Paytm Money opens new R&D center in Pune, To hire over 250 engineers

• Paytm Money has setup up a new technology development and innovation center in Pune, Maharashtra.
• The company is also looking to hire over 250 engineers to support research and development.
• It believes that Pune is going to be the next big innovation hub for fintech firms.

Fintech major Paytm's wealth Management arm Paytm Money has opened up new research and development center in Pune to support the company's ambition of product innovation in the field of equity/stocks, mutual funds, and digital gold.

The company is also looking to hire over 250 front and back-end engineers to support the research and development of new products and services, the company said in a statement.

Speaking on the development, Varun Sridhar, CEO of Paytm Money, said, We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions.”

He further said that Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure & great weather. We believe Pune will become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans.

Launched in 2017, Paytm Money enables its users to invest in stocks, digital gold, IPOs, ETFs, F&O, trading, and Mutual Funds. The company currently has 60,00,000+ users on its platform, aims to reach over 10 million users by the end of FY-21. Paytm Money is headquartered in Bengaluru and has a team of over 300 people.

Last month, Paytm's Vijay Shekhar Sharma had confirmed that the fintech major has partnered with Ola and other players to apply for a New Umbrella Entity (NUE) license to the Reserve Bank of India.

Also Read: Paytm and Ola Partners with IndusInd Bank to Apply for NUE License says report

Paytm, which operates Paytm Payments Bank Ltd (PPBL), recently got approval from SEBI for its @paytm UPI handle to enable fast and seamless payment mandates for IPO applications.

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