MobiKwik Group Secures RBI Approval for NBFC, Enhancing Full-Stack Fintech Capabilities

MobiKwik Group Secures RBI Approval for NBFC, Enhancing Full-Stack Fintech Capabilities​

One MobiKwik Systems Ltd. (MobiKwik) announced that the Group's application for a Non-Banking Financial Company (NBFC) license has received approval from the Reserve Bank of India (RBI). This approval marks a substantial development, significantly deepening the Group's financial services offerings and solidifying its position as a comprehensive fintech platform.

The NBFC license will enable the establishment of a new lending division, MobiKwik Financial Services Private Limited (MFSPL), which is a wholly owned subsidiary of the Group. This new subsidiary will enhance the Group's regulated lending capabilities and allow it to design innovative credit products. The strategic expansion aims to serve both a broader consumer base and merchants with greater efficiency and control.

The development aligns with the Group’s long-term vision of building a full-stack fintech platform, designed to deliver accessible, responsible, and tech-led financial products. MFSPL will leverage the Group's inherent strengths, including a customer base exceeding 186 Mn, a trusted brand name, and strong technology infrastructure, risk underwriting, and collection capabilities.

The in-house NBFC, MFSPL, is expected to facilitate the launch of new credit products, spanning both secured and unsecured options, for consumers and Micro, Small, and Medium Enterprises (MSMEs) in underserved geographies. Operations are slated to commence following the receipt of the Certificate of Registration (COR) from the RBI upon fulfillment of defined conditions.

Upasana Taku, Executive Director, Co-founder, and CFO of MobiKwik, commented on the milestone, stating that the NBFC application approval is a pivotal step in MobiKwik Group's evolution into a scaled financial services platform. She noted that the approval provides the necessary regulatory framework to deepen credit offerings while maintaining strong governance and risk discipline.

"This gives us the regulatory framework to deepen our credit offerings while maintaining strong governance and risk discipline. We will continue to responsibly serve the credit needs of Bharat and build products that genuinely improve financial inclusion," she stated.

The NBFC framework positions MobiKwik to leverage its technology capability and AI-ML models to deliver personalized financial products tailored to diverse consumer needs. While the primary focus remains on Tier 2 and Tier 3 cities, the services are intended to be offered nationwide, emphasizing financial inclusion in underpenetrated regions and driving greater financial service mobilization.

Company Overview and Market Presence

One MobiKwik Systems Ltd. is recognized as a leading digital wallet in India, offering a wide array of payments and financial products to consumers and merchants.

The company has expanded its offerings beyond its core wallet services (MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay payment gateway) into financial products, including credit (ZIP EMI, MCA) and savings & investment products (Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI).

Key operational metrics for the company include:


The company was co-founded by Bipin Preet Singh and Upasana Taku in 2009. According to the RedSeer Report, as of Fiscal 2023, MobiKwik held the fourth-highest user base in India based on total registered users on the platform.

MOBIKWIK Stock Price Movement​

Shares of One Mobikwik Systems Limited are edging higher to ₹216.36 as of 1:25 PM today, gaining 6.99% in live trading. The stock's upward momentum is supported by significant market interest, seeing a volume of 818,442 shares traded.