One MobiKwik shares jump over 11 pc after securing NBFC licence from RBI

Shares of fintech firm One MobiKwik Systems jumped over 11 per cent on Monday after the company said its application for a non-banking financial company licence has been approved by the Reserve Bank of India. The NBFC application approval is a pivotal step in MobiKwik Groups evolution into a scaled financial services platform.

Shares of fintech firm One MobiKwik Systems jumped over 11 per cent on Monday after the company said its application for a non-banking financial company licence has been approved by the Reserve Bank of India. The stock zoomed 10.98 per cent to settle at Rs 224.80 on the BSE. Intra-day, it jumped 19.97 per cent to Rs 243. At the NSE, the stock surged 11.25 per cent to Rs 224.98. 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.