Launched in 2016, with the mission of empowering the youth of India financially, lending platform mPokket completed seven years of its operations.
Since its inception, the lending platform has disbursed loans amounting to Rs 7,000 crore, as per a company statement. The startup disbursed Rs 3,500 crore in 2022 and plans to double its loan originations in 2023.
The business has maintained a steep growth trajectory while remaining entirely committed to its purpose of empowering India’s youth, claims the company.
mPokket plans to launch loans for the 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, as per the statement.
“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, meeting small urgent financial needs such as a medical emergency or an educational need, becomes a challenge for the youth. mPokket is committed to its vision of empowering the youth, by providing them with the needed funds, faster, easier, and with efficiency,” said Gaurav Jalan, CEO & Founder, mPokket.
By incorporating digital best practices across the whole underwriting and loan disbursal process, mPokket is making it easier for the youth to lead a better life by helping manage their cash flows better, thus facilitating financial inclusion, he added.