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Walmart’s Flipkart Secures RBI Approval for Direct Lending in India

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Walmart-owned Flipkart has obtained a non-bank finance company (NBFC) licence from India’s central bank, the Reserve Bank of India (RBI), enabling the e-commerce giant to directly lend to customers and sellers on its platform. This marks the first time RBI has granted such a licence to a major Indian e-commerce player, allowing Flipkart to offer loans without relying on third-party lenders.

The certificate of registration, officially recognizing Flipkart Finance Private Limited as an NBFC, was issued on March 13, 2025. Flipkart applied for the licence in 2022, and the approval, previously unreported, was confirmed by company spokespersons after Reuters reviewed the official documents.

Currently, Flipkart offers personal loans through partnerships with banks and NBFCs like Axis Bank, IDFC Bank, and Credit Saison. With the new licence, it can launch a more profitable direct lending operation on its e-commerce platform and its fintech app, super.money. The company is also considering offering financing options to sellers on its platform.

The start of lending operations depends on internal steps such as appointing key management and finalizing business strategies. A source familiar with the matter expects Flipkart to commence lending “in a few months.”

Flipkart, valued at $37 billion following a $1 billion funding round led by Walmart in 2024, is in the process of shifting its holding company from Singapore to India. Walmart acquired a controlling stake in Flipkart in 2018, which also included ownership of PhonePe, a fintech firm planning its own IPO.

Flipkart’s competitor Amazon recently acquired Indian NBFC Axio, but that deal awaits RBI approval.

Wise Shifts Primary Listing to U.S., Delivering Fresh Blow to London’s Financial Market

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Money transfer company Wise announced Thursday that it plans to move its primary stock market listing from London to the United States, marking another significant setback for London’s efforts to maintain its position as a leading global financial center. The company’s shares surged more than 8% following the announcement, bringing its market capitalization to over £12 billion ($16.28 billion).

Wise, which first listed in London in 2021, had signaled in April that it was exploring its listing options, but the decision to move to the U.S. surprised many analysts. The shift underscores the growing appeal of American capital markets for global companies seeking higher valuations, deeper liquidity, and broader investor access.

CEO and co-founder Kristo Kaarmann cited the depth and liquidity of U.S. markets as the primary reasons for the move. “The U.S. has the world’s deepest and most liquid capital markets, which will make it easier for investors globally to buy shares in Wise,” Kaarmann said.

Despite the relocation, Wise plans to maintain a secondary listing in London, signaling continued ties to its home market where roughly 20% of its staff and most of its executive team remain based.

Another Blow to London’s IPO Ambitions

Wise’s departure is the latest in a string of high-profile companies abandoning or bypassing London in favor of other markets. In recent months:

  • Unilever selected Amsterdam over London or New York for its ice cream division’s primary listing.

  • Shein, the Singapore-based fast-fashion giant, is reportedly leaning towards a Hong Kong IPO after regulatory challenges for a London listing.

  • Cobalt Holdings, a metals investor backed by Glencore, scrapped its London IPO plans entirely this week.

These developments highlight the ongoing difficulties London faces in attracting and retaining major listings, despite recent reforms aimed at modernizing and liberalizing its capital markets to compete with global peers.

London Reforms Not Enough

Kaarmann emphasized that the U.K. government has made meaningful efforts to modernize its capital market regulations, aligning them more closely with U.S. standards. However, he acknowledged that companies ultimately need to follow the global flow of capital.

“The government has definitely made an effort… but we have to accept the reality of where the world’s capital is concentrated,” he said.

A Wise spokesperson declined to say whether other international listing venues were considered.

Solid Financial Performance

Alongside the listing news, Wise reported strong annual earnings. Underlying pretax profit rose 17% to £282.1 million for the year ending March 31, 2025. Shares of the company are up nearly 40% over the past year, though they remain below their 2021 IPO levels.

Wise’s British competitor, Revolut, which offers similar financial services, has also been expanding aggressively in the U.S., underlining the growing importance of American markets to European fintech companies.

Impactive Capital Prepares Proxy Fight at WEX, Aims to Nominate Four Directors

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Activist investor Impactive Capital is preparing a proxy battle against WEX Inc, signaling growing shareholder discontent over the fintech company’s lagging stock performance and board governance. The firm announced plans to nominate at least four directors to WEX’s board at the 2026 annual meeting.

Impactive, which owns approximately 7% of WEX, has been a shareholder since 2020 and has pushed the $4.5 billion company to take steps to unlock value, including spinning off its benefits segment and adding investor representation to the board.

Mounting Tensions After Annual Meeting

  • The announcement comes just days after WEX’s May 15, 2025 annual meeting.

  • Impactive voted against three board members, including Chair Melissa Smith and Lead Director Jack VanWoerkom, citing a lack of responsiveness to investor feedback.

  • Though all three were re-elected, shareholder support for them dropped by at least 33%, according to a regulatory filing.

WEX’s Performance and Shareholder Frustration

  • WEX’s stock is down 30% over the past 12 months, underperforming industry peers like Corpay.

  • Despite holding a strong position in fleet payments, employee benefits, and travel payments, Impactive says WEX has failed to translate operational strengths into shareholder returns.

  • The firm also criticized WEX’s reluctance to align more closely with shareholder interests, claiming the company had dismissed earlier proposals.

WEX’s Response

In a statement, WEX acknowledged ongoing discussions with Impactive, noting it had “spoken with Impactive’s principals dozens of times” over the past three years. However, the company emphasized that Impactive only requested board representation in late 2024 and reiterated its commitment to continued dialogue.

What’s Next

  • Impactive is escalating publicly after years of private engagement.

  • Unless WEX takes “significant steps to reverse underperformance”, the investor says it will proceed with its board nominations for 2026.

  • Impactive has a history of avoiding proxy fights, having only pursued one previously, which ended in a settlement with Envestnet.

This development sets the stage for a potentially contentious boardroom showdown in 2026, with increasing investor focus on unlocking value in the competitive fintech space.