The fintech platform PhonePe is likely to launch consumer lending on its platform by January 2024, according to a report from a leading media house.
The Walmart-backed platform is expected to operate as a distributor for personal loans. The fintech is in the final stages of integration with five lenders from banks and non-banking financial companies (NBFCs), according to sources reported by the media.
However, PhonePe refused to comment on BW Businessworld request.
PhonePe is expected to offer multiple consumer credit products in the next six to seven months.
PhonePe has a registered user base of 500 million customers and 37 million merchants.
Earlier, there were several media reports claiming that PhonePe is in the final stages of partnering with Axis Bank to distribute the bank’s credit card offerings.
Currently, PhonePe offers life, health, motor, and car insurance with partners such as Acko and others. Overall, it has sold 56 lakh (or 5.6 million) policies as of July.
PhonePe started merchant lending earlier this year, offering loans of up to Rs 5 lakh to its merchant users.
Earlier this month, the company elevated Hemant Gala to the position of Chief Executive Officer of its credit business. The move is in line with creating a group structure with individual business lines, each with its own revenue and profits, as the fintech works towards a possible public listing in India.
