FatakSecure secures IRDAI licence to expand insurance services

By Vriti Gothi

FatakSecure, the insurance arm of FinTech innovator FatakPay, has received official approval from the Insurance Regulatory and Development Authority of India (IRDAI) for its composite Corporate Agent License. This regulatory milestone marks a significant step in FatakPay’s mission to deliver accessible, customer-centric insurance solutions, particularly for underserved and digitally emerging communities across India.

With the IRDAI licence, FatakSecure is now authorised to offer a comprehensive range of insurance products, including motor, health, accident, life, corporate, and consumable coverage. This strategic capability positions FatakPay to bridge long-standing gaps in insurance access, providing transparent, affordable, and easily navigable protection to gig workers, blue-collar staff, and other segments historically outside the formal insurance system.

“India is at a pivotal point in its digital financial journey,” said Bikash Choudhary, CEO of FatakSecure. “Millions of hardworking individuals remain without the safety net of insurance. This licence allows us to extend meaningful protection, long-term savings, and peace of mind to these communities, turning financial security from a distant goal into a practical reality.” He added that this milestone aligns with the Government’s vision of “Insurance for All.”

Abhishek Gandhi, Co-founder of FatakPay, said, “This is more than regulatory compliance. It represents a key step toward financial inclusion with tangible social impact. In a regulatory environment that is increasingly selective, securing this licence reflects FatakPay’s operational strength, commitment to governance, and the trust we have cultivated with both our users and the regulator. Whether it’s a $225.30 emergency loan, a $5.63 gold investment, or $11,265.45 insurance coverage, our mission is to empower households, safeguard livelihoods, and build a financially resilient Bharat.”

The IRDAI licence transforms FatakPay into a comprehensive financial wellness platform, offering an integrated ecosystem spanning lending, investment, protection, and employment solutions. Beyond insurance, the platform provides micro and personal loans, digital gold investment, health and accident coverage, financial literacy content, credit improvement plans, and employment support via Humara Jobs, creating a holistic approach to financial security and empowerment.