MobiKwik has received approval from the Reserve Bank of India for a non-banking financial company license, marking a structural shift in its business model.
The approval allows the company to launch its lending arm, MobiKwik Financial Services Private Limited, and transition from a partnership-based model to direct lending.
Direct Lending Replaces Partner-Led Model
The MobiKwik NBFC license enables the company to originate and underwrite loans independently.
Previously, MobiKwik operated by partnering with third-party lenders. The new structure provides control over credit decisions, risk assessment, and product design.
This shift improves margins and reduces dependency on external institutions.
Faster Product Rollout and Expanded Credit Access
With regulatory approval in place, MobiKwik plans to accelerate the launch of new credit products.
The company will offer both secured and unsecured loans, targeting individuals and small businesses, particularly in Tier 2 and Tier 3 cities.
The focus remains on expanding financial access in underserved regions.
Technology-Led Underwriting Drives Strategy
MobiKwik will leverage its existing technology infrastructure, including artificial intelligence and machine learning models, to assess creditworthiness and personalise offerings.
Its ecosystem includes over 186 million users and nearly five million merchants, providing a large database for risk evaluation and product targeting.
Technology becomes central to scaling lending operations.
Leadership Frames Move as Platform Evolution
Co-founder Upasana Taku described the MobiKwik NBFC license as a pivotal step in building a full-scale financial services platform.
The approval establishes a regulatory framework that supports expansion while maintaining governance and risk discipline.
Fintech Sector Moves Toward Full-Stack Models
MobiKwik joins other fintech companies such as Flipkart, Lendingkart, KrazyBee, and Capital Float that hold NBFC licenses.
The trend reflects a shift toward full-stack financial services, where platforms manage both distribution and lending.
From Wallet to Financial Ecosystem
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik began as a digital wallet provider and expanded into payments, credit distribution, savings, and investment products.
The NBFC license strengthens its position within this ecosystem by adding direct lending capability.
Structural Transition Underway
The MobiKwik NBFC license marks a transition from intermediary to institution. Control over lending, risk, and customer lifecycle moves in-house. The company shifts from facilitating credit to owning it. The model changes accordingly.
Upasana Taku, Co-founder of Mobikwik
