MobiKwik Secures RBI Licence to Launch Its Own Lending Business

MobiKwik is preparing to expand beyond digital payments and loan distribution. Its wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL), has received the Reserve Bank of India’s final registration to operate as a non-banking financial company (NBFC).

The RBI issued the Certificate of Registration on November 5, 2026. MobiKwik received it a day later and disclosed the approval to stock exchanges.

The licence allows the company to originate loans directly through its own regulated lending subsidiary. MobiKwik plans to begin operations within three to six months.

The company will initially follow an asset-light co-lending model. It intends to work with banks and established NBFCs rather than build a lending business entirely around its own balance sheet.

From Loan Distribution to Direct Lending

MobiKwik has built its lending business through partnerships with banks and financial institutions. Its existing platform helps connect borrowers with lending partners.

Under this arrangement, the company operates as a Lending Service Provider (LSP). It supports customer acquisition, loan distribution and related digital services.

The new NBFC structure adds another layer to this business. MFSPL will be able to originate credit directly under its RBI registration.

This gives the group greater control over product design and lending operations. It may also improve its ability to manage pricing and customer relationships.

The shift does not mean MobiKwik will stop working with external lenders. Its proposed co-lending model will continue to involve banks and other NBFCs.

₹5,000 Crore Loan Disbursement Target

MobiKwik has set an ambitious target for its new lending business.

The company aims to disburse ₹5,000 crore in loans over the next three to four years. It plans to serve consumers and micro, small and medium enterprises across India.

The proposed portfolio will include both secured and unsecured credit products.

Secured loans are backed by an asset or other collateral. Unsecured loans do not require such collateral and generally involve different credit risks.

The company expects to use its existing digital distribution network and lending capabilities. Its customer data, technology and underwriting systems could support the expansion.

However, the ₹5,000 crore figure is a management target. It is not a confirmed disbursement commitment or guaranteed outcome.

Why MobiKwik Is Choosing an Asset-Light Model

The planned co-lending strategy could help MobiKwik expand without carrying the entire funding burden.

Under co-lending arrangements, two regulated lenders work together to finance eligible loans. The structure allows participating institutions to share funding and lending responsibilities.

For MobiKwik, partnerships could provide access to capital and support faster business expansion.

The approach also gives the company an opportunity to use its technology and customer acquisition capabilities. Established lenders can contribute funding and credit expertise.

The model may improve capital efficiency as the loan portfolio grows. However, its success will depend on partner agreements, credit quality and borrower repayment behaviour.

MobiKwik has said the new structure will provide greater flexibility in product development. It also expects faster market execution and better lending economics.

What the RBI Registration Changes

The final Certificate of Registration is an important regulatory milestone.

MobiKwik had received in-principle RBI approval in April 2026. The final registration followed the restructuring of its lending operations and related regulatory requirements.

The certificate was issued under Section 45-IA of the Reserve Bank of India Act, 1934.

This registration allows MFSPL to operate as an NBFC. It does not automatically guarantee loan demand or profitability.

The subsidiary will still need to comply with RBI regulations. These include applicable lending standards, reporting requirements and customer protection obligations.

The company must also establish appropriate risk management and collection systems before scaling its portfolio.

A New Growth Opportunity for MobiKwik

The NBFC licence comes as MobiKwik seeks to expand its financial services business.

Its payments platform provides access to consumers and merchants. Its lending operations offer another potential source of revenue.

Direct lending could allow the group to capture a larger share of the economics generated by its credit business. It may also reduce its dependence on distribution fees alone.

However, lending brings additional risks. Defaults, weak underwriting and higher funding costs can affect profitability.

The company will need to balance growth with responsible credit decisions. Rapid loan expansion without adequate risk controls could weaken portfolio quality.

The planned partnership model may help manage some of these pressures. Its actual effectiveness will become clearer once operations begin.

Competition in India’s Digital Lending Market

India’s digital lending sector has attracted banks, NBFCs and fintech platforms. Competition is increasing across personal loans, merchant finance and small-business credit.

MobiKwik’s existing customer network gives it a distribution advantage. Its new licence could help it compete more directly in regulated lending.

The company will also face competition from established digital lenders and financial institutions. These players already have lending capital, underwriting systems and large customer bases.

For borrowers, greater competition could improve access to credit and product choice. But lenders must maintain responsible lending practices.

The RBI’s regulatory framework will remain important in ensuring transparency and borrower protection.

MobiKwik’s NBFC registration marks a shift in its financial services strategy. The company is moving from primarily distributing partner loans towards originating credit through its own regulated entity. Its ₹5,000 crore target shows the scale of its ambition. The real test will be whether it can achieve that growth while maintaining sound underwriting, manageable credit costs and sustainable lending partnerships.