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January 23, 2024. NEW DELHI, India.

RevFin, a lender with a focus on electric vehicles, has successfully secured $14 million in its Series B funding round.

The company, led by Founder and CEO Sameer Aggarwal, has concentrated on financing electric three-wheelers and has expanded into two-wheelers and four-wheelers in recent months.

With a strong market presence in 23 states and dominance in five of them, RevFin plans to utilise the funds to extend its geographical reach across India.

Sameer Aggarwal in an interview to CNBC-TV18 stated that the funding will also support rapid scaling in existing markets, including diversification into new segments such as charging infrastructure and batteries.

Omidyar Network led the funding round with a substantial $5 million investment, accompanied by contributions from the Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva.

Founded in 2018, RevFin achieved profitability in 2022 and aims to finance two million electric vehicles within the next five years.

This latest funding, marking Omidyar’s final investment in India, brings RevFin’s total capital raised through debt and equity to Rs 625 crore.

In a separate development, digital lending SaaS platform Biz2X has announced ambitious plans to disburse Rs 1,000 crore through its AI-ML backed platform Maadhyam in the current financial year.

Established in 2019 as a subsidiary of Biz2Credit, Biz2X, under the leadership of Co-Founder & CEO Rohit Arora, seeks to bridge the gap between lenders and SMEs.

Arora shared in an interview with CNBC-TV18 that the company’s strategy to provide credit access to digital aggregators, addressing challenges related to monetisation and growth.

Furthermore, Explorex, an experiential technology company supported by investors like Y-Combinator, Super Angels, FitBit, and Kevin Lin (COO of Twitch), claims to tackle long-standing challenges in inventory management, staff onboarding, and customer engagement for the restaurant ecosystem.

Co-Founder & CEO Mainak Sarkar envisions expansion to 30 cities this year, emphasising how Explorex aids restaurants in digitising their operations. For a comprehensive discussion, refer to the accompanying video.

January 3, 2024. ZURICH, Switzerland

SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain.

Key Figures SIX Swiss Exchange

  • Trading turnover full year 2023: CHF 1,046.3 billion (previous year: CHF 1,208.1 bn) with 46,094,349 transactions (60,810,665).

  • Swiss blue chip index SMI® at 11,137.8 points (+3.8% versus the end of 2022)

  • 10 companies completed successful listings

  • 5 new product issuers and 1 trading participant joined

In the year 2023, ten companies chose to issue and list equity securities on SIX Swiss Exchange – with an aggregated transaction volume of around CHF 2.2 billion equivalent. The highlight of the year was the listing of Sandoz, the spin-off from Novartis, with a market capitalization of around CHF 10.5 billion. As the novelty of the year, R&S Group can be named as the company listed at SIX Swiss Exchange via a business combination with VT5 Acquisition Company, the first SIX-listed Swiss Special Purpose Acquisition Company (SPAC). And in addition, [eight] Chinese issuers listed Global Depository Receipts (GDRs) raising around USD 2.4 billion. Equally important is the fact that companies that are already listed made active use of the Swiss capital market and were able to raise around CHF 8.3 billion via equity capital increases in the past year (CHF 7.0 billion in 2022).

Around CHF 116 billion (CHF 114 billion in 2022) were raised by debt capital instruments (bonds and money market papers), out of which bonds raised an equivalent amount of CHF 116 billion (CHF 110 billion in 2022), exceeding the CHF 100 billion mark for the second time in a row. In total, the bond segment saw 436 new listings (393 in 2022), of which around 90% were denominated in Swiss Francs.

In the product segments, five new issuers joined SIX Swiss Exchange over the course of the year: the ETF issuers AXA Investment Managers and First Trust, the ETP issuer CAT Financial Products as well as the two investment fund issuers Zurich Invest Ltd and Sustainable Real Estate AG, adding two more real estate funds to the existing offering of 46 actively managed investment funds. In 2023, the number of both ETFs and structured products available to investors reached new records, with 1,700 and 60,000 respectively. For the first time, the number of newly listed structured products in a year passed the 100,000 threshold, reaching 102,504 (2022: 95,207), while 150 new ETFs were listed. 

Key Figures BME Exchange

  • The Spanish Exchange closed the year with 2.29 billion trades, 2.1% more than in 2022, and a capitalization of 1.2 trillion, up 16.8% on the previous year  

  • Fixed Income markets channeled EUR 405 billion of new funding, up 8.7%, boosted by the new Securities Markets Act 

  • New members and more functionalities in the MEFF Derivatives market 

The Spanish equities market closed the year with 2.29 million trades, 2.1% more than in December 2022. The cumulative effective volume traded through December was 301.2 billion euros. At December 31, the Spanish stock market had a capitalization of 1.2 trillion, up 16.8% on the previous year. The IBEX35® also followed this positive trend, rising by 22.8%. Including dividends distributed, the index's total return reached 28%. Capital increases amounted to 4,245 million euros (5,572 million in 2022). 

BME Growth added 10 new companies, 3 of which were SOCIMIS. Companies already listed on this market raised more than 540 million euros in capital increases. To continue supporting companies at all stages of their growth, BME launched BME Scaleup, a market aimed at companies in the early stages of development. 

BME's Fixed Income markets channeled more than €405 billion of new financing to the public and private sector, 8.7% more than in 2022. Particularly relevant for the AIAF Market was the entry into force in September of the new Securities Markets Law, which transferred to BME certain powers in admission to trading, facilitating issuance in the regulated market. Since then, new issues of bonds and promissory notes have been registered by Caixabank, Bankinter, Banco Santander, BBVA Global Markets, Abanca, Unicaja Banco, Banco Sabadell and Deutsche Bank. Meanwhile, the MARF, which celebrated its 10th anniversary in October, continued to grow with the debut of 12 new companies and more than 15 billion euros issued, 11.6% more than in 2022.  

The MEFF Derivatives market successfully implemented new functionalities in retail trading and introduced new features in options on the IBEX 35®. In addition, new members joined both the financial derivatives (TP ICAP Europe) and energy derivatives (Pavilion Energy Spain) segments, improving the overall diversity and competitiveness of the market. 

Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more.

About SIX

SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022.

December 7, 2023. SAN FRANCISCO, USA.

Expected snap back from slowing economy likely in back half of next year

With Wells Fargo Investment Institute’s (WFII’s) release of its “2024 Outlook: A pivotal year for the economy and markets,” the team offers its highest conviction ideas for investors to consider in the new year. WFII believes the 2024 economic story could be a tale of two halves for fixed income and equities. The first half will likely be more challenging as WFII expects instability during a moderate global economic slowdown (including in the U.S.), pivoting into a second half that develops into an improving, more opportunistic environment for investors.

“More long-term opportunities to put money back to work across some markets and regions should come as 2024 develops,” said Darrell Cronk, chief investment officer for Wells Fargo Wealth & Investment Management. “WFII’s outlook for most of the past two years has been cautious and focused on selectivity and quality, with an eye toward a better year next year. That theme continues in our 2024 Outlook Report.”

“The resilient U.S. economy has been supported by consumer spending, a strong labor market, and business capital spending. The journey, however, was more difficult for investors, with the Federal Reserve (Fed) raising interest rates and tightened monetary conditions,” added Cronk. “Investors following WFII advice during 2023’s slow-motion slowdown should be able to use accumulated fixed-income assets to invest later next year.”

Once investors begin to look past the economic slowdown to a recovery, WFII expects opportunities in a broad early-cycle global recovery later in 2024. As is often the case, that time will likely come while the economy is still weak, the Fed is cutting interest rates, and markets are beginning to anticipate sustainable economic and earnings growth. Those equity sectors that tie most closely to the economy’s cyclical turn higher should benefit the most at that time.

Highlights of WFII’s forecast include:

  • Economic crosswinds will net to a moderate U.S. economic slowdown by the early part of 2024, in our view, lowering the full-year U.S. GDP (gross domestic product) target to 0.7% in 2024.

  • The target for inflation in 2024 is 2.5%. Lagging effects to cool inflation in the U.S. will continue to make an impact, but the Fed’s 2% target will likely remain out of reach given the competing factors of underlying strength.

  • Once investors begin to anticipate an economic and earnings recovery, WFII expects the S&P 500 Index to gain into year-end. The target range for 2024 is 4,600 – 4,800.

  • WFII’s base scenario implies two quarter-point Fed rate cuts in 2024, causing the federal funds rate forecast in 2024 to decline toward 4.75% – 5.00%.

The full report provides insights about the economy, equities, fixed income, real assets, and alternative investments. Also included are economic and market forecasts, where WFII sees opportunity, and five portfolio ideas. Please see the full report for detailed information.

Investment and Insurance Products are:

● Not Insured by the FDIC or Any Federal Government Agency

● Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate

● Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Risk Disclosure

Forecasts and targets are based on certain assumptions and on our current views of market and economic conditions, which are subject to change.

All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful and meet its investment objectives. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors, some of which may be unpredictable. Asset allocation and diversification do not guarantee investment returns or eliminate risk of loss.

The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to, any particular investor or potential investor. This report is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold, or sell securities. Do not use this report as the primary basis for investment decisions. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs, and investment time horizon.

About Wells Fargo Investment Institute

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at


News Release Category: WF-ERS


Sarah Kerr, 917-588-5919

Source: Wells Fargo & Company

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