New Delhi:
Fintech platform MobiKwik has announced the launch of a flexible alternative investment product – Xtra.
With zero lock-in, interest is 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.
“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.
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.
