MobiKwik Group secures NBFC licence from RBI

The firm said the NBFC licence will enable it to launch a new lending division -- MobiKwik Financial Services Private Limited MFSPL, a wholly owned subsidiary, which will help expand its regulated lending capabilities, design credit products, and serve a broader base of consumers and merchants.

Fintech firm One MobiKwik Systems's application for a non-banking financial company licence has been approved by the Reserve Bank of India, the company said on Monday. The firm said the NBFC licence will enable it to launch a new lending division -- MobiKwik Financial Services Private Limited (MFSPL, a wholly owned subsidiary), which will help expand its regulated lending capabilities, design credit products, and serve a broader base of consumers and merchants. ''The NBFC application approval is a pivotal step in MobiKwik Group's evolution into a scaled financial services platform. We are especially happy that the application has been approved in under four months, which is an endorsement of the credibility of the Group, and are grateful to the RBI for reposing its faith in us,'' Upasana Taku, Executive Director, Co-founder and CFO, MobiKwik, said. The NBFC will build on the group's inherent strengths of having over 18.6 crore customer base as well as strong tech infrastructure, risk underwriting and collection capabilities.