MobiKwik forays into consumer loan segment

Mobile wallet company MobiKwik on Monday announced that it will offer small, short-term personal loans for one-time festive buying, or register for equated monthly instalments (EMIs) from their account.

The loan approval will be done within 30 minutes, and to begin with, loans or EMIs up to Rs 50,000 will be available for MobiKwik users, it said in a statement in Mumbai.

"Only 1 per cent of Indians have access to credit, this presents a great opportunity for us. We are excited to venture into the consumer loan segment as it aligns with our end goal of providing fin-tech services to all," Upasana Taku, Co-founder, MobiKwik said.

MobiKwik has over 35 million users and one lakh merchants.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.