RBI approves MobiKwik NBFC license as stock jumps over 15%
MobiKwik's stock shot up more than 15% on Monday after the Reserve Bank of India approved the company's application for a nonbanking financial company (NBFC) license.
This means MobiKwik can now ramp up its lending game through a new arm, MobiKwik Financial Services, and potentially reach more users with fresh financial products.
MobiKwik to expand credit offerings
With more than 186 million users and nearly five million merchants already on board, MobiKwik plans to use this license to launch new credit options faster and boost efficiency.
Executive Director Upasana Taku shared that this step helps them become a full-fledged financial services provider while keeping things compliant.
The quick approval from the RBI, just under four months, also signals trust in MobiKwik's credibility and gives investors more confidence in their future growth.