Paytm disburses $264 million in loans in July; MTUs stand at 77.6 million
- ByStartupStory | August 12, 2022
Paytm, the digital payments company, reached a new lending milestone in the first quarter of the fiscal year 2022-23, with a 492% increase in loan disbursals. According to a regulatory filing, this amounts to a total loan value of 5,554 crores ($703 million) for the quarter, representing a year-on-year increase of 779%.
For the quarter ending June 2022, fintech saw a 101% year-on-year rise in merchant payment volumes (GMV) of 2.96 lakh crore ($37 billion). “Our lending business (in collaboration with major lenders) continues to see fast growth, with disbursements through our platform already reaching an annualized run rate of more than 24,000 crores in June,” the firm claims. “Our loan products’ quick expansion provides us with an appealing profit stream. We are also witnessing rises in average ticket size as the personal loans sector, in particular, expands “It complements.
The Paytm Super App’s payment capabilities continue to witness increased user engagement. “We continue to set new milestones in user engagement, only with average monthly transacting users (MTU) for the quarter that ended June 2022 standing at 74.8 million, up 49% year on year. The MTU was at 75.9 million for June alone “According to the firm. “With the deployment of 3.8 million devices in merchant establishments around the country, we continue to enhance our leadership in offline payments. The widespread use of gadgets is also linked to an increase in the number of merchants who are eligible for loans through our platform “The fintech company continues.
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