Empower Finance acquires NIRA to expand credit access

By Vriti Gothi

Empower Finance Inc., a FinTech company, has acquired NIRA, a digital lending platform serving ‘Working India’, to deliver responsible, technology-driven financial services to underbanked populations worldwide.

Founded in 2018, NIRA has disbursed over $200 million in personal loans to hundreds of thousands of unique customers across more than 5,000 towns in India, with 55% of borrowers residing in Tier 3 or smaller markets. NIRA leverages alternative data and automated underwriting to deliver small-ticket unsecured personal loans to salaried and self-employed individuals earning $138.9 to $463.2 per month. The company achieved profitability in 2023 through disciplined unit economics and in-house collections.

The acquisition allows Empower to scale its presence in India by combining its global technology and credit expertise with NIRA’s proven local distribution model and operational strengths. Empower currently operates across the U.S., Mexico, and the Philippines, serving more than 5 million customers.

NIRA will retain its brand identity and leadership team and continue building products tailored to the needs of India’s emerging middle class. With Empower’s capital backing and international experience, NIRA plans to scale its lending volumes, accelerate product innovation, and deepen its impact.

Warren Hogarth, CEO of Empower, said, “We are thrilled to welcome NIRA into the Empower family. India represents one of the largest underserved credit markets globally, and NIRA’s deep customer insights, strong management team, and proven operational excellence make it an ideal partner. We look forward to investing in NIRA’s continued growth, while honoring its brand and mission to be the pre-eminent financial partner for Working India.”

Rohit Sen, co-founder of NIRA, said, “Empower’s commitment to responsible credit and global scale makes them the perfect partner. Together, we’re excited to unlock new opportunities for millions of working Indians who deserve access to fair, transparent financial products.”

With this acquisition, Empower continues its expansion into high-potential international markets, combining cutting-edge technology with local insight to serve the next billion.