MobiKwik secures NBFC registration, aims to disburse ₹5,000 crore worth loans over 3-4 years -- What customers can expect

Payment platform MobiKwik has secured a Certificate of Registration (CoR) from the Reserve Bank of India, to operate as a Non-Banking Financial Company (NBFC) and will likely commence operations in three to six months.

One MobiKwik Systems in a release said the registration has been acquired by its wholly owned subsidiary, MobiKwik Financial Services (MFSPL). This comes after the RBI granted in-principle approval in April this year. This "marks a significant milestone in MobiKwik's strategy to deepen its financial services offerings," the statement added.

Notably, the NBFC launch builds on the momentum in MobiKwik's existing financial services business, the company said. It added that in Q2 FY27, lending disbursal through its 11 lending partners grew 34% year-on-year (YoY) to ₹1,083 crore. It also reported 2.2x YoY growth in gross profit from financial services, reflecting improved credit quality and portfolio recoveries.

What can customers expect from MobiKwik's NBFC?

According to statement, the new NBFC structure is expected to support the next phase of the Group's lending strategy, with underwriting discipline and risk management central to its approach.

With the NBFC registration, the MobiKwik Group plans to complement its existing Lending Service Provider (LSP) business with the ability to originate credit directly through its NBFC, it added. "This will provide greater flexibility in product development, faster go-to-market execution and opportunities to improve lending economics, while allowing the Group to continue leveraging its partnerships with established lenders," it added.

The NBFC aims to disburse loans worth ₹5,000 crore over the next three to four years. For this, it will leverage established technology infrastructure, data and analytics capabilities, robust risk assessment models and collections expertise required to support its lending operations.

Here's what customers can expect from MobiKwik's new NBFC business:

* MFSPL plans to offer both secured and unsecured credit to consumers and micro, small and medium enterprises across India.

* It thus plans to develop and launch credit products for consumers and MSMEs.

* It expects to commence business operations with an asset light co-lending model in the next three to six months in partnership with NBFCs and banks.

Marks MobiKwik's 'evolution as full-stack fintech'

Upasana Taku, co-founder, Executive Director and CFO, MobiKwik said this development marks an important milestone in MobiKwik's evolution as a full-stack fintech platform.

"Our strong payment network of 196 million users and 5 million merchants will benefit immensely from our ability to provide loans through our NBFC. In our digital lending business we have built a strong foundation of lender partnerships, technology infrastructure and deep understanding of customer credit needs. The NBFC licence allows us to build on these capabilities and participate more actively in the lending value chain. As we scale this business, our focus will remain on responsible lending, prudent underwriting and building a sustainable lending franchise," she added.

Founded by Bipin Preet Singh and Taku in 2009, MobiKwik has 196 million registered users through products like MobiKwik Wallet, Pocket UPI, UPI, and Bill payments. It also serves five million registered merchants by offering them Merchant Acquiring products such as EDC, Soundbox, QR code and online checkout via its payment gateway -- Zaakpay.

The company also distributes financial products spanning digital credit, savings and investments, establishing itself as a leading digital finance platform in India.