According to the company, the growth in revenues comes as it doubled down on new merchant acquisitions. Further, profit pools increased as almost 90% of transactions on the platform were from repeat customers.
Indian fintech lenders grab turf from China as Google begins app clean-up
Fintech players further claimed that out of the new applications received in the last two months, nearly 40-45% were from customers that had earlier dealt with China-backed lenders.
Synopsis
Most domestic fintech lenders that ET spoke with said that their business rose 20-40% month-on-month since December, when the crackdown started. Recently, Google pulled the plug on more than 500 instant-credit apps that had their roots in China and were not compliant with the central bank norms.
With Google removing nearly 500 China-backed fintech apps from its play store, home grown small lenders have seen a significant rise in loan disbursals. Most domestic fintech lenders that ET spoke to said that their business rose 20-40% month-on-month since December, when the crackdown started.