Company Information

Get to know Magma Finance

Originally founded in 1988 as Magma Leasing Limited, the company grew into a prominent asset-backed non-banking financial company (NBFC) in India, known as Magma Fincorp. It offered a range of financial products, including financing for vehicles, tractors, and small to medium-sized enterprises (SMEs), as well as insurance. In May 2021, following a significant capital infusion and acquisition by Rising Sun Holdings Private Limited (a company owned and controlled by Adar Poonawalla), Magma Fincorp was rebranded to Poonawalla Fincorp Limited. The new entity focuses on consumer and small business financing through a technology-led, digital-first approach.

Industry

Financial BankingPRIMARY
Financial Other Service

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Magma Finance

Australia

Founded in

2020 (6 Years)

Founded

Last online: No recent activity

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OVERALL SCORE

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TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.

Regulated

Recommended

IUX

(2,283 reviews)

Mauritius

2015

(10 years)

Security Information :

FSCA

FSC

ASIC

Security Information

Warning

This company is currently Unproved.

Please be cautious of the potential risks!

License

A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.