Former FlexiLoans co-founder Abhishek Kothari will spearhead the fintech
To establish a fintech in India under its Pepper Money brand, consumer finance company Pepper Group has said it will invest $150 million over the next four years.
Former FlexiLoans co-founder Abhishek Kothari will spearhead the fintech. Pepper Money India will target the 15 crore households in Tier II and III cities, with plans to launch in the second half of 2023.
“We are extremely confident about the Indian economy, which has been among the highest growth performers in recent years,” Mike Culhane, group CEO of Pepper, said in a statement. “India has the potential to become one of the largest markets for us in the next 5 years. Abhishek’s fintech experience and deep understanding of the consumer will be instrumental in building the Pepper Money brand across India.”
Pepper Group, via its Pepper Money brand, has $21 billion in assets under management (AUM) of self-generated loans and a further $55 billion in AUM of third-party loans under credit management via its Pepper Advantage brand, according to the company.
Adding that the launch of Pepper Money India signifies a long-term commitment to the Indian market, the company said the group has an existing presence across Australia, the UK, Europe, South Korea, Japan, and South-East Asia.
To deliver consumer finance products that embed a localised approach to the market, the firm aims to hire a 200+-person team. Including co-branded card partnerships and collaborations with co-lenders, Pepper Money India also plans to build a network of strategic partnerships.
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