Fintech firm MobiKwik partners Poonawalla Fincorp to offer instant personal loans

Gurugram-based listed fintech firm MobiKwik (One MobiKwik Systems Ltd.) has announced a strategic partnership with Poonawalla Fincorp, a Cyrus Poonawalla Group-promoted NBFC arm focused on Consumer & MSME to offer instant personal loans.

The collaboration aims to democratise quick access to credit for millions of Indians through MobiKwik's ZIP EMI product.

Offering personal loans through the app

The partnership enables MobiKwik app users pan India to access instant personal loans ranging from Rs 50,000 to Rs 15,00,000 through ZIP EMI.

The company said that the loans are designed to meet various financial needs, including funding education, medical expenses, travel expenses, and other personal consumption purposes. Users can choose flexible repayment options ranging from 6 to 36 months.

Leadership comments

Speaking on the occasion, Ankur Jaipuria, CEO of Lending Business, MobiKwik, said, "Our partnership with Poonawalla Fincorp represents a pivotal step in democratizing credit access for millions across India. We're committed to providing financial services that reach people across all strata and demographics." 

On the partnership, Vikas Pandey, Chief Business Officer - Consumer Finance and Head Digital Marketing, said, “We are delighted to partner with MobiKwik to expand our reach and provide accessible credit solutions to a wider audience through our risk-first approach. This collaboration aligns perfectly with our mission to provide individuals across India with seamless and convenient financial services. By integrating our loan origination and servicing process with MobiKwik’s extensive digital platform."

"This partnership enables us to leverage MobiKwik’s deep penetration in Tier 2, Tier 3 cities, and beyond. This strategic alignment further strengthens our commitment to responsible lending and fostering economic growth across India," Pandey added.

Through this partnership, MobiKwik will offer loans via its app to borrowers across diverse income segments in Tier 2, Tier 3 cities, and beyond.

MobiKwik's offerings

Founded by Bipin Preet Singh and Upasana Taku in 2009, MobiKwik offers various payment products, including MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay, a payment gateway. The company claims to serve over 172 million registered users and 4.5 million merchants. 

It has expanded into the distribution of financial products ranging from credit (MobiKwik ZIP, ZIP EMI), savings & investment (Fixed Deposits, Mutual Funds, Digital Gold, Lens.ai), and insurance products on its platform.