MobiKwik Gets NBFC Nod from RBI, Shares Rally on Lending Push

Fintech firm One MobiKwik Systems has received approval from the Reserve Bank of India (RBI) for a non-banking financial company (NBFC) licence, the company said on Monday.

Following the announcement, shares of MobiKwik surged over 14% to close at ₹224.80 on the BSE, compared with the previous close of ₹202.55.

The company plans to set up a wholly owned subsidiary, MobiKwik Financial Services Private Ltd, to expand its lending operations and roll out new credit products for both consumers and merchants.

The move marks a significant step in MobiKwik’s transition from a payments-focused platform to a broader financial services player.

“The NBFC approval is a pivotal step in MobiKwik Group’s evolution into a scaled financial services platform,” said Upasana Taku, co-founder and executive director at MobiKwik. She added that the licence provides a regulatory framework to deepen the company’s credit offerings.

According to the company, the in-house NBFC will enable faster go-to-market for both secured and unsecured lending products. It will also improve access to sustainable capital through co-lending partnerships, allowing MobiKwik to scale its lending business more efficiently.

With a user base of over 186 million, MobiKwik plans to leverage its technology stack—including artificial intelligence and machine learning—to offer more personalised financial products.

The company also aims to expand credit access in tier-2 and tier-3 cities, where formal lending penetration remains relatively low.

Operations under the NBFC will commence once the company receives a certificate of registration from the RBI and fulfils the necessary regulatory conditions.

Last year, MobiKwik had informed exchanges that it would invest ₹9.99 crore in its wholly owned subsidiary, MobiKwik Financial Services. Incorporated in April, the subsidiary is authorised to undertake financing activities, including leasing, hire purchase, and lending across movable and immovable assets.

The company said the NBFC will build on its existing strengths in underwriting, collections, and digital infrastructure, while the co-lending model is expected to improve lending margins and support long-term growth.