One MobiKwik Systems has received the Reserve Bank of India’s (RBI) final approval to operate a non-banking financial company (NBFC) through its wholly owned subsidiary, MobiKwik Financial Services Private Ltd (MFSPL).
The company announced the development on Friday, November 6, following the RBI’s in-principle approval in April 2026. The registration will allow MobiKwik to originate loans directly through its subsidiary, rather than operating only as a Lending Service Provider (LSP) for other lenders.
MobiKwik expects the new arrangement to give it greater flexibility in designing loan products, bringing them to market faster and improving the economics of its lending business. It will continue to work with established lending partners.
MobiKwik targets ₹5,000 crore in loan disbursals
MFSPL aims to disburse loans worth ₹5,000 crore over the next three to four years. The subsidiary expects to begin operations in the next three to six months, initially using an asset-light co-lending model with banks and other NBFCs.
Under this arrangement, MobiKwik will partner with established lenders to provide credit rather than fund the entire lending business independently.
The subsidiary will draw on the group’s existing technology infrastructure, customer data, analytics, credit risk assessment models and collections capabilities to support its lending operations.
New NBFC to offer loans to consumers and small businesses
MobiKwik plans to use the NBFC to expand its lending business across India, offering both secured and unsecured loans to individual consumers and micro, small and medium enterprises (MSMEs).
The licence will allow the fintech company to take a more direct role in the lending process while retaining its existing partnerships with banks and other financial institutions.
Commenting on the development, Upasana Taku, co-founder, executive director and chief financial officer of MobiKwik, said the approval marked an important step in the company’s evolution into a full-stack fintech platform.
She said MobiKwik’s payments network of 196 million users and 5 million merchants could support the expansion of its lending business.
Taku added that the company would focus on responsible lending, careful assessment of borrowers and risk management as it scales up its NBFC operations.
MobiKwik said the new lending structure would support its next phase of growth, with an emphasis on disciplined underwriting and building a sustainable lending business.