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NDTV
5 hours ago
- NDTV
"I Don't Believe In Billionaires": CEO Donates Most Of $1.6 Billion Fortune
Brian O'Kelley, the co-founder and former CEO of ad-tech company AppNexus, made headlines after revealing that he gave away the majority of his $1.6 billion earnings from the sale of his company to AT&T in 2018, according to Fortune Magazine. Despite owning a 10% stake in AppNexus, O'Kelley chose to keep less than $100 million for himself and his family, donating the rest to causes they care about. O'Kelley, now 48, said the decision was made after a thoughtful discussion with his wife about how much money was truly "enough". They calculated a comfortable amount, doubled it for security, and gave away the remainder. He explained that his decision was not just about generosity but also about maintaining a grounded lifestyle and staying connected to everyday realities. O'Kelley believes extreme wealth can disconnect people from society and lead to irresponsible spending. He criticises the billionaire lifestyle, private islands, yachts, and luxury excess as unnecessary and "obnoxious", according to Fortune. "I don't believe in billionaires. I think it's just ridiculous," the serial entrepreneur exclusively told Fortune, adding that he kept less than $100 million from his 10% stake in the startup after it was acquired. Currently leading a new startup focused on tracking supply chain emissions, Scope3, O'Kelley says he has no plans to ever become a billionaire, even if his next venture succeeds. He also shared concerns about raising his children with too much luxury, wanting them to experience life with limits and values. In a world where the number of billionaires is growing rapidly, O'Kelley's actions stand in sharp contrast. He believes true wealth should come with accountability, and that living with financial boundaries keeps people honest and responsible.
Time of India
15 hours ago
- Time of India
As regulatory curbs seem to ease fintechs bet on festive spark in unsecured lending play
Academy Empower your mind, elevate your skills ETtech The digital lending sector is anticipating a turnaround in FY26, after more than a year of a slowdown amid growth pangs, expecting the coming festive season to trigger a revival of the unsecured credit insiders across fintechs like BharatPe, and Paytm , and traditional lenders like Poonawala Fincorp and L&T Finance said the regulatory clampdown on unsecured lending in 2024 and early 2025 is showing signs of ebbing. This is encouraging large banks and non-banking financial companies (NBFCs) who typically co-lend with fintechs to slowly open up to unsecured credit.'We will power our consumer lending play primarily with our own NBFC, and we are currently getting our internal systems right, so that once the festive season comes, we can quickly scale up disbursals,' said Nalin Negi, chief executive officer, BharatPe. The New Delhi-based fintech, which is mainly into merchant lending, is preparing to grow its consumer lending business. BharatPe owns around 74% in Trillionloans, a registered One97 Communications , which runs Paytm, showed a strong growth in its financial services business in the June quarter, primarily driven by unsecured merchant and consumer insiders believe that the stress in the unsecured sector has bottomed out and are expecting a return to growth in the coming months. They, however, noted that it will not be a rapid recovery since rate cuts by the central bank always take time to its March quarter analyst call, Paytm also spoke about positivity around consumer lending business. 'It does feel like that we are towards the bottom of what our potential is on that platform… maybe 6 or 12 months from now, we'll be getting a lot more monetisation out of that,' said Madhur Deora, chief financial officer at sentiments are being echoed by top executives at large NBFCs. Firms like Poonawala Fincorp and L&T Finance, which work with fintechs like PhonePe, Paytm, and Amazon to power their unsecured lending business, reported growth in the June quarter and issued a positive outlook for the rest of the fiscal year.'I do believe that the situation in the market is slowly improving, the sort of the mini cycle we saw in some asset classes, especially unsecured and microfinance, are showing signs of dissipation,' said Sudipto Roy, chief executive officer, L&T Finance. 'I think it will take another two quarters for the industry to see full dissipation.''H2 will be very, very good, especially starting with the festive season and in Q4 (FY26),' Roy sector entered into the slow lane following the Reserve Bank of India's November 2023 diktat on increasing the risk weightage on unsecured personal loans by 25 basis points. As banks and NBFCs slowed their unsecured lending business, fintechs suffered as such loans contributed to most of their an April 2025 note, credit rating agency Icra said it expects Rs 19-20.5 lakh crore in incremental credit expansion this fiscal, an increase of nearly 10.8%. Digital lenders are hoping to grab a substantial chunk of this growth opportunity.A senior executive at an NBFC pointed out that lenders are in the business of risk and they avert lending for a prolonged period of time. But risk weights are being revisited, and growth will be through enough caution.'We are getting enquiries for partnerships both from fintechs who want to work with our NBFC and from lenders who want to source through our app, but we have to recalibrate this business, pricing, tenure, volumes and others,' said Negi at BharatPe.
Economic Times
15 hours ago
- Economic Times
As regulatory curbs seem to ease fintechs bet on festive spark in unsecured lending play
ETtech The digital lending sector is anticipating a turnaround in FY26, after more than a year of a slowdown amid growth pangs, expecting the coming festive season to trigger a revival of the unsecured credit business. Industry insiders across fintechs like BharatPe, and Paytm, and traditional lenders like Poonawala Fincorp and L&T Finance said the regulatory clampdown on unsecured lending in 2024 and early 2025 is showing signs of ebbing. This is encouraging large banks and non-banking financial companies (NBFCs) who typically co-lend with fintechs to slowly open up to unsecured credit. 'We will power our consumer lending play primarily with our own NBFC, and we are currently getting our internal systems right, so that once the festive season comes, we can quickly scale up disbursals,' said Nalin Negi, chief executive officer, BharatPe. The New Delhi-based fintech, which is mainly into merchant lending, is preparing to grow its consumer lending business. BharatPe owns around 74% in Trillionloans, a registered NBFC. Noida-based One97 Communications, which runs Paytm, showed a strong growth in its financial services business in the June quarter, primarily driven by unsecured merchant and consumer loans. Industry insiders believe that the stress in the unsecured sector has bottomed out and are expecting a return to growth in the coming months. They, however, noted that it will not be a rapid recovery since rate cuts by the central bank always take time to percolate. During its March quarter analyst call, Paytm also spoke about positivity around consumer lending business. 'It does feel like that we are towards the bottom of what our potential is on that platform… maybe 6 or 12 months from now, we'll be getting a lot more monetisation out of that,' said Madhur Deora, chief financial officer at Paytm. Similar sentiments are being echoed by top executives at large NBFCs. Firms like Poonawala Fincorp and L&T Finance, which work with fintechs like PhonePe, Paytm, and Amazon to power their unsecured lending business, reported growth in the June quarter and issued a positive outlook for the rest of the fiscal year.'I do believe that the situation in the market is slowly improving, the sort of the mini cycle we saw in some asset classes, especially unsecured and microfinance, are showing signs of dissipation,' said Sudipto Roy, chief executive officer, L&T Finance. 'I think it will take another two quarters for the industry to see full dissipation.''H2 will be very, very good, especially starting with the festive season and in Q4 (FY26),' Roy added. Betting on a revival The sector entered into the slow lane following the Reserve Bank of India's November 2023 diktat on increasing the risk weightage on unsecured personal loans by 25 basis points. As banks and NBFCs slowed their unsecured lending business, fintechs suffered as such loans contributed to most of their revenues. In an April 2025 note, credit rating agency Icra said it expects Rs 19-20.5 lakh crore in incremental credit expansion this fiscal, an increase of nearly 10.8%. Digital lenders are hoping to grab a substantial chunk of this growth opportunity.A senior executive at an NBFC pointed out that lenders are in the business of risk and they avert lending for a prolonged period of time. But risk weights are being revisited, and growth will be through enough caution.'We are getting enquiries for partnerships both from fintechs who want to work with our NBFC and from lenders who want to source through our app, but we have to recalibrate this business, pricing, tenure, volumes and others,' said Negi at BharatPe. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
