 "Foreign direct investment")
Global consumer finance company Pepper Group on Monday said it will invest $150 million over the next four years to establish a fintech in India.
The fintech, under the Pepper Money brand, will be spearheaded by former FlexiLoans co-founder Abhishek Kothari.
The company aims to hire a 200+ team to deliver consumer finance products that embed a localised approach to the market.
With plans to launch in the second half of 2023, Pepper Money India will introduce personal finance products to target 15 crore households in tier 2 and 3 cities, which are witnessing an increase in economic growth, the company said in a statement.
"With 65 per cent of the population under 35 years of age and over 90 percent smartphone adoption between 18-35 years, India has the potential to become one of the largest markets for us in the next 5 years," said Mike Culhane, Group CEO of Pepper.
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"Kothari's fintech experience and deep understanding of the consumer will be instrumental in building the Pepper Money brand across India," he added.
Pepper Money India will also build a strong network of strategic partnerships, including co-branded card partnerships and collaborations with co-lenders.
"With Pepper Money India, our vision is to transform the experience of tier 2 and 3 consumers by localising and personalising financial products for them," said Kothari.
Pepper Money has offices in India, South Korea, Australia, Spain and the UK.
Pepper Group has $21 billion in assets under management (AUM) of self-generated loans via its Pepper Money brand, and a further $55 billion in AUM of third-party loans under credit management via its Pepper Advantage brand.
--IANS
na/
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