PB Fintech, the parent company of Policybazaar and Paisabazaar, has received approval from the Reserve Bank of India (RBI) to start operating as an online payment aggregator through its new arm, PB Pay Private Limited.
In March 2024, PB Fintech’s board approved the setup of this new company, PB Pay, to handle digital and offline payment services for merchants, both in India and internationally. PB Pay was officially registered the next month, in April.
On Tuesday evening, after trading hours, PB Fintech announced in a stock exchange filing that the RBI has given in-principle approval for PB Pay to work as an NBFC-Payment Aggregator under the Payment and Settlement Systems Act, 2007. This means PB Pay can now move forward with offering online payment aggregator services.
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PB Fintech mainly runs its business through its online platforms Policybazaar.com and Paisabazaar.com. These platforms offer marketing, consulting, and support services mainly for the insurance and financial sectors.
In terms of financial performance, PB Fintech saw strong growth. Its net profit jumped by 88.02% to ₹71.54 crore in the third quarter of December 2024 compared to the same period in 2023. Net sales also went up by 48.31%, reaching ₹1,291.62 crore.
Following the announcement, the company’s stock rose slightly by 0.21%, trading at ₹1,625 on the BSE.
