MyShubhLife and MobiKwik have partnered to offer Digital Credit at a nominal rate of interest, with a frictionless experience to MobiKwik customers. With the technology-led partnership, MyShubhLife aims to disburse loans to millions of MobiKwik customers.
The partnership will work towards enhancing the shared goals of the two organizations, which are committed to enabling financial inclusiveness and the economic well-being of retail customers. MobiKwik today has 135 million registered users who can make payments for all their daily life needs, including utility bills, eCommerce shopping, food delivery, and shopping at large retail chains, mom & pop (kirana) stores, etc. across a 3.7 million strong merchant network. Through this partnership MyShubhLife is enabled to serve an important segment of underserved customers with formal credit. Both MobiKwik and MyShubhLife are committed to meeting the customer's unmet credit needs and giving them a hassle-free, digital borrowing experience.
Speaking on the partnership, Monish Anand, CEO, MyShubhLife said, "Financial inclusion is a key focus area for us. By providing accessible and responsible credit to the underserved segment our partnership with MobiKwik will further our effort to democratize credit in India. We are looking forward to tap into MobiKwik's rich customer network to fulfil the dream of a financially inclusive India. We are excited about the possibilities of this alliance."
"The current state of digital credit in India is still in its nascent stages with just 3 to 4 % penetration. Our partnership with MyShubhLife is a step towards fulfilling our vision of bringing digital credit to a billion phones and creating a more inclusive financial system in India. Together, we are committed to leveraging our technology and expertise to bridge the gap between credit seekers and lenders, and empower individuals and small businesses with the financial tools they need to succeed in today's digital economy," said Upasana Taku, Co-Founder & COO, MobiKwik on the partnership.
MyShubhLife has an innovative and robust technology platform using advanced analytics, AI and machine learning built by its Datasciences Centre of Excellence (CoE), to score thin credit files and create simple and efficient micro-lending experiences for its customers, enabling them to secure loans at the click of a button
Apart from the credit solutions, MyShubhLife has built a complete range of sachet sized financial products such as SIPs, E Gold, Insurance, Bill Payments, E filing taxes etc to provide more contextual offerings to its customers, the next half billion segment.