PB Pay Private Limited Obtains RBI Approval as Online Payment Aggregator

PB Pay Private Limited, a fully owned subsidiary of InsurTech company PB Fintech, has secured preliminary approval from the Reserve Bank of India (RBI) to function as an online payment aggregator in accordance with the Payment and Settlement Systems Act, 2007. This approval comes almost a year after the company submitted its application, and is contingent upon adherence to the RBI’s regulatory framework for payment aggregators and payment gateways.

Integration of Insurance and Credit Services

Policybazaar primarily focuses on insurance, while Paisabazaar, also part of PB Fintech, addresses the credit sector by offering personal loans, business loans, credit cards, and credit scores. This recent development will enhance the company’s operations by improving payment processes in both the insurance and credit domains, thereby decreasing reliance on external service providers.

Further Investments in Healthcare

Additionally, last month, PB Fintech obtained board approval to invest Rs 696 crore, approximately $80 million, into its subsidiary PB Healthcare Services Pvt Ltd. This investment aims to bolster the operations of its new division within India’s healthcare industry.

Financial Performance Overview

The parent company of Policybazaar and Paisabazaar experienced a significant year-on-year revenue increase of 48.3%, reaching Rs 1,292 crore in the third quarter of the last fiscal year (Q3 FY25) compared to Rs 871 crore in Q3 FY24. Concurrently, its net profit nearly doubled, climbing to Rs 72 crore from Rs 37 crore in the same period last year.

Current Market Position

As of 10.34 AM, PB Fintech trades at Rs 1,625, boasting a total market capitalisation of Rs 74,629 crore, or roughly $8.6 billion.

Other Significant Developments

In other news, Resilient Payments Private Limited, which is associated with the BharatPe Group, has successfully received final approval from the RBI to operate as an online payment aggregator.