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BANKIT expects Rs 30,448-cr gross transaction value in current fiscal

Posted On: 2021-08-20 11:18:55 (Time Zone: UTC)

BANKIT, a leading Noida based fintech startup, has announced a substantial 2X growth and business expansion amidst the post-pandemic period. While onboarding over 40,000 agents during this time to take its overall tally to 70,000 in tier-2 and tier-3 zones. Amidst the pandemic the company on-boarded over 20,000 agents from across the country as more and more people started using digital as mode of payment. During first phase of the pandemic alone, transactions done through BANKIT during FY 2020-21 were at a gross transactional value of 16,984 Cr. which was 2 times more than the pre-pandemic era and expects the gross transactional value to increase to Rs 30,448 crore during the current fiscal year FY22.

The company has also heralded numerous projects and activities to empower local businesses and rural womenfolk during the pandemic by extending collateral-free business loans. Moreover, the company also put to action its critical 2021 expansion plan by recently launching a business unit proffering prepaid card to help corporate, business organizations and start-ups to manage their cash-inflow to refortify its place as the domain leader in the dynamic fintech sector by offering a dedicated app, a portal and cards to maximize efficacy and convenience.

The newly-launched cutting-edge BANKIT Pay app has facilitated the seamless loading and management of BANKIT prepaid cards. Available in virtual, and plastic, prepaid card solutions in retail provide customers with a solution to manage and control their expenses.

BANKIT is empowering local and small businesses with providing collateral-free business loan that were launched to help BANKIT retailers to grow in business. A true testament to the fintech stalwart's prolific growth story, the post-pandemic period also witnessed the BANKIT workforce strength rise from 120 to 155 during the lockdown. Amid such crucial business augmentation, the maximum financial traction emerged from states such as UP, Bihar, Maharashtra, Telangana, Orissa, Andhra Pradesh, Karnataka, and West Bengal.

Speaking on the growth, Mr. Amit Nigam, COO & Executive Director of BANKIT commented, "We are unwaveringly committed to the development of an agile and resilient fintech ecosystem that can effectively address the personalized requirements of the country. Despite the challenges thrown by the unprecedented pandemic, the period proved to be a veritable watershed event that bestowed upon us an opportunity to stimulate exceptional growth across various business tangents. At the same time, we would like to reiterate the fact that this growth must be credited to our customers who trusted us during these bleak times."

"We are also empowering various underserved sections of our society especially rural women and small businesses across the nation. Riding on our superior technology stack and unwavering belief in our core principles, etching milestones is gradually becoming a norm at BANKIT. As we direct our focus from the rural to the urban milieu, our team is confident that the future will fetch opportunities of further business maximization," he further added.

BANKIT also has over 100K registered users on BANKIT Retailer App, enabling retailers to provide services more easily through their smart phones.

Source: Equity Bulls

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