Digital payments firm, MobiKwik has made its maiden investment by investing R 2 cr in a Pune-based data science company Pivotchain Solutions.
Pivotchain Solutions was founded in 2017 by Deepak Rao and Yogendra Pratap Singh. The company deals in analytics, machine learning, cloud computing, math & statistical modeling, artificial intelligence, blockchain & cryptography.
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MobiKwik’s CEO, Bipin Preet Singh said in an official statement, “Pivotchain is doing incredible work in alternate data scoring, predictive modeling and risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business.”
According to various reports, MobiKwik has been busy doing some major restructuring and reshuffling of its firm.
MobiKwik recently announced the appointment of Vinayak N as its new head of the Lending Business at MobiKwik., Also, Daman Soni who was heading marketing and growth at digital payments entity MobiKwik had quit the company followed by the Chief Business officer, Vineet Singh’s exit.
MobiKwik is also changing its forte from being a digital payment firm to being a landing payment company. Apparently, the company has tied hands with Bajaj Finanserv who will make a huge investment in MobiKwik to integrate various lending products for their mobile app.
MobiKwik at present faces stiff competition from its contemporaries like Paytm and PhonePe. With the launch of lending services on its app, the company will be able to eliminate some of its competition and disburse both small and large sized loans straight from its mobile app to its customers.
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It is believed that Pivotchain will provide its resources and artificial technology to MobiKwik to develop such lending products.