With short-term personal loans, MobiKwik launches into consumer credit


MobiKwik, the mobile wallet company, today announced that it will offer small, short-term personal loans for one-off festive purchases, or allow users to sign up for Monthly Equivalent Payments (EMIs) from their account.

Upasana Taku and Bipin Preet (Co-founders of Mobikwik)

The loan approval will be done within 30 minutes, and to start, loans or IMEs of up to Rs 50,000 will be available to MobiKwik users, he said in a statement in Mumbai. MobiKwik Co-Founder Upasana Taku said:

Only 1% of Indians have access to credit, this represents a great opportunity for us. We are excited to venture into the consumer lending segment as it aligns with our end goal of providing financial technology services to everyone.

MobiKwik is India’s largest independent mobile payment network, connecting 35 million users to a lakh of retailers. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of financing from Sequoia Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.

One of the leading digital payment platforms for online and offline merchants, MobiKwik powers payments from big names like IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy and MakeMyTrip.

Read also : MobiKwik Raises Another $ 40 Million Funding After Closing Series C Cycle

The mobile wallet services company had recently raised $ 50 million (332.6 crore rupees) in a Series C round led by GMO, the Japanese payment gateway, and Mediatek, a Taiwan-based semiconductor company. According to reports, the money was invested in product innovation, team building and user acquisition. The Series C cycle, which closed nine months ago, also saw the participation of existing investors Redwood capital and the tree line in Asia.


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