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The UK-based company will have to go above and beyond to survive a fiercely competitive and price-conscious market with strict regulations.

An NBFC licence and a string of approvals give the fintech firm a fresh shot at relevance. But patchy execution, intense competition and a stagnant core cast doubt on whether it can capitalize on the opportunity.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.
The company’s IPO plans come amid weak numbers, slow growth of new platforms, challenges in its core payments business and a rather dull stock market.