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Mobikwik gears up for lending, invests Rs 2cr in data science firm Pivotchain


Payments company Mobikwik has invested Rs 2 crore in a data science startup Pivotchain Solutions.  The Pune-based startup was founded in 2017 by Deepak Rao and Yogendra Pratap Singh. The company specialises in technologies like analytics, machine learning, cloud computing, math & statistical modelling, artificial intelligence, blockchain & cryptography.

Pivotchain has built exclusive AI and deep learning models for MobiKwik. MobiKwik said in a statement that the model will help the payment company to roll out numerous lending products to address the credit requirements of its user base. The company’s founder and CEO Bipin Preet Singh added that this investment will give Mobikwik an edge over the competition. “We will continue to invest in companies that can add value to our business,” he added.

Mobikwik’s gearing up for lending product

We earlier pointed out that it is possible that MobiKwik is simply shifting its total focus on lending space, as the RBI’s new KYC norms have led to a dip in the usage of mobile wallets and have had an impact on the core product of most payment companies.

A week ago, MobiKwik announced the appointment of Vinayak N as its new head of the Lending Business at MobiKwik. Vinayak will help the company to kick-start the lending business for MobiKwik.

In March, we reported that the company is working on the launch of a lending product that will offer instant credit to customers directly from its app by end of March. However, the company has not launched any product yet.

According to the reports, it will be launch an instant credit product first, which will target ‘new to credit’ customers — both individual and small businesses. A ‘new to credit’ customer is one who does not have any credit score and generally ignored by most banks for sanctioning credit. The company plan’s give both small ticket and larger-sized loans straight from its mobile app.  For credit assessment of the borrowers, MobiKwik has also developed its own alternate lending model —Mobiscore — based on say 400 variables.

Note that, the company does not have a lending licence, so it is going to have to partner with a non-banking financial company (NBFC) to enable the loan disbursal process. A Business Line report suggests that there are 2-3 lending products planned and MobiKwik is in talks with 2-3 players, including partner Bajaj Finance. The report also says that MobiKwik also plans to roll out investment products like mutual funds.

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