The mPokket lending platform announced on Monday that it will provide a loan of Rs 1,200 crore to students and young professionals in this fiscal year, an increase of more than 70% from 2019-2020.
mPokket, an instant loan application, had disbursed around Rs 700 crore in the last fiscal year.
“MPokket will pay Rs 1,200 crore in 2020-2021,” the company said in a statement.
The company has a user base of over one million KYC approved borrowers and that number is expected to grow to 1.5 million by the end of this fiscal year ending March 2021.
“Driven by our focus on the new segment of professionals under 40, we expect to close the 2020-21 fiscal year with 1.5 million KYC approved clients. Significantly, September 2020 disbursements are now set to exceed pre-COVID February disbursements, indicating increased consumer demand, ”said Gaurav Jalan, CEO and founder of mPokket.
After low cost personal loans to students, the company recently expanded its portfolio to meet the financial needs of salaried professionals.
Borrowers are eligible for loans of up to Rs 30,000, with the amount instantly credited to the user’s bank account or digital wallet, the company said.
The company has more than 700,000 users registered as salaried professionals on its platform.
“Growth in the remaining half of FY2021 and FY2022 is expected to be driven by the expansion of this new segment of loans to young working professionals,” the company said.
The September 2020 disbursement is expected to exceed the pre-COVID February 2020 disbursements, he added.
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