- MobiKwik received RBI approval for its NBFC application, a key milestone
- The NBFC license will allow MobiKwik to launch its lending division
- MobiKwik plans to expand lending and create innovative credit products
MobiKwik co-founder and CFO Upasana Taku said it is “game-changing moment” for the company following Reserve Bank of India's approval for its NBFC application.
"It is absolutely a game changing moment for MobiKwik," Taku told NDTV Profit on Tuesday, April 28, noting that real change will start in FY27 itself.
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Highlighting the significance of the development, she remarked that MobiKwik has built a large payments franchise with a wallet licence, Bharat Bill Payment licence, and payment aggregator licence from the RBI. Last year, it also secured a stock broking licence from SEBI, and has now received NBFC approval from the RBI.
"So you see from a full stack financial services business perspective whether it is a new age one or whether it is a large established conglomerate these are the the licenses you need," Taku said.
"These are the licenses one needs to serve the full spectrum of financial needs of a customer in India," she added.
MobiKwik on Monday, April 27 informed the exchanges that it has received RBI nod for NBFC, marking a major milestone for the fintech company. It also confirmed that the license will now enable the company to launch a new lending division — MobiKwik Financial Services.
The arm will help Mobikwik expand its lending capabilities, design innovative credit products, and serve a broader base of consumers and merchants with greater efficiency and control, the company said.
Speaking on the central bank's move, Taku earlier said, “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."
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