The ‘Pepper Group’, a renowned global financial services company, made an announcement on 12th June, 2023, in Mumbai, about its plans to launch its fintech startup called ‘Pepper Money’, in India. The company’s aim is to revolutionize the Indian fintech sector with its innovative digital lending solutions and is looking to expand its presence in India as the country is rapidly growing in the fintech sector. Former FlexiLoans co-founder, Abhishek Kothari, will lead the fintech under the Pepper Money brand.
In a statement to the media, Pepper Money said, “With our plans to launch in the second half of 2023, Pepper Money India will introduce personal finance products to target 15 crore households in tier 2 and 3 cities, which are witnessing an increase in economic growth.”
Commenting on this, Mike Culhane, Group CEO, Pepper Money, said, “With 65 per cent of the population under 35 years of age, and over 90 percent smartphone adoption between 18-35 years, India has the potential to become one of the largest markets for us in the next 5 years.”
He further added, “Kothari’s fintech experience and deep understanding of the consumer will be instrumental in building the Pepper Money brand across India.”
Abhishek Kothari, co-founder, Pepper Money, said, “With Pepper Money India, our vision is to transform the experience of tier 2 and 3 consumers by localising and personalising financial products for them.”
The company’s decision comes after its vision to expand into the digital lending industry, as India has immense potential when it comes to its population of 1.4 bn people and the opportunities the country has to offer.
Pepper Money will offer a wide range of financial products and services which includes personal loans, home loans, and small business loans. The company aims to use advanced technology and data analytics to provide customers with seamless and convenient lending experiences while ensuring quick loan approvals.
Currently, Pepper Money has operations in India, South Korea, Australia, Spain, and the United Kingdom. The company’s decision to invest $150 million in Pepper Money showcases the company’s confidence in the Indian market along with their commitment to foster financial inclusion. The Pepper Group manages $21 billion in assets under management (AUM) of self-generated loans through its Pepper Money brand, and another $55 billion in AUM of third-party loans through its Pepper Advantage brand.
