- Among mPokket’s female users, 48% belong to the age group of 18-21 years
- The company has witnessed that tier 3 cities are where the majority of its female users are from, followed by tier 2 cities
Bangalore, 06 March 2023: mPokket, India’s fastest-growing digital lending platform, has witnessed an astonishing 100x increase in female users in 2022. The digital lending platform has improved financial inclusion across the country, which has impacted the lives of aspirational millennials, especially women. The company onboarded over 1 lakh female users in 2022, the majority of whom are from tier 3 cities. 48% of the women are between the ages of 18 and 21 years; 30% are between the ages of 21 and 25 years of age.
Commenting on the growth, Mr. Gaurav Jalan, Founder & CEO, mPokket, said, “Over the past seven years, our female user base has grown enormously, and we are proud to have added more than 1 lakh new women users in 2022. We see this trend as a reflection of the rising financial independence of women across India, and the success of our platform in driving this financial inclusion, especially among young women in tier 2 and tier 3 cities in India. We will continue to leverage technology to empower our users, the aspirational youth of India, and assist them in realizing their full potential through financial inclusion.”
It’s noteworthy that more than 63% of mPokket’s female users come from tier 3 cities, with another 18% hailing from tier 2 cities. The company has witnessed a sharp rise in demand for its financial products from tier 3 cities by boarding over 2,00,000 women users from tier 3 cities, followed by over 60,000 women users from tier 2 cities. mPokket’s services are increasingly in demand in central and southern Indian states like Andhra Pradesh, Karnataka, and Maharashtra. The surge in growth can be credited to millennials and Gen Z who are embracing digital lending platforms for their financial requirements.
With more than 10 million downloads, mPokket has become one of the most popular mobile lending platforms in the country. The platform’s success can be attributed to its unique business model, which offers quick and hassle-free loans to students and young professionals. mPokket offers loans up to INR 30,000, with repayment periods ranging from 1 to 3 months. The platform is a popular option for students who require quick and easy access to finances owing to its user-friendly interface and speedy processing times. mPokket is positioned to contribute even more to the cause of financial inclusion and ensure that everyone has access to credit.
An Instant Loan App that provides loans to college students and young working professionals, mPokket was founded by Gaurav Jalan in 2016.
Borrowers can avail of loans ranging from Rs 500 to Rs 30,000. mPokket’s business model is similar to credit card lending but it focuses on a segment that is ineligible for traditional loans yet requires instant funds. The loan is disbursed to customers instantly and credited to their bank accounts via smartphones within seconds. Based on this model, the mobile application seamlessly delivers credit anytime, anywhere.