Updated March 21st, 2024 at 14:10 IST

PB Fintech to set up payment aggregator arm, stock surges

Notably, the stock has surged 15.46 per cent over the past month and 41 per cent year-to-date (YTD).

Reported by: Business Desk
PB Fintech | Image:Republic
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PB Fintech rises: Shares of PB Fintech surged, rising by as much as 3.02 per cent during early trade, to hit an intraday high of Rs 1,150.60 per share, after the company's board approved incorporation of a wholly owned subsidiary, PB Pay Private Limited, to carry on the business of payment aggregator (PA).

Notably, the stock has surged 15.46 per cent over the past month and 41 per cent year-to-date (YTD).

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In a filing with the stock exchange, PB Fintech said, “We hereby inform that the Board of Directors of the Company at its meeting held today i.e. Wednesday, March 20, 2024, has, inter-alia, considered and approved incorporation of a wholly owned subsidiary of the Company under the name and style of “PB Pay Private Limited” to carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both.”

The proposed company on incorporation will apply to RBI for payment aggregator (PA) licence and conduct the PA business once RBI licence is received, PB Fintech added.

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Established in 2008, PB Fintech Limited operates an online platform specialising in insurance and lending products in both Indian and international markets. The company's offerings include Policybazaar, an online platform for purchasing and selling various insurance products, as well as Paisabazaar, an independent digital lending platform enabling consumers to compare and apply for personal credit products.

Additionally, PB Fintech provides various support services related to insurance products and engages in online marketing and consulting activities.

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As of 10:22 am, the company's shares were trading 1.39 per cent higher at Rs 1,132.40 per share.

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Published March 21st, 2024 at 10:34 IST