MobiKwik partners DT One for recharge facility in more than 150 countries

Digital payments provider MobiKwik on Monday said it had forayed into international market by tying up with DT One, a global business-to-business (B2B) network, for mobile recharge in more than 150 countries across 550 mobile operators.

The firm claimed such international foray was the first of its kind for any Indian digital payments player.

“This foray will enable millions — immigrants in India from across the globe, students studying abroad and frequent travellers — the power of connectivity at their finger tips via the new feature on the MobiKwik app,” said Upasana Taku, co-founder, MobiKwik. “This launch is in line with our future growth and expansion plans in the domestic as well as international markets and making most of the services on a single platform.”

According to data from Pew Research Centre, nearly 5.2 million immigrants live in India, making it the 12th-largest immigrant population in the world. Similarly, around 17 million Indians were living abroad, making India the largest source country for international migrants globally. According to the fintech firm, with such inbound and outbound migrant population, the international recharge facility will come handy for staying in touch with family and friends.

MobiKwik, which provides its full stack of financial services – digital payments, lending, insurance, investments in mutual fund and gold and payment gateway, currently, has a user base of over 107 million, including three million merchants.

The fintech firm already counts Sequoia Capital, Bajaj Finance and South African firm, Net 1 UEPS Technologies, among its major backers and has raised $120 million so far. The firm, which fights with Paytm and other such platforms, has nearly doubled its revenue to Rs186 crore in FY19.

The fintech firm, which eyes to be profitable in the coming quarters, is going aggressive in wealth management, with deep focus in customised loans and investment products.