MobiKwik disburses 55,000 Loans in April, targets 70,000 in May

India's leading FinTech Company Mobikwik has said that it has disbursed 55,000 digital loans in April and is planning to increase that to 70,000 in May.

So far, the company claimed, it has disbursed over 5 lakh loans since it started digital lending on its app last year.

MobiKwik’s Digital Lending business is amongst the fastest growing in the industry with over 25% MoM growth in 2019. As a Payments platform, the company has the unique opportunity to distribute affordable loan products to millions of its users and SMEs using their payments and profile data for credit underwriting. Each month about 1 million users apply for a digital loan on the MobiKwik Android and iOS apps.

Last year, MobiKwik launched its 90-second personal loan product ‘Boost’- that offers instant loan disbursal to MobiKwik users. ‘Boost’ loan does not require any security, is processed digitally and makes it possible for users to get the money in their mobile wallet in 90 seconds. MobiKwik disburses instant loans of as low as Rs. 1000 ticket size to as high as Rs. 100,000.

These loans are made available to users at competitive interest rates in partnership with 5 leading NBFCs. MobiKwik was the first Consumer Payments company to launch Digital Lending and is also the first in the industry to disburse loans in the customer’s mobile wallet.

“Digital Lending has been our top performing business line since its roll out in March 2018 and is the largest contributor to our growth story. We started out with the objective of providing affordable and accessible financial services to billions of Indians. Over the last one year, our loan products have been well received by customers across tier-1, 2 and 3 towns and cities. With our simple products, easy user journeys and robust payments ecosystem, we have made it possible for lacs of Indians to get access to digital credit in their mobile app in 90 seconds. This is hugely rewarding and motivating for us as an organization. We hope to impact millions of lives in a similar fashion with our innovative loan, insurance and investment products in the coming years, " said Upasana Taku, Co-Founder and Chief Operating Officer, MobiKwik.

MobiKwik recently partnered with a select set of its merchants to roll out ‘MobiKwik Money Solutions’ which empowers small and medium merchants to instantly facilitate digital loans to the thousands of walk-in customers in his/her store. This unique approach allows MobiKwik to extend the distribution of its ‘Boost’ loan to customers who are not on its app while at the same time creating a new revenue stream for its merchants and boosting their income.