National, 27 November 2024: Stashfin – a leading financial services platform in India – has added another dimension to its financial services capabilities by obtaining the Third-Party Application Provider (TPAP) licence from the National Payments Corporation of India (NPCI). Tushar Aggarwal, Founder of Stashfin, announced this milestone during the company’s event in Mumbai, highlighting its significance in Stashfin’s journey to becoming a one-stop financial services platform. This licence allows Stashfin to offer seamless digital payment solutions by leveraging UPI’s real-time, low-cost payment infrastructure for instant disbursements, repayments and enhanced credit assessments.
The addition of UPI capabilities positions Stashfin at the forefront of digital financial innovation, bridging the gap between lending and seamless payment solutions. By combining credit access with a robust payment infrastructure, Stashfin aims to create a unified platform that addresses the multifaceted financial needs of individuals and businesses, while driving efficiencies in India’s rapidly growing digital economy.
According to data shared by NPCI, UPI recorded more than 16 billion transactions worth INR 23.5 trillion in October, marking its highest-ever monthly volume since its inception in April 2016. This milestone underscores the system’s widespread adoption and critical role in advancing pan-India digital financial inclusion. With UPI reshaping the digital lending landscape by enhancing credit access for underserved populations, Stashfin’s integration aims to extend its reach further by providing inclusive, transparent financial solutions such as scan and pay, UPI autopay and UPI circle.
Commenting on the announcement, Mr Tushar Aggarwal, Founder & CEO of Stashfin, said, “Securing the TPAP licence is a key landmark in our journey to becoming a full-stack financial services platform. By integrating UPI, we are enhancing the scope and versatility of our offerings, enabling businesses and individuals to seamlessly access both credit and payment solutions. The integration also strengthens our commitment to providing comprehensive, technology-driven financial tools that support the evolving needs of today’s digital economy.”
Stashfin has consistently been at the forefront of innovation, becoming the first fintech NBFC to list NCDs with a reduced face value of ₹10,000 on the BSE, leveraging SEBI's recent amendments under the Issue and Listing of Non-Convertible Securities Regulations, 2024, to democratize bond investments and enhance retail accessibility. This initiative underscored Stashfin’s mission is to provide every Indian with access to financial products, ensuring inclusivity and empowerment. The UPI payments license is a significant step in this direction, enhancing customer experiences with seamless and delightful solutions. In addition, Stashfin offers flexible credit solutions designed to meet diverse needs, reinforcing its commitment to driving financial accessibility and innovation.
Stashfin’s pioneering move aligns with its commitment to delivering innovative and inclusive financial solutions providing a more holistic financial solution to the customers. From making online and in-store payments to investing in bonds, Stashfin is working towards creating a unified platform for managing all aspects of personal finance.
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