BharatPe achieves $20 billion in annualized TPV, but leaves Ashneer saga to the side.

New Delhi, Aug 26 : Fintech platform BharatPe on Friday announced that it has hit a record of $20 billion in annualized total payments value (TPV) and has expanded its presence to 400 cities and towns as it ends the shady Ashneer Grover story behind.

In the year prior, BharatPe had announced plans to expand its reach to 300 cities within the same time "We have achieved this milestone far ahead of time.BharatPe has expanded its reach and is increasing UPI QRs reach to tier 2,3 and 4 cities and towns in 2020," said Nishant Jain Chief Business Officer of BharatPe.BharatPe is now planning to beef its offerings with other fintech products such as BharatSwipe in the second phase in the coming months "Our annualized total TPV in payments has risen to $20 billion, which is up from $18.5 billion in Junes end.We are witnessing constant growth in electronic payments" added Jain.BharatPe provided more than Rs 3,600 crore in loans in Q1 FY23.

This was an increase of 112 percent over the previous quarter (Q4,FY22).The company said it made the payment of more than 1.2 lakh merchants in Q1 FY23.This is up from 66,000 merchants in the final quarter of FY22.

In the last month the fintech platform announced that it had has appointed the former SBI Card CFO Nalin Negi as its new chief financial officer in preparation for the first public offering (IPO).na/ .