Fintech Brief — March 10, 2026

Today’s Top Stories

PhonePe Targets $9-10.5B Valuation in India IPO

Walmart-backed PhonePe, India’s largest UPI payments platform, is aiming to list at a valuation between $9 billion and $10.5 billion in its upcoming initial public offering, according to sources familiar with the matter. ¹ The fintech giant filed for its IPO in September and aims to complete the process by April, though the timeline could shift depending on capital market conditions including any impact from the Middle East conflict. ¹ Walmart will trim its stake in PhonePe by about 12% in the IPO, while Tiger Global and Microsoft plan to exit their stakes entirely. ¹ PhonePe competes aggressively with Google Pay and Paytm in India’s crowded digital payments space.

Flipkart Shifts Headquarters Back to India Ahead of IPO

Walmart’s Indian e-commerce firm Flipkart has moved its holding company from Singapore back to India, paving the way for its planned stock market listing in the country. ² Founded in 2007 in Bengaluru, Flipkart was one of several Indian startups to set up overseas holding structures as they sought to attract foreign investment and benefit from tax advantages. ² The company is targeting a stock market debut in India in the financial year ending March 2027. ² This shift aligns with India’s push for startups to list domestically and follows regulatory changes that have improved the environment for domestic IPOs.

Stablecoin Platform Kast Raises $80 Million

Kast, a global financial platform built on stablecoin rails founded by former Circle executive Raagulan Pathy, has raised $80 million in a Series A funding round co-led by QED Investors and Left Lane Capital. ³ Since launch, Kast has scaled to more than one million users and is processing nearly $5 billion in annualized transaction volume, reflecting growing adoption of stablecoin-based financial services beyond trading and crypto-native use cases. ³ The funding comes as stablecoins gain traction for cross-border payments and treasury operations.

Airwallex Bolsters Leadership for Potential IPO

Global payments company Airwallex has appointed Rachael Horwitz as Senior Vice President of Global Communications and Public Affairs. ⁴ The company, valued at $8 billion, is eyeing a potential IPO and beefing up its communications function in preparation. ⁴ Horwitz joins from Haun Ventures where she served as Chief Marketing Officer, bringing experience from her prior roles at major tech companies. ⁴ Airwallex operates in the cross-border payments space and competes with the likes of Stripe and Wise.

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