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The private credit platform BPEA Credit invested Rs 500 crore, or roughly $60 million, in debt capital to the digital lending platform mPokket.
With 24 million registered users, mPokket's expanding demand for credit will be met with the cash, which will also speed up innovation in the financial services and career accelerator verticals.
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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.
mPokket has issued loans totaling $1.7 billion thus far. It states that in order to guarantee low default rates and robust profit margins, it employs a proprietary underwriting algorithm operating over a sizable dataset of users containing millions of private data points.
“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 of BPEA Credit.
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About mPokket
Gaurav Jalan founded mPokket, an app lending platform with offices in Bengaluru and Kolkata, in 2016. Instant personal loans are available from mPokket to all college students and recent graduates.
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