Furthering its fintech portfolio, digital payments firm MobiKwik has announced a strategic investment of Rs 2 crores in Pune based data science company Pivotchain Solutions Technologies Pvt. Ltd.
Speaking on the development, Bipin Preet Singh, founder and CEO, MobiKwik, said, “MobiKwik is transforming from a leading digital payments player, to India’s largest digital financial services platform. Delivering high-quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements, across categories. Pivotchain is doing incredible work in alternate data scoring, predictive modeling and risk management and this investment will give us an edge over the competition.”
“MobiKwik has been a flag bearer in the payments industry and we look forward to working with MobiKwik and deliver the right lending solution across the user base,” added Deepak Rao, founder and CEO, Pivotchain Solutions.
Worth noting is in recent times, the leading Mobile wallet company has been aggressively expanding its pan-India reach. Under its expansion plan, the company, that is said to soon roll out digital lending solutions in partnership with banks and non-banking financial companies (NBFCs), last week, hired former Fullerton India Credit executive Vinayak N to head of its lending business.
