MobiKwik said that its subsidiary Zaakpay has received a certificate of authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

In October 2023, the firm had received in-principle authorization from the RBI to operate as a payment aggregator.

In an exchange filing, the Gurugram-based fintech emphasized that this milestone enhances Zaakpay’s capacity to scale its operations and deepen its presence in the digital payments market.

Last week, MobiKwik incorporated a new subsidiary, MobiKwik Financial Services Private Limited (MFSPL), to operate as a Non-Banking Financial Company (NBFC). 

The payments company also launched its wholly owned subsidiary, MobiKwik Securities Broking Private Limited (MSBPL), to venture into securities broking services vertical.

MobiKwik’s user base has reached 172 million, and it now supports a merchant network of 5 million. In the third quarter of FY25, the company recorded a revenue of Rs 269 crore and a loss of Rs 55.2 crore.