mPokket turns 7, empowering and extending credit to the underserved youth of India
Disbursed INR 3500 crore in 2022, looks to disburse INR 7,000 crore in 2023
mPokket to launch new products including loans for the self-employed, micro-insurance policies to cover various exigencies, and buy-now-pay-later products
mPokket – Launched in 2016, India’s youngest and fastest-growing lending platform, completes its 7 years of operation. Since its inception, within a very short period of time, the lending platform has disbursed loans amounting to INR 7000 crore to date. The company disbursed INR 3500 crore in 2022 and plans to double its originations in 2023. The business has maintained a steep growth trajectory while remaining entirely committed to its purpose of empowering India’s youth.
mPokket plans to launch loans for the self-employed individuals, micro-insurance policies to cover various exigencies and buy-now-pay-later products. The lending platform has more than 30 lakh borrowers and plans to double the numbers in 2023.
Speaking on the occasion, Gaurav Jalan, CEO & Founder, mPokket, “Many young people across the country lack a regular source of income or do not earn enough to qualify for loans from banks and other financial institutions. As a result, for them, meeting small urgent financial needs becomes a challenge, be it a medical emergency, a travel requirement or an educational need. mPokket is committed to its vision of empowering these people, by providing them with the needed funds, faster, easier, and with efficiency. By incorporating digital best practices across the whole underwriting and loan disbursal process, mPokket is making it easier for these individuals to lead a better life by helping manage their cash flows better, thus facilitating financial inclusion.”
To this, Satish Roy, Chief of Customer Experience, mPokket, added, “Our business model is based on the principle of customer centricity, with a focus on affordable and quick loan disbursal. At mPokket, we have adopted customer experience as the cornerstone of our growth and we are constantly working to delight our customers. As we complete 7 years of operations, I look forward to continuing to work towards our vision of financially empowering India’s youth by offering a seamless user experience.”
Maninder Singh Grewal, Chief Growth Officer, mPokket added, “The company is not only assisting people in upskilling themselves and obtaining a better livelihood but is also facilitating financial inclusion in the process by integrating technology best practices throughout the entire financing and loan repayment process. Banking and financial services have undergone significant transformations. As a result, the whole lending process starting with the loan application and continuing through approval and disbursal, has been digitalized. Previously, lenders employed traditional methods to do due diligence; now, digital solutions ensure that adequate data on each application can be obtained. As a result, insights are drawn from this data, simplifying debt administration.”
With a strong commitment to develop cutting-edge technology aimed at making young India financially independent, the platform is also looking at growing its workforce in 2023 across all its offices. In addition, mPokket is also looking at hiring gig workers at some of its facilities. Currently, the company employs more than 2000 people across positions in technology, product, data analytics and digital customer experience. The company resonates with the ethos of inclusivity, people-driven work culture and a mission to empower India’s youth via employment generation and upskilling.
About mPokket
An Instant Loan App that provides loans to India’s underserved youth, mPokket was founded by Gaurav Jalan in 2016. Borrowers can avail of loans ranging from Rs 500 to Rs 30,000. mPokket focuses on a segment of the population that is ineligible for traditional loans and yet requires access to credit, quickly and reliably. The loan is disbursed to clients instantly and credited to their bank accounts via smartphones within seconds. Based on this model, the mobile application seamlessly delivers credit anytime, anywhere.