PB Fintech tops global fintech index after doubling in 2024: Report 

A surge in PB Fintech Ltd. has turned the Indian stock into the world’s best-performer this year among major financial technology firms as green shoots emerge in unsecured lending after a central bank crackdown, Bloomberg reported. 

The shares have risen about 110 percent in 2024, the most among companies with a minimum $1 billion market value in the 52-member Solactive FinTech Index. The gauge, whose largest constituents are Intuit Inc and Fiserv Inc, is up 15 percent. 

PB Fintech, which operates insurance marketplace Policybazaar and credit provider Paisabazaar, listed in 2021 and swung to a profit in the 12 months through March after a spell of losses over a number of fiscal years. 

Last week, shares of PB Fintech Ltd (parent firm of online marketplaces Policybazaar and Paisabazaar) saw a sharp uptick to scale their all-time high levels. The stock surged 15.42 per cent to hit a high of Rs 1,709.40. It was last seen trading 6.05 per cent up at Rs 1,570.60. At this price, the scrip has rallied 96.19 per cent on a year-to-date (YTD) basis. 

The company's profit returned to the black in the June 2024 (Q1 FY25) quarter. The insurance aggregator posted a net profit of Rs 60 crore in Q1 FY25 as against a loss of Rs 12 crore in the year-ago period. 

During the June 2024 quarter, the revenue from operations of the company grew 51 per cent year-on-year (YoY) to Rs 1,010 crore compared to Rs 665.5 crore in Q1 FY24. Also, the insurance aggregator reported an exceptional gain of Rs 41 crore in the quarter.