Fintech startup MobiKwik records ₹326 cr fund transfer in May

MobiKwik, mobile phone based payment system and digital wallet startup, based out of Gurugram, has recorded ₹326 crore in Gross Transaction Value (GTV) in IMPS fund transfer for May 2019 reported ET.

The company has seen a 400% growth in its funds transfer business in the last one year with GTV of Rs 4,344 crores, according to a release with ET.

“We are thrilled to see our leadership position in the IMPS funds transfer business. We are now targeting Rs 10,000 crores in IMPS (Immediate Payment Service) GTV and 20+ million users to use our IMPS service in FY20″ Upasana Taku, co-founder at MobiKwik, said.

MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.

The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.

MobiKwik has a feature called ‘wallet to bank’ that allows users to instantly transfer money to any bank account through the digital wallet.

The service is used by small merchants who accept payments via MobiKwik as well as by users who have taken digital loans in their wallets.

It has launched and enrolled customers under its full stack of financial services digital wallet, lending, insurance, investments in mutual funds and gold and payment gateway.

According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26% market share and has clocked Rs 362 crore in terms of value of total funds transferred from its wallet to bank.

The company claims to have recorded the highest average value per transaction of ₹5,363. While, consumer payments in India are driven by four large use cases: Bill payments; merchant payments; funds transfer and UPI.

The company has raised four rounds of funding from investors including Sequoia Capital, American Express and Net1 of close to $120 million.

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