Fino Payments Bank Limited was incorporated as Fino Fintech Foundation on 23 June, 2007. Pursuant to surrender of license under Section 8 of Companies Act, 2013, the name was changed to Fino Fintech Private Limited and a fresh Certificate of Incorporation dated 15 December, 2015 was issued by Registrar of Companies, Maharashtra at Mumbai. Thereafter, pursuant to conversion of the Bank to a Public Limited Company, the name of the Bank was changed to Fino Fintech Limited on 03 February, 2017. The Promoter, Fino PayTech Limited, was granted an in-principle approval to establish a payments bank, by the RBI, pursuant to its letter dated 07 September 2015. Subsequently, the Bank received the final approval of the RBI to carry on the business as a Payments Bank on 30 March, 2017. Pursuant to receipt of approval by RBI, the name of the Bank was changed to Fino Payments Bank Limited on 04 April, 2017.
The Bank commenced its business operations on 30 June 2017. Fino PayTech Limited is the Bank's sole promoter, specialising in technology based solutions and services for financial inclusion. The Bank is a wholly owned subsidiary of Fino PayTech Limited, which is engaged in providing business and banking technology platform based solutions and services related to financial inclusion.
The Bank is engaged in providing a wide range of financial services to the rural,poor and underserved and unserved classes. Fino Payments Bank offers a diverse range of financial products and services that are primarily digital and have a payments focus, and operates an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships.
The Company launched Cash Management Services (CMS) in FY 2020.
The Company made an Initial Public Offer by issuing upto 2,08,02,305 Equity Shares and by raising funds from public aggregating to Rs 1200 Crore, comprising a Fresh Issue of 51,99,306 Equity Shares aggregating to Rs 300 Crore and an Offer for Sale of 15,602,999 Equity Shares aggregating to Rs 900 Crore in November, 2021. Resulting the IPO, the Bank became the first Payments Bank in India to list on the stock exchanges.
The name was included in the Second Schedule of the Reserve Bank of India Act, 1934, dated January 01, 2021, and accordingly, the Bank became a Scheduled Bank effective from the said Date.
The Bank acquired 7.98% stake in PaySprint Private Limited in 2024. Fino Bank has applied to the Reserve Bank of India for a license to convert into a Small Finance Bank in 2024. The Bank launched FinoPay on iOS, annuity income surpasses subscription revenue in 2024.