Kolkata-based mPokket, a digital lending platform in India, has witnessed a 100x increase in female users in 2022. In a statement, the company claimed to onboard over 1 lakh female users in 2022. The majority of them are from tier-three cities and 48 per cent are from 18-21 years, while 30 per cent are from 21-25 years of age.
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. It also onboarded over 60,000 women users from tier-two cities and witnessed an increase in demand in the states like Andhra Pradesh, Karnataka and Maharashtra, the statement added.
The fintech company uses a business model, which offers quick and hassle-free loans to students and young professionals. It offers loans up to Rs 30,000, with repayment periods ranging from one to three months. It also claimed to have over 10 million downloads.
Commenting on the latest development, Gaurav Jalan, Founder and CEO of 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.”