MobiKwik receives RBI approval for NBFC licence; to set up lending arm

One MobiKwik Systems Ltd. said it has received approval from the Reserve Bank of India for its application to operate as a non-banking financial company (NBFC), enabling the firm to expand its lending operations under a regulated framework.

The company will establish a wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL), to house its lending business. The new entity is expected to focus on offering both secured and unsecured credit products to consumers and micro, small and medium enterprises (MSMEs).

MobiKwik said the NBFC structure will allow it to design and roll out credit products more quickly, supported by its existing technology infrastructure, underwriting systems and collection capabilities. The company added that the new lending arm will also facilitate partnerships under co-lending arrangements, potentially improving access to capital.

Operations at MFSPL will begin after the company receives a Certificate of Registration (CoR) from the RBI and fulfils applicable regulatory conditions.

The fintech firm currently serves over 186 million registered users and nearly 4.8 million merchants across its payments and financial services platform. It offers products including digital wallet services, UPI payments, credit offerings such as ZIP EMI, and investment products.

According to the company, the NBFC will primarily target customers in Tier 2 and Tier 3 cities, while continuing to offer services across India. The move is aimed at expanding access to formal credit in underpenetrated regions.

Commenting on the development, Upasana Taku said the approval provides a regulatory framework to strengthen the company’s credit offerings while maintaining governance and risk standards.

MobiKwik said the new structure will support its broader strategy of building a full-stack fintech platform with integrated payments and lending capabilities.