BharatPe hasreached an all-time high of $20 billion in annualised total payments value (TPV), expanding its footprint to 400 towns and cities, the company said on Friday.

Last year, the fintech start-up had announced that it aims to scale presence to 300 cities by March 2023. The company has expanded to tier-2, -3 and -4 towns and cities since then. The TPV is up from $18.5 billion in end-June.

Financial inclusion

The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities as part of phase-1 expansion. BharatPe also plans to top up these services with other fintech products like BharatSwipe in the second phase over the coming months.

The expansion is in line with the company’s commitment to driving financial inclusion by enabling wider adoption of digital payments as well as addressing the credit gap for SMEs and offline retailers, said the company.

“We stay committed to building Digital India and are working aggressively to take digital payments to the merchants of Bharat. With the wide expansion, I am confident that we will witness continued growth and will easily surpass our target of $30 billion in payments by March 2023,” said Nishant Jain, Chief Business Officer, BharatPe.

Credit for merchants

The company will continue to focus on enabling credit for merchants in these areas as well as build new-age fintech products that can further empower their growth story, he added.

BharatPe said it has facilitated over ₹3,600 crore in loans in Q1; recording a growth of 112 per cent over Q4 FY22. It has facilitated disbursals to over 1.2 lakh merchants, too, in Q1, up from 66,000 merchants sequentially.

Related Topics
comment COMMENT NOW