MobiKwik received RBI approval for NBFC licence in March 2026, enabling direct lending through subsidiary MobiKwik Financial Services Private Limited. Company transitions from lending distributor to regulated lender with own balance sheet. Q3 FY26 showed turnaround with Rs 40 crore profit versus Rs 533 crore loss previously, revenue at Rs 289 crore. GMV rose 63% to Rs 48,000 crore. Personal loan disbursals reached Rs 900 crore quarterly. Holds 18% prepaid payment instrument wallet market share with 186 million users, 4.8 million merchants.

MobiKwik's NBFC licence represents a strategic pivot from distribution-based lending to balance sheet lending, fundamentally altering its business model and revenue potential. Previously, the fintech relied on partnerships with banks and NBFCs for loan origination, earning distribution fees. The new licence allows direct lending to consumers and MSMEs, improving margins and providing control over credit underwriting, pricing, and collections. This transformation is crucial in India's fintech landscape where regulatory clarity determines competitive positioning. The timing coincides with RBI's increased scrutiny of fintech lending partnerships and emphasis on regulatory compliance. MobiKwik's focus on Tier 2 and Tier 3 markets addresses India's credit gap where formal banking penetration remains low. The licence also validates the company's transition from payments to full-stack financial services, competing with established players like Bajaj Finance and emerging fintechs. The move provides sustainability to its lending business, which showed recovery with Rs 900 crore quarterly disbursals. Combined with existing payments infrastructure and stockbroking approval, MobiKwik positions itself as a comprehensive financial platform, critical for long-term profitability in India's competitive fintech ecosystem.