Indian fintech company One MobiKwik Systems has received final registration from the Reserve Bank of India (RBI) for its wholly owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL), to operate as a non-banking financial company (NBFC). The company plans to begin lending operations within the next three to six months and aims to disburse ₹5,000 crore in loans over the next three to four years.
The Certificate of Registration (CoR), issued by the RBI on November 5, 2026, and received by MobiKwik on November 6, marks an important step in the company’s expansion from digital payments and loan distribution into direct credit origination. MobiKwik plans to initially adopt an asset-light co-lending model with banks and other NBFCs, offering secured and unsecured credit to individual consumers and micro, small and medium enterprises (MSMEs).
Key takeaways
- MobiKwik Financial Services received its RBI Certificate of Registration to operate as an NBFC.
- The certificate was issued on November 5 and received by the company on November 6, 2026.
- MobiKwik expects to launch NBFC operations within three to six months.
- The company has set a loan-disbursement target of ₹5,000 crore over three to four years.
- Initial lending operations will use an asset-light co-lending model with banks and NBFCs.
- The subsidiary plans to offer secured and unsecured loans to consumers and MSMEs.
- MobiKwik reported ₹1,083 crore in lending disbursements through 11 lending partners in Q2 FY27, up 34% year-on-year.
MobiKwik receives final RBI registration for NBFC operations
MobiKwik announced the regulatory development on November 6, 2026, through a disclosure to the stock exchanges.
The RBI granted the Certificate of Registration to MobiKwik Financial Services Private Limited, a wholly owned subsidiary of One MobiKwik Systems.
The registration follows the central bank’s in-principle approval granted in April 2026. While the earlier approval allowed the company to move forward with establishing its lending business, the final Certificate of Registration provides the regulatory authorisation required to commence NBFC operations.
According to the company’s regulatory filing, the certificate was issued on November 5, 2026, and received on November 6. It does not have a stated expiry date.
The development gives MobiKwik an additional regulated business through which it can originate credit rather than relying exclusively on external lending institutions.
Previously, the company primarily operated as a Lending Service Provider (LSP), connecting eligible customers with banks and NBFCs that actually provided the loans.
With its own NBFC subsidiary, MobiKwik can participate more directly in the lending process while continuing to work with established financial institutions.
Why is MobiKwik entering the NBFC business?
The move is part of MobiKwik’s broader strategy to build a larger financial services business beyond digital payments.
The company has developed a substantial consumer and merchant network through its wallet, UPI and other digital financial services.
According to figures shared by MobiKwik, its platform has approximately 196 million users and five million merchants.
This existing network provides a potential distribution channel for additional financial products, including consumer credit and merchant financing.
However, a large user base does not automatically translate into loan customers. Borrowers still need to meet eligibility requirements, and the company must assess their ability to repay before approving credit.
Moving from loan distribution to direct lending
Under its earlier Lending Service Provider model, MobiKwik helped connect borrowers with partner lenders.
The lending institution made the final credit decision, provided the funds and carried the applicable lending exposure under its agreement with the customer.
The NBFC registration gives MobiKwik another option.
Through MobiKwik Financial Services, the group can originate credit directly within its regulated lending subsidiary and participate more actively in the lending value chain.
This could give the company greater flexibility in designing loan products, managing customer relationships and developing lending economics.
It also means the group will need to strengthen its underwriting, compliance, collections and credit-risk management capabilities.
Direct lending is not simply an extension of payment processing. It involves evaluating borrowers, monitoring repayment behaviour and managing potential defaults.
MobiKwik targets ₹5,000 crore in loan disbursements
One of the biggest targets announced alongside the RBI registration is the company’s plan to disburse ₹5,000 crore in loans over the next three to four years.
The target covers lending to consumers and MSMEs through the new NBFC business.
MobiKwik intends to offer both secured and unsecured credit products.
Secured loans involve collateral or an asset backing the borrowing, while unsecured loans do not require conventional collateral and generally depend more heavily on creditworthiness and repayment assessments.
The company has not disclosed a detailed annual disbursement schedule, product-wise allocation or expected contribution from individual customer categories.
It is also important to distinguish this ₹5,000 crore disbursement target from an outstanding loan-book target.
Loan disbursements measure the value of loans issued over a period. A loan book measures the outstanding principal still owed by borrowers at a particular point in time.
In an interview with Reuters in May 2026, CEO Bipin Preet Singh had discussed a separate ambition to build an NBFC loan book of ₹5,000 crore over approximately three to five years.
The November announcement specifies a ₹5,000 crore loan-disbursement target over three to four years. These are different financial measures and should not be treated as interchangeable.
MobiKwik will initially use an asset-light co-lending model
MobiKwik plans to begin its NBFC operations through an asset-light co-lending arrangement with banks and other NBFCs.
Co-lending is a financing arrangement in which two regulated financial institutions jointly fund loans in an agreed proportion.
For example, an NBFC and a bank may agree to jointly finance eligible borrowers. Each institution participates according to the terms of the arrangement, including the agreed allocation of funding and credit exposure.
This approach can allow a newer lender to expand its lending activity without having to fund every loan entirely from its own balance sheet.
For MobiKwik, partnerships could provide access to established financial institutions, funding resources and additional lending capabilities.
How MobiKwik’s co-lending model could work
The proposed business model can be understood through four stages:
- Customer acquisition: MobiKwik identifies potential borrowers through its consumer and merchant network.
- Credit assessment: The lending process evaluates customer information, repayment capacity and creditworthiness.
- Joint financing: MobiKwik Financial Services partners with a bank or another NBFC to fund eligible loans under an agreed arrangement.
- Repayment and collections: The participating lenders manage their respective responsibilities under the lending agreement.
This is an explanatory illustration of the proposed model, not a disclosed operational workflow for every MobiKwik loan.
The RBI’s Co-Lending Arrangements Directions, 2025 provide the regulatory framework for qualifying arrangements between regulated entities. The directions cover matters including funding proportions, revenue sharing, risk sharing and borrower-related responsibilities.
The regulatory framework is important because partnerships do not remove the responsibilities of individual lenders.
Each regulated institution must comply with applicable prudential requirements and customer-protection obligations.
MobiKwik plans secured and unsecured loans for consumers and MSMEs
The company intends to develop credit products for two major customer groups: individual consumers and small businesses.
Consumer lending
Consumer lending could allow MobiKwik to provide credit for personal financial requirements through its digital platform.
The company’s existing payments network gives it access to customer activity and engagement information.
Such information can potentially support credit assessment when used lawfully and in accordance with applicable privacy and lending regulations.
However, payment activity alone cannot establish whether a customer is financially capable of repaying a loan.
Creditworthiness assessments must consider relevant financial information, repayment obligations and other applicable factors.
MSME and merchant lending
Small businesses are another important target market.
Micro and small enterprises often need working capital to purchase inventory, manage daily expenses and meet short-term business requirements.
Merchant lending could allow MobiKwik to extend financial products to businesses already using its payment and merchant services.
For example, a retailer processing regular digital transactions may have a transaction history that can contribute to an assessment of business activity.
However, a lending decision must involve a proper evaluation of repayment capacity rather than relying solely on transaction volume.
MobiKwik has previously identified merchant financing as an important part of its financial services strategy.
In a May 2026 interview with Reuters, CEO Bipin Preet Singh said the company wanted to expand its merchant business significantly and viewed merchant lending as a key opportunity.
MobiKwik’s existing lending business provides a starting point
The company is not entering lending without an existing operating foundation.
MobiKwik has already developed relationships with banks and other lending institutions through its LSP business.
According to the company’s Q2 FY27 disclosure, lending disbursements through its 11 lending partners increased 34% year-on-year to ₹1,083 crore.
The company also reported that gross profit from financial services grew 2.2 times year-on-year.
These figures indicate growth in its existing lending-related business, although they do not establish that the new NBFC is already operational.
| Metric | Q2 FY27 performance |
|---|---|
| Lending partners | 11 |
| Loan disbursements | ₹1,083 crore |
| Year-on-year disbursement growth | 34% |
| Financial services gross-profit growth | 2.2 times |
The financial services gross-profit growth is a company-reported figure. MobiKwik’s announcement did not provide the corresponding absolute gross-profit amount in the cited disclosure.
The existing partner network could help the company develop its new lending operations more quickly.
Nevertheless, the NBFC will require its own operating processes, regulatory compliance systems and appropriate risk controls.
How the RBI licence could change MobiKwik’s business model
The approval could have implications for MobiKwik’s long-term revenue mix.
Digital payments provide customer reach and transaction activity, but monetisation can be challenging in certain payment categories.
For example, UPI transactions do not generally generate direct user-paid transaction fees.
A lending business offers a different potential revenue model.
Depending on the product and lending arrangement, financial institutions can generate interest income, processing-related revenue and other permitted income.
The economics will depend on funding costs, partner arrangements, loan pricing, credit losses, operating expenses and regulatory requirements.
MobiKwik’s management believes that direct credit origination could improve product flexibility and create opportunities to improve lending economics.
However, improved profitability is not guaranteed.
An NBFC also introduces additional responsibilities, including capital allocation, loan-loss provisioning, borrower protection, collections and compliance.
The success of the business will depend on balancing loan growth with repayment quality.
RBI regulations and risks MobiKwik must manage
Receiving an NBFC registration is an important regulatory milestone, but it does not remove the responsibilities associated with operating a lending institution.
The RBI regulates NBFCs through registration requirements, prudential rules, governance expectations and applicable conduct standards.
MobiKwik’s new subsidiary will need to operate within the regulatory conditions applicable to its NBFC category.
Credit risk and loan defaults
The most important challenge is the quality of the loan portfolio.
Unsecured loans can expose lenders to higher credit risk because they are not backed by conventional collateral.
If borrowers fail to repay, the lender may face financial losses.
MobiKwik will therefore need reliable underwriting systems, suitable credit limits and effective collection processes.
Customer protection and digital lending rules
The RBI’s Digital Lending Directions, 2025 establish requirements covering regulated lenders and their Lending Service Provider arrangements.
These include borrower disclosures, creditworthiness assessments, grievance redressal, data usage and loan-disbursal processes.
The rules are particularly relevant to fintech businesses because customer acquisition, application processing and loan servicing frequently take place through digital platforms.
MobiKwik will need to ensure that its new NBFC operations and lending partnerships comply with the applicable requirements.
Managing growth without compromising loan quality
The ₹5,000 crore target is ambitious, but the speed of loan expansion will need to be balanced against repayment performance.
Rapid growth without appropriate underwriting can increase defaults and weaken profitability.
For MobiKwik, the challenge will be to convert its customer and merchant reach into a sustainable lending business rather than focusing only on disbursement volumes.
What happens next?
MobiKwik expects MobiKwik Financial Services to begin business operations within three to six months of its November 2026 announcement.
The initial focus will be on an asset-light co-lending model with banks and other NBFCs.
The company plans to develop secured and unsecured credit products for consumers and MSMEs, using its existing technology infrastructure, analytics capabilities, risk-assessment models and collections expertise.
The next important developments will include the announcement of lending partners, the launch of initial credit products and disclosures about the performance of the new NBFC business.
Investors will also watch whether MobiKwik can achieve its multi-year ₹5,000 crore disbursement target while maintaining healthy loan quality.
The RBI registration gives the fintech company a new route to expand its financial services business. Its long-term success, however, will depend on responsible lending, effective risk management and the ability to generate sustainable returns from credit products.
Frequently Asked Questions
1. Has MobiKwik received an RBI NBFC licence?
Yes. MobiKwik Financial Services Private Limited, a wholly owned subsidiary of One MobiKwik Systems, received its Certificate of Registration from the RBI on November 5, 2026. The company received the certificate on November 6.
2. When will MobiKwik launch its NBFC business?
MobiKwik expects to commence NBFC operations within the next three to six months, initially through an asset-light co-lending model with banks and other NBFCs.
3. What is MobiKwik’s ₹5,000 crore loan target?
The company aims to disburse ₹5,000 crore in loans over the next three to four years through its NBFC business. This is a cumulative disbursement target, not an annual revenue or profit target.
4. What types of loans will MobiKwik offer?
MobiKwik plans to offer secured and unsecured credit products to individual consumers and MSMEs across India.
5. What is the difference between MobiKwik’s LSP and NBFC businesses?
An LSP helps connect borrowers with regulated lenders, which provide the loans. An NBFC is itself a regulated lending institution that can originate credit and participate directly in lending, subject to RBI requirements.
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