Pepper Group to invest USD150mn to establish a fintech in India under its Pepper Money brand

CIOL Bureau
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Pepper Group 1

Pepper Group will invest USD150mn over the next 4 years to establish a fintech in India under its Pepper Money brand. Pepper Group has USD21bn in assets under management (AUM) of self-generated loans via its Pepper Money brand, and a further USD55bn in AUM of third-party loans under credit management via its Pepper Advantage brand. With an existing presence across Australia, the UK, Europe, South Korea, Japan, and South-East Asia, the launch of Pepper Money India signifies a long-term commitment to the Indian market.


The company aims to hire a 200+ team to deliver consumer finance products that embed a localized approach to the market. Pepper Money India will also build a strong network of strategic partnerships, including co-branded card partnerships and collaborations with co-lenders.

The fintech will be spearheaded by former FlexiLoans co-founder Abhishek Kothari. With plans to launch in the second half of 2023, Pepper Money India will target the 15 crore households in Tier 2 and 3 cities, which are witnessing an increase in economic growth.

Mike Culhane, Group CEO of Pepper said, “Over the last 23 years, Pepper Money has remained committed to serving the underserved, building a customer base of 2 million across multiple geographies. We are extremely confident about the Indian economy, which has been among the high-growth performers in recent years. With 65 percent of the population under 35 years of age and over 90 percent smartphone adoption between 18-35 years, 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."

Abhishek Kothari, CEO and founding member of Pepper Money India said, “I am excited to build this for Bharat which is home to many young and aspiring consumers. With Pepper Money India, our vision is to transform the experience of Tier 2 and 3 consumers by localizing and personalizing financial products for them.”

He added, “I am delighted to have the support of the Pepper Group, as their experience with scaling consumer finance businesses will be extremely beneficial as we launch new products and consider strategic acquisitions along the way.”