Reserve Bank of India (RBI) has approved the application of One MobiKwik Systems Ltd group’s application for a Non-Banking Financial Company (NBFC) licence, enabling the group to expand its regulated lending operations.
The licence will facilitate the launch of a new lending division, MobiKwik Financial Services Pvt Ltd (MFSPL), a wholly owned subsidiary, aimed at strengthening the company’s credit delivery capabilities and broadening its financial services portfolio.
NBFC arm to drive lending expansion; operations subject to conditions
The NBFC’s operations will commence upon fulfilment of certain regulatory conditions. The new entity is expected to introduce a range of secured and unsecured credit products with faster go-to-market timelines, targeting consumers and MSMEs, particularly in underserved geographies.
The development is aligned with the group’s strategy to build a full-stack fintech platform offering technology-led financial products, with a focus on accessibility and responsible lending.
Scale, technology to support next phase of growth
The NBFC will leverage the group’s existing strengths, including a customer base of 186 million, established brand presence, and capabilities in technology, risk underwriting and collections.
“The NBFC application approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform. The application was approved in under four months,” said One MobiKwik Systems Ltd, Executive Director, Co-founder & CFO, Upasana Taku.
Focus on financial inclusion across Tier 2 and Tier 3 markets
The NBFC framework will enable the company to deploy AI and machine learning models to offer personalised financial products tailored to diverse customer needs.
While the core focus will remain on Tier 2 and Tier 3 cities, the company plans to offer services nationwide, aiming to enhance financial inclusion and expand access to credit in underpenetrated regions.