MobiKwik has secured Reserve Bank of India approval to register as a Non-Banking Financial Company, paving the way for a direct lending foray alongside its digital payments business. The in-principle nod, granted on April 27, 2026, was processed in under four months, signalling regulatory comfort with the company’s compliance track record.
NBFC licence and operational roadmap
The lending operations will be housed under its wholly owned subsidiary, MobiKwik Financial Services Private Limited. The company infused ₹9.99 crore into the unit in October 2025. Before commencing business, the subsidiary must obtain the RBI’s Certificate of Registration and satisfy additional regulatory conditions. MobiKwik aims to begin disbursals by end-2026, subject to these approvals.
Strategic shift from partnerships to own-book lending
Until now, MobiKwik extended credit primarily via partnerships with banks and NBFCs, earning a revenue share. An in-house NBFC allows the company to originate and hold loans on its own balance sheet, capture full interest income, and structure co-lending arrangements with banks to optimise cost of funds.
The lending stack will target both retail borrowers and micro, small and medium enterprises, with a focus on Tier-2 and Tier-3 markets. Leveraging its existing distribution—186 million users and 4.8 million merchants—MobiKwik expects efficient customer acquisition and lower marketing costs for loan products.
Market reaction and financial performance
Shares of One MobiKwik Systems surged as much as 17.5% intraday to a 52-week high of ₹241.90 following the announcement, valuing the company at around ₹1,857 crore. Investor interest reflects expectations of higher-margin growth from credit and improved unit economics through own-book lending.
MobiKwik operates a diversified fintech platform spanning payments, buy-now-pay-later, personal loans, and investments. The firm reported a profit of ₹14.08 crore in FY24, reversing a loss in the previous year. Management has highlighted investments in risk models, underwriting technology, and collections as core enablers for scaling responsibly under the NBFC framework.
