MobiKwik's new product for young investors

Hyderabad An Indian payment service provider, MobiKwik on Friday announced the launch of an investment product – Xtra, with features such as zero lock-in, interest credited daily at 12 per cent each year and a minimum deposit amount of Rs 1,000. The investment product is designed to suit the investment needs of gen Z. Xtra has been launched in partnership with Lendbox, a P2P licensed NBFC regulated by RBI and it is available on MobiKwik's mobile app.

"90 per cent of Indians do not have access to the right financial product or the know-how to maximise their savings. Xtra has been introduced to further savings for every Indian at the best possible interest rate. Xtra is super flexible, enabling users to invest and earn for short bursts or extended time periods," CEO of Financial Services at MobiKwik, Mukul Saxena said.

Explaining about the benefits of the product the CEO said that 'for example let's say a person invested at the beginning of the month; now their money is earning daily interest. Even if the person withdraws their deposit to meet monthly expenses on the 16th of the month, they would have earned 0.5 per cent on the deposit in those 15 days.'

The company said it is looking to transform itself into a full-service neobank which would offer payments, credit and investment products to its users and merchants. The fintech ended the financial year 2022 with Rs 5.4 billion in revenue, recording 80 per cent growth year-on-year.