Google starts rolling out passkeys; Indian fintech projected to $1.5 tln by 2030; Pando raises $30 mln

Google has started rolling out passkeys as an alternative to passwords for signing into its platform, the internet search giant said in a blog post yesterday. Pando, a supply chain software company, has raised $30 million in its Series B funding round, bringing the total capital raised to $45 million. Also in this brief, Infosys makes an ecosystem play in banking and financial services with a new report; fintech is estimated to hit $1.5 trillion in India by 2030; and Kazam, an EV infrastructure management platform provider, has raised $3.6 million from Avaana Climate Fund. Notes: Google has started rolling out passkeys as an alternative to passwords for signing into its platform, the internet search giant said in a blog post yesterday. Passkeys are easier and more secure than passwords as they allow users to sign in using a fingerprint, face scan or screen lock PIN, instead of relying on memorable but easy-to-guess phrases like “password123”. Passkeys are also resistant to online attacks like phishing, making them more secure than SMS one-time codes. Google Workspace administrators will soon be able to enable passkeys for end-users during sign-in. However, passwords and two-step verification will still work for Google accounts. And among Google’s billions of users are its massive Android user base in India. According to the 'Internet in India Report 2022' by the Internet and Mobile Association of India (IAMAI) and KANTAR, 52 percent of Indians (759 million) are active Internet users, with rural India driving much of the growth. The report predicts that by 2025, the number of active internet users in India will reach 900 million, with 56 percent of new users coming from rural India. However, there is a significant digital divide between states, with some having much lower levels of internet penetration than others. As mobile internet expands further into India, fintech is an area that is expected to continue to grow strongly. According to a report by Boston Consulting Group (BCG) and QED Investors, financial technology revenues are expected to increase from $245 billion to $1.5 trillion by 2030. In some IT services news, Infosys and HFS Research conducted a study titled "The ecosystem imperative: How to create new sources of value in BFS enterprises," which found that creating collaborative ecosystems is the new hope for driving growth and creating new forms of value for BFS enterprises. While revenue growth and profitability are still top business objectives for firms, the creation of ecosystems is a new contender. However, without an interim stage of enterprise modernization, efforts to create ecosystems may fail. Acquiring and retaining talent, lack of centralized data governance, and legacy tech are the biggest roadblocks to ROI from innovation investments. In some startup funding news, Pando, a supply chain software company, has raised $30 million in its Series B funding round, bringing the total capital raised to $45 million. The funding was led by Iron Pillar and Uncorrelated Ventures and included participation from existing investors Nexus Venture Partners, Chiratae Ventures, and Next47, as well as several American CEOs and angel investors. And Kazam, a platform for managing electric mobility infrastructure, has raised $3.6 million in a funding round led by Avaana Climate Fund, the company said in a press release yesterday.