Paytm Payments Bank has received 128 crore ($19m) of fresh capital. The company said it had raised $200m in a Series A round led by Accel Partners and existing investors including Sequoia Capital, Tiger Global, Softbank Vision Fund, Norwest Venture Partners, Kleiner Perkins Caufield Paytm's bank will begin operations this month from Uttar Pradesh. Paytm had planned to start its payments bank last year but had to postpone the launch multiple times due to regulatory delays. Paytm, which launched in 2015, has seen a 700% increase in traffic on its platform since demonetisation in India in November.
Paytm Payments Bank has received 128 crore ($19m) of fresh capital. The company said it had raised $200m in a Series A round led by Accel Partners and existing investors including Sequoia Capital, Tiger Global, Softbank Vision Fund, Norwest Venture Partners, Kleiner Perkins Caufield Paytm's bank will begin operations this month from Uttar Pradesh. Paytm, which launched in 2015, has seen a 700% increase in traffic on its platform since demonetisation in India in November.