India’s leading fintech MobiKwik, today announced the launch of a futuristic & flexible alternative investment product – Xtra, paving its way to bringing financial services to a billion phones. With zero lock-in, interest credited daily, at 12% per annum, and a minimum
deposit of just INR 1000 – Xtra is a fresh take on Investments designed to suit the investment needs of millennials and gen Z. Available on the user-friendly MobiKwik mobile app, the Xtra product aims to cultivate a new investment pattern among digitally savvy Young Indians.
Xtra is another first in a long list of industry-first products and features on the anvil by the fintech giant MobiKwik. “90% Indians do not have access to the right financial products or the know-how to maximize their savings. Xtra has been envisioned to further savings for every Indian and give them the best possible interest rate. Xtra is super flexible, enabling users to invest and earn for short bursts or extended time periods. Let’s say Reema invested at the beginning of the month; now her money is earning daily interest. Even if she withdraws her deposit to meet monthly expenses on the 16th of the month, she has now earned 0.5% on her deposit in those 15 days maximizing her savings!” said Mukul Saxena, CEO, Financial Services, MobiKwik.
Xtra has been launched in partnership with Lendbox, a P2P licensed NBFC regulated by RBI. With Xtra, MobiKwik aims to empower the Next Billion Indians by digitizing and democratizing investments and savings in a tech-friendly manner with unparalleled returns. The Fintech giant believes that flexible and alternative products such as Xtra can help Indians achieve financial independence and earn much higher returns on their savings.
Having achieved profitability in the last two quarters, a rarity in the fintech industry, the company is looking to transform into a full-service neobank, offering payment, credit and investment products to its 127Mn users and 3.7Mn merchants. The company ended the financial year 2022 with INR 5.4 bn in revenue, recording 80% YoY growth, setting itself apart from all its peers.
MobiKwik is working towards the goal of becoming the go-to financial app for users and merchants across Bharat.