mPokket, India-based an app lending platform has secured INR 500 crore (approximately $60 million) debt capital from BPEA Credit’s private credit platform, Pioneers in Asia private credit, investing in established companies & generating attractive returns for investors.
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The funding will be utilise by mPokket to accelerate the development of products in the professional accelerator and insurance sectors, as well as to fulfill the rising credit demand from mPokket’s 24 million registered customers. With the help of mPokket, the user can start by borrowing small amounts and the borrowing limit will keep increasing over time with good usage. Consider us pocket money alternative for the rainy day or emergency cash need!
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“The partnership with BPEA Credit strengthens our mission of building the consumer credit economy in India with high-affinity financial security and income expansion offerings for our growing young customer base,” Gaurav Jalan, mPokket’s Founder and CEO, said in a statement.
“Our financing solution helps mPokket serve the growing needs of the underserved youth and is in line with our philosophy of providing bespoke growth capital to established industry leaders with good governance and risk mitigation framework,” said Kanchan Jain, Head, BPEA Credit Group.
About mPokket
Founded in 2016 by Gaurav Jalan, mPokket is an app lending platform. mPokket provides instant personal loans to all the college students and recent graduates from college (got a job offer or started working as a professional). The aim of the company is to make students financially responsible and independent.
