Singapore’s Pepper Group eyes India launch with $150m investment
Singapore-based financial services firm Pepper Group will be investing $150 million in India over the next four years to launch its fintech start-up, Pepper Money.
Pepper Group to invest $150m in launching a fintech in India
With plans to launch in the second half of 2023, Pepper Money’s Indian operations will be led by Abhishek Kothari, former co-founder of Indian online lending platform FlexiLoans.
Pepper Money, which already operates in Singapore, the UK, Australia, South Korea and Spain, aims to bring personal finance products to Indian consumers, including personal loans, credit cards, and buy now, pay later (BNPL) offerings. The company says it plans on hiring over 200 people in its newly-opened Mumbai office.
“With 65% of the population under 35 years of age and over 90% smartphone adoption between 18-35 years, India has the potential to become one of the largest markets for us in the next five years,” comments Mike Culhane, group CEO of Pepper.
“Kothari’s fintech experience and deep understanding of the consumer will be instrumental in building the Pepper Money brand across India,” Culhane adds.
The Pepper Money brand is part of Pepper Financial Services Group, which was founded in 2000, and claims to have served 2.5 million borrowers and small businesses, with operations across 14 countries. It claims $76.2 billion in total assets under management.
