government benefit disbursements under Direct Benefit Transfer (DBT) schemes. Its positioning as a pure-play fintech enabler differentiates it from traditional payment gateways and digital wallets, making it a unique investment opportunity in India's financial inclusion space.

Key Milestones

Common questions about unlisted shares

How do I buy Fino Paytech unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

Credit Rating (CRISIL)

IND B+ / Negative(ISSUER NOT COOPERATING) / IND A4(ISSUER NOT COOPERATING)

Rates the company's debt-servicing ability — not the quality or value of its shares.

Key Statistics

52W High₹130

52W Low₹107

Change %0.00% (1M)

Last priced—

Company Details

CINU72900MH2006PLC162656

ISIN—

SectorFinancial Services

Sub-sectorFintech / Banking Technology

Entity TypePublic Limited Company — Fintech Holding / Banking Technology Infrastructure

Incorporated2006-06-15

HeadquartersNavi Mumbai, Maharashtra

Website Visit

Promoters

ICICI Bank, Blackstone, Intel Capital, IFC (International Finance Corporation), Bharat Petroleum, LIC

Leadership

CEO / MD

Rishi Gupta

Since 2017

Founders

ICICI Bank

Company Scale

Employees~5,000+ (Fino Paytech and Fino Payments Bank combined)

LocationsNavi Mumbai (HQ); 1.3 million+ banking touchpoints across India through agent network; operations in 30+ states and union territories

Investors & Ownership

Promoter Holding~35%%

Total Funding$177 million (approx. Rs 1,500 Cr)

Last ValuationRs 3,000+ Cr

Key Investors

ICICI Group

Blackstone

International Finance Corporation (IFC)

BPCL (Bharat Petroleum)

Shareholding

PromotersICICI Bank, Blackstone Group, Intel Capital, IFC (International Finance Corporation), Bharat Petroleum Corporation Limited (BPCL), LIC — multi-institutional promoter consortium

InstitutionalMultiple domestic and international institutional investors; exact current stake breakdown not publicly disclosed for the unlisted holding company

PublicMinimal — private holding company structure; Fino Payments Bank (subsidiary) is separately listed

Quick Financials (FY2024)

Revenue₹1,480 Cr

PAT₹80.83 Cr

D/E Ratio0.00x

Unlisted shares are not traded on stock exchanges. Prices are indicative and may not reflect real-time market value. These carry higher risk than listed securities.

Company profile data as of 19 Apr 2026.

Financial data sourced from CRISIL rating rationale. This is not investment advice.

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My Notes

Risk factors & red flagsInvestment risks and items flagged from public filings11

Leverage & DebtMedium

CRISIL rating of IND B+ / Negative(ISSUER NOT COOPERATING) / IND A4(ISSUER NOT COOPERATING) — sub-investment grade; indicates elevated credit risk

Source: CRISIL

Fraud / GovernanceLow

As an unlisted holding company with the primary operating subsidiary (Fino Payments Bank) separately listed, Fino Paytech shares are subject to a structural holding company discount versus the sum-of-parts value of its underlying assets.

Source: Media Reports / Public Records

Regulatory / LegalLow

Payments banks operate under strict RBI regulations including restrictions on lending, CASA balance caps per customer, and mandatory CRR/SLR requirements. Any adverse regulatory changes to the payments bank framework could materially impact Fino Payments Bank's revenue model.

Source: Company Financial Filings

Fraud / GovernanceLow

The rapid proliferation of UPI, mobile banking, and digital payment platforms is reducing reliance on agent-based cash-in/cash-out services — the core revenue driver of Fino's agent network. The company must continually evolve its product offering to remain relevant.

Source: Company Financial Filings

Industry / CompetitionLow

Fintech incumbents including Paytm Payments Bank (undergoing restructuring), Airtel Payments Bank, India Post Payments Bank, and Jio Financial Services all compete for similar rural payments and remittance market share with significant balance sheet and distribution advantages.

Source: AlphaHub Research

Fraud / GovernanceHigh

Maintaining quality, compliance, and service standards across a 1.3 million+ agent network is operationally complex. Agent fraud, dormant touchpoints, and inconsistent service quality could damage brand reputation and customer trust.

Source: Media Reports / Public Records

Holding Company Discount Risk

Regulatory Risk

Technology Disruption Risk

Competition Risk

Agent Network Quality Risk

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