Fintech

Walmart-Backed PhonePe to Launch Consumer Lending Services by January 2024

• ByStartupStory     |    November 27, 2023

Walmart-backed PhonePe is gearing up to launch consumer lending services by January 2024, as per insider reports. The platform aims to provide personal loans and establish credit underwriting, presently in the final stages of integration with several banks and non-banking finance entities. It’s also contemplating the introduction of a credit line to its offerings.

Recently crossing the milestone of 500 million users, PhonePe holds the distinction of being the first Indian internet company to achieve this global feat. Simultaneously, within the organization, Vivek Lohcheb has been promoted to CEO at Pincode, while Ujjwal Jain has taken the helm as 

CEO of the share market, overseeing wealth and broking operations.

For the fiscal year 2022-23, PhonePe experienced a substantial 77% growth in consolidated revenue, reaching Rs 2,914 crore. This impressive surge is credited to an expanded market presence and heightened digital money transfers, a remarkable leap from the Rs 1,646 crore revenue recorded in the preceding financial year.

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