- Expansion Plan: PhonePe plans to enter the consumer lending space by January 2024.
- Integration Progress: The fintech is in the “final stages” of integrating with five lenders, including banks and NBFCs.
- Initial Focus: PhonePe aims to start as a distributor for personal loans to build credit underwriting capabilities.
- Product Launch Timeline: Over the next six to seven months, PhonePe intends to launch multiple consumer credit products, possibly introducing a credit line next year.
- Current Offerings: PhonePe currently distributes health, life, motor, and car insurance on its platform.
- Success Replication: The move into consumer credit aligns with PhonePe’s goal to replicate the success it achieved in the insurance category.
- Business Network Leverage: With over 35 million businesses in its network, PhonePe had earlier launched a merchant lending platform in June.
- Leadership Change: Hemant Gala, a longstanding executive, has been promoted to CEO of PhonePe’s credit business, having served as vice president of financial services for almost eight years.
India’s PhonePe reportedly planning to launch consumer lending in January 2024
