mPokket turns 7, aims to continue extending credit to Indians
By Leandra Monteiro
Launched in 2016, mPokket completes its 7 years of operation. Since its inception, within a very short period, the lending platform has disbursed loans amounting to INR 7000 crore to date. The company disbursed INR 3500 crore in 2022 and plans to double its originations in 2023.
mPokket plans to launch loans for self-employed individuals, micro-insurance policies to cover various exigencies and buy-now-pay-later products. The lending platform has more than 30 lakh borrowers and plans to double the numbers in 2023.
Speaking on the occasion, Gaurav Jalan, CEO & Founder, mPokket, “Many young people across the country lack a regular source of income or do not earn enough to qualify for loans from banks and other financial institutions. As a result, for them, meeting small urgent financial needs becomes a challenge, be it a medical emergency, a travel requirement or an educational need. mPokket is committed to its vision of empowering these people, by providing them with the needed funds, faster, easier, and with efficiency. By incorporating digital best practices across the whole underwriting and loan disbursal process, mPokket is making it easier for these individuals to lead a better life by helping manage their cash flows better, thus facilitating financial inclusion.”
Maninder Singh Grewal, Chief Growth Officer, mPokket added, “The company is not only assisting people in upskilling themselves and obtaining a better livelihood but is also facilitating financial inclusion in the process by integrating technology best practices throughout the entire financing and loan repayment process. Banking and financial services have undergone significant transformations. As a result, the whole lending process starting with the loan application and continuing through approval and disbursal, has been digitalized. Previously, lenders employed traditional methods to do due diligence; now, digital solutions ensure that adequate data on each application can be obtained. As a result, insights are drawn from this data, simplifying debt administration.”
The platform is also looking at growing its workforce in 2023 across all its offices. In addition, mPokket is also looking at hiring gig workers at some of its facilities. Currently, the company employs more than 2000 people across positions in technology, product, data analytics and digital customer experience.
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