MobiKwik Introduces Xtra, A Flexible Investment Solution With A 12% Return
According to the announcement of the introduction of Xtra by India’s biggest fintech startup, MobiKwik, a billion phones will soon have access to financial services. Xtra is a revolutionary approach to investments intended to address the needs of young investors, with no lock-in, daily interest credit of up to 12% annually, and a modest initial deposit requirement of just INR 1,000. The Xtra product, available through the easy-to-use MobiKwik mobile app, wants to create a new investing pattern among knowledgeable investors.
“90% of Indians lack access to the appropriate financial products or the knowledge to maximize their savings.” Xtra was designed to increase savings and provide the best possible interest rate for every Indian. Xtra is extremely adaptable, allowing customers to invest and profit for short or long periods. Assume Reema invested at the beginning of the month; her money is now receiving daily interest. Even if she withdraws her deposit on the 16th of the month to meet monthly costs, she has now earned 0.5% on her investment in those 15 days, maximizing her savings!” remarked Mukul Saxena, CEO of MobiKwik Financial Services.
According to MobiKwik’s website, “Xtra is an investment that allows you to earn up to 12% p.a. by lending directly to creditworthy customers.” This is done through Lendbox (Transactree Technologies Pvt Ltd), an RBI-regulated peer-to-peer investing platform.”
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Any Indian over 18 (resident or non-resident) or corporation with a PAN card and a fully compliant Indian bank account is eligible to invest with Lendbox. NRIs can also invest in Xtra using an NRO bank account. Begin with as little as Rs. 1000 and work your way up to Rs. 10 lakhs.
“Hundreds of data points on income and expense behavior are analyzed before deciding which borrowers would be granted money.” Investor monies would be divided into small increments of Rs. 100 and disbursed to thousands of borrowers. This reduces risk and diversifies investments,” according to MobiKwik’s website.
Lendbox, a P2P registered NBFC regulated by the RBI, and Xtra was jointly liable for the launch of Xtra. MobiKwik’s Xtra aims to democratize and digitize investments and savings in a tech-friendly manner that gives exceptional returns to empower the Next Billion Indians. According to the fintech giant, flexible and alternative products like Xtra can help Indians achieve financial independence and earn significantly better investment returns. Xtra is the latest in a long line of industry-first products and features.
MobiKwik aims to transform into a full-service neobank by offering payment, credit, and investment options to its 127 million clients and 3.7 million merchants. Given that it has been profitable for the past two quarters, this would be a first in the fintech sector. With a revenue increase of 80% yearly, the company concluded the fiscal year 2022 with INR 5.4 billion, beating all of its competitors.
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