Pepper Group To Invest $150 Mn To Launch Fintech Platform In India
Pepper Group is all set to invest USD 150 million over the next four years to establish a fintech venture in India.
To achieve its goals, the company plans to assemble a team of over 200 professionals to develop consumer finance products tailored to the Indian market.
They will also focus on forming strategic partnerships, including co-branded card collaborations and co-lending associations.
Additionally, the group is targeting 150 million households in Tier 2 and Tier 3 cities to cater to the underserved population.
Mike Culhane, Group CEO of Pepper, expressed confidence in the Indian economy, citing its impressive growth in recent years. With a large young population, high smartphone adoption rates, and a robust consumer base, India holds tremendous potential for Pepper Group to become one of its largest markets in the next five years.
Abhishek Kothari, CEO and founding member of Pepper Money India, shared his enthusiasm for building the Pepper Money brand in India, emphasizing the goal of transforming the financial product experience for Tier 2 and Tier 3 consumers through localization and personalization.
With USD 21 billion in assets under management (AUM) of self-generated loans and an additional USD 55 billion AUM of third-party loans under credit management, Pepper Group has a strong presence in markets such as Australia, the UK, Europe, South Korea, Japan, and Southeast Asia. Now, the company aims to extend its services to the Indian market.
