The powerful people of Fino payments bank linked to the IPO
Mumbai-based Fino Payments Bank filed its DRHP ahead of an initial public offering of 1,300 Cr INR last year
The payment bank is headed by the Managing Director and CEO Rishi Gupta, whose remuneration for fiscal year 21 is 3.04 Cr INR.
Fino Payments Bank posted a total income of 791 Cr INR, resulting in a net profit of 20.4 Cr INR in fiscal year 21
The Mumbai-based Fino Payments Bank has filed its draft red herring prospectus (DRHP) with the Indian public procurement regulator SEBI. The four-year payment bank is looking to raise 1,300 Cr INR through this IPO. According to HRD, the offer will include the issue of new shares with a value of 300 Cr INR as well as a sale offer (OFS) of up to 15,602,999 Fino PayTech shares. The OFS will also include up to INR 3 Cr for subscription by eligible employees.
Backed by renowned investors such as Blackstone, ICICI Group, Bharat Petroleum and IFC, among others, the payment bank recorded total income of INR 791 Cr, resulting in a net profit of INR 20.4 Cr in fiscal year 21, ending in March of this year.
In FY21, the payment bank processed and facilitated over 434 million transactions with a gross transaction value of INR 1.32 Lakh Cr. The bank said it had the largest network of micro ATMs as of March 2021, with a 55% market share as well as a network of 6.4 Lakh merchants and 25.7 Lakh accounts.
Founded in 2007 as Fino Fintech Foundation Limited, the name of the company was changed to Fino Fintech Private limited in 2015. Fino obtained approval in principle to establish a payment bank by the Reserve Bank Of India in 2015 and started its activities in June 2017.
Rishi Gupta, Managing Director and CEO
Remuneration – INR 3.04 Cr
Rishi Gupta is the Managing Director and CEO of Fino Paytech. He was one of the founding members of the bank. He holds a Bachelor of Commerce degree from the University of Delhi. He is also a certified public accountant and cost and works accountant and a member respectively of ICAI and ICWAI.
Prior to joining Fino PayTech Limited, he worked with International Finance Corporation, ICICI Bank Limited and Maruti Udyog Limited. He is also a founding member of the Business Correspondent Federation of India (BCFI) and was chairman of its economic affairs committee. He received a total compensation of 3.04 Cr INR during the financial year 2021.
Ashish Ahuja, COO
Ahuja joined Fino in April 2017 and was appointed COO in June 2020. Ahuja holds a Bachelor of Commerce degree from the University of Delhi. Prior to joining Fino, he served as a major in the Indian Army for 11 years, then also worked with ICICI Bank as Deputy Managing Director. During the 2021 financial year, his remuneration is indicated as INR 1.3 Cr.
Ketan Dhirendra Merchant, Chief Financial Officer
Merchant joined Fino in 2018 and was appointed CFO on February 11, 2019. He holds a Bachelor of Commerce degree from the University of Mumbai and is a qualified Chartered Accountant of ICAI. He previously worked at Barclays Shared Services Limited, Digicel Central Resources (Fiji) Limited, M Holdings Limited, HSBC and Standard Chartered Bank. The trader’s compensation for FY21 is shown as INR 1.05 Cr.
Shailesh Pandey, Director of Sales
Shailesh Pandey is the sales manager for the payment bank. He joined Fino in the first half of 2017 and was appointed CSO with effect from June of last year. He holds a Bachelor of Engineering from Shivaji University and a Graduate Diploma in Business Management from Sydenham Institute of Management Studies and Research and Entrepreneurship Education.
Prior to joining Fino, he worked at BPL Mobile Communications Limited, ICICI Prudential Life Insurance Company Limited, Aviva Life Insurance Company India Limited and Financial Inclusion and Operations Limited (former name of our promoter). During fiscal year 2021, he received compensation from INR 82 Lakh.
Vinod Kumar KB, Chief Information Officer; Infrastructures and installations
Vinod Kumar is the Director of Information, Infrastructure and Facilities at Fino Payments Bank. He joined Payment Bank in 2017 and was subsequently appointed Director of Investments – Infrastructure and Facilities on April 1, 2020. He holds a Bachelor of Engineering from the University of Rajasthan in Jaipur and a Masters of Administration. of Business at Manav Bharthi University. Previously he worked at Teletech Services India Limited, ICICI Bank Limited, Rakbank and K-infosystems – FZE. In fiscal year 2021, he received compensation of 76 INR Lakh
Bharat Bhanushali, Head – Business Technology
Bharat Bhanushali is the Business Technology Manager at Fino Payments Bank. He joined Payment Banking in 2017 and was subsequently appointed as Head of Business Technology on April 1, 2021. He holds a Business Degree from the University of Mumbai and a Professional Diploma in Software Technology and Management NIIT Mumbai systems. He previously worked with Genesys International Corporation Limited, Goldfiled Services Private Limited, Global Software Resources, before joining Fino PayTech. Bhanushali received compensation of 62.8 INR Lakh in fiscal year 21.
Amit Kumar Jain, Head of Business Alliance
Amit Kumar Jain is the Head of the Business Alliance of Fino Payments Bank. Jain joined Payment Banks in April 2017 and was elevated to his current position in June 2020. He holds a Masters Degree in International Business from Devi Ahilya University, Indore. He previously worked with Geosansar Advisors Private Limited, ICICI Bank Limited and Mudra Communications Limited. In fiscal year 2021, he received compensation of 73 INR Lakh.
Anand Bhatia, Marketing Director
Amit Bhatia is the Marketing Director of Fino Payments Bank. He joined the company in 2018 and was appointed Marketing Director effective June 1, 2020. He holds a Bachelor of Engineering degree from Sardar Patel College of Engineering at the University of Mumbai and a third degree. management cycle from the Indian Institute of Management Society, Lucknow. . Prior to joining Fino, he worked at Subhiksha Trading Services Limited, Career Launcher India Limited and Ormax Money Private Limited. During fiscal year 2021, he received compensation of 58 Lakh INR.
Pratima Pinto Thomas, Director – Human Resources
Pratima Pinto Thomas heads the human resources department of Fino Payments Bank. She joined the bank in May 2019. She holds a bachelor’s degree in commerce, a master’s degree in human resource development management from the University of Mumbai and a graduate certificate in business administration ( personalized program for defense officers) of the Narsee Monjee Institute of Management Studies. She served in the Indian Army for 10 years and before joining Fino she also worked with Vijay Sales, The Mobile Store Limited and BDO India LLP. In fiscal year 21, she received compensation of 38 INR Lakh.
Basavraj Loni, Company Secretary and Chief Compliance Officer
Basavraj Loni is Corporate Secretary and Compliance Officer of Fino Payments Bank. He joined the bank in November 2017 and was transferred to the position of Head – Legal and Secretariat of the payment bank as of May 6, 2020. He was then appointed General Secretary & AVP- Legal of our bank as of 15 May 2020 He holds a law degree (special) and is an associate member of ICSI. He has experience in secretarial, legal, corporate governance and compliance. He previously worked at Priya Limited, Raj Oils Mills Limited, GOL Offshore Limited and Mahindra & Mahindra Financial Services Limited. In fiscal year 2021, Loni received compensation of INR 25 Lakh.