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MobiKwik, a leading fintech, hopes to lend at least 70,000 digital loans in May. If the fintech achieves this target, it would be a big jump over the 55,000 loans given in April 2019.
Since it started digital lending on its app last year, MobiKwik has disbursed more than five lakh loans. Each month, about 10 lakh users apply for digital loans on the MobiKwik Android and iOS apps.
Upasana Taku, Co-Founder and Chief Operating Officer, MobiKwik, said: “Digital lending has been our top performing line of business since its roll-out in March 2018 and is the largest contributor to our growth story. With our simple products, easy user journeys, and robust payments ecosystem, we have made it possible for lakhs of Indians to get access to digital credit in their mobile app in 90 seconds. This is rewarding and motivating for us. We hope to impact millions of lives in a similar fashion with our innovative loan, insurance, and investment products in the coming years.”
MobiKwik’s loan products are delivered end-to-end on its mobile app, including the entire user targeting, loan journey, and money disbursal.
The company offers an extensive portfolio of loans, including boost term loan, boost credit line, and shopping loan to cater to diverse customer requirements. It may be recalled that MobiKwik was the first consumer payments company to launch digital lending, and is also the first in the industry to disburse loans to the customer’s mobile wallet.
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