Fintech company One MobiKwik Systems has received the Reserve Bank of India’s (RBI) final registration for its wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL), to operate as a Non-Banking Financial Company (NBFC). The approval marks a significant step in the company’s transition from distributing loans through partner institutions to originating credit through its own regulated lending entity.
The Certificate of Registration was granted under Section 45-IA of the RBI Act, 1934, following the central bank’s in-principle approval in April 2026.
MobiKwik expects its NBFC subsidiary to begin operations within the next three to six months, initially adopting an asset-light co-lending model in partnership with banks and other NBFCs.
₹5,000 Crore Loan Disbursement Target
The company aims to disburse loans worth ₹5,000 crore over the next three to four years through its NBFC business.
MFSPL plans to develop secured and unsecured credit products for individual consumers and micro, small and medium enterprises (MSMEs) across India. The company intends to leverage its existing technology infrastructure, customer network and lending capabilities to expand access to credit.
Co-founder, Executive Director and CFO Upasana Taku said the RBI registration would allow MobiKwik to participate more actively in the lending value chain. She also highlighted the company’s focus on responsible lending, prudent underwriting and building a sustainable lending business.
Moving Beyond the Loan Distribution Model
Until now, MobiKwik has primarily operated as a Lending Service Provider (LSP), sourcing and servicing loans through partner banks and NBFCs. Under this arrangement, the loans remain on the books of the lending institutions.
The new NBFC structure will allow the company to originate loans directly while continuing its existing partnerships. According to the company, this could provide greater flexibility in developing financial products, accelerate market launches and improve lending economics.
MobiKwik plans to maintain an asset-light approach through co-lending arrangements, limiting the amount of capital it needs to commit while working with established financial institutions.
Under a proposed 10:90 co-lending structure, MobiKwik’s NBFC would retain at least 10% of a loan on its books, while the partner lender would fund the remaining 90%.
Existing Lending Business Records Growth
MobiKwik’s lending operations have expanded through its network of 11 lending partners. During the July–September quarter of FY27, loan disbursements through these partners increased 34% year-on-year to approximately ₹1,082.6 crore, compared with ₹807.1 crore in the corresponding period last year.
The company’s financial services business has also recorded growth, with gross profit from the segment more than doubling to ₹57.1 crore from ₹25.6 crore a year earlier.
Its credit partners’ assets under management stood at ₹1,488 crore, while activated credit users increased to 1.74 million from 1.42 million.
MobiKwik reported a net profit of ₹11.8 crore for the quarter, compared with a loss of ₹28.6 crore in the year-ago period. Revenue from operations increased 9% to ₹295.7 crore, while platform gross merchandise value grew 35% to ₹59,677 crore.
Regulatory Restructuring Before Final Approval
The final registration followed a series of organisational changes required by the RBI.
The central bank’s in-principle approval in April 2026 came with a condition that MobiKwik separate its Lending Service Provider operations from the proposed NBFC business.
The company subsequently transferred its digital lending business and employees to another wholly owned subsidiary, MobiKwik Distribution Services Private Limited, completing the restructuring in August 2026.
With the final Certificate of Registration now secured, MobiKwik can move towards launching its own lending operations while retaining its existing distribution partnerships.
Strengthening Its Full-Stack Fintech Strategy
Founded in 2009 by Bipin Preet Singh and Upasana Taku, Gurugram-based MobiKwik has expanded from a digital wallet provider into a broader financial technology platform offering payments, UPI services, bill payments and financial products.
The company says its network includes approximately 196 million users and five million merchants. It plans to use this existing reach to expand its credit offerings, particularly among consumers and businesses in underserved markets.
The NBFC registration represents an important development in MobiKwik’s long-term strategy to build a more integrated financial services business, combining payments, lending distribution and direct credit origination.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements and disclosures for further details.
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