Monthly Transacting User base grows to 54.7 Mn with 59% surge in customer deposits
TIL Desk Lucknow/ Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, delivers strong performance across metrics for FY23. This underscores the power of the diverse business model that the Bank has built over the years.
For the FY ended March 2023, the Bank reported revenue growth of 37% to INR 1,291 cr, with profits growing by 141% to INR 21.7 crores. The customer deposits grew by 59% Y-o-Y to INR 1,865 cr., fueled by a healthy addition of new users. The Bank now has 54.7 mn. monthly transacting users and a gross merchandise value (GMV) of INR 2,015 bn. Airtel Payments Bank registered a substantial Q-o-Q growth in FY’23 revenues, Q4 (Jan-Mar’23) being the strongest with revenues of INR 379 Cr, a 19% sequential growth over the previous quarter.
The Bank recorded growth across all three core business segments – the Urban Digital Consumer, the Rural Underbanked, and Industries & Businesses. The Bank registered a strong uptake for its diversified product offerings like digital payments, money transfers, insurance, referral credit, collection management services and more. Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank. It is reaching the deep rural pockets of the country with the largest retail banking network of 500,000 neighbourhood banking points. Today, Airtel Payments Bank is also the largest micro cash player in the country, with more than 3,000 corporate partners.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “This year has been a stellar year in our growth journey. Our trusted brand and innovative products, backed by unmatched distribution reach and technology, position us well to accelerate our growth further. Our strong performance is a validation of the payments bank model and its role in serving the digital and financial inclusion needs of the country.”
Airtel Payments Bank is continuously expanding its suite of safe, simple and rewarding digital banking solutions. The Bank has recently rolled out Face Authentication for account opening & AePS, Debit Cards, Micro ATMs and more. In addition, innovations like Airtel Safe Pay, the Rewards123 plan, and the current account solutions are driving substantial traction.
About Airtel Payments Bank Ltd.:
Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, offers a diverse range of safe, simple, and rewarding banking solutions through a strong network of 500,000 banking points spread across the country and its digital platforms. The Bank has also built a robust digital payments ecosystem across the country. Airtel Payments Bank is focused on contributing to the Government’s vision of Digital India and Financial Inclusion by taking digital banking services to the doorstep of every Indian.
