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Empower Finance Inc., a U.S.-based fintech firm, has acquired Indian digital lending platform NIRA, aiming to scale its impact in emerging markets. The move strengthens Empower's foothold in India by leveraging NIRA's local expertise and customer base, especially in underserved Tier 3 cities and rural areas. NIRA, founded in 2018, has disbursed over INR 1,600 crore (approximately USD 200 million) in personal loans and turned profitable in 2023. Empower's global operations already span the U.S., Mexico, and the Philippines, serving over 5 million users. The acquisition will help both firms accelerate innovation and expand financial access to India's working-class population.
To expand its global footprint, U.S.-based fintech firm Empower Finance Inc. has acquired Bengaluru-headquartered digital lending platform NIRA. This acquisition marks a significant push by Empower to deepen its presence in India's massive and underserved credit market, reinforcing its mission of providing responsible and technology-led financial services to underbanked communities worldwide. Advertisement
NIRA, which launched operations in 2018, has grown to become a notable player in India's fintech lending space, primarily serving "Working India" the salaried and self-employed population earning between INR 12,000 and INR 40,000 per month. Over the years, the platform has disbursed personal loans exceeding INR 1,600 crore (around USD 200 million) to hundreds of thousands of users across over 5,000 towns and cities in India. More than half of its borrowers come from Tier 3 and smaller towns, indicating its strong penetration into less-served regions.
By harnessing alternative data and automated underwriting models, NIRA has been able to offer small-ticket, unsecured loans quickly and efficiently. In 2023, it achieved profitability an important milestone driven by disciplined cost structures, robust underwriting practices, and an in-house collections model.
Empower Finance, which operates across the U.S., Mexico, and the Philippines and serves a customer base of more than 5 million, views India as a key market with enormous potential. With NIRA's operational strengths and local understanding, Empower aims to integrate its global credit expertise with NIRA's proven distribution model to further scale operations.
Warren Hogarth, CEO of Empower, expressed excitement about the acquisition, noting that India remains one of the most significant untapped credit markets globally. He emphasized that NIRA's insight into consumer needs, leadership stability, and operational excellence made it a natural fit for Empower's long-term plans. He also confirmed that Empower will continue to invest in NIRA's growth while retaining its existing brand identity and management team.
Rohit Sen, co-founder of NIRA, echoed this sentiment, highlighting that Empower's focus on responsible lending and international experience made it the ideal growth partner. He shared optimism about expanding access to transparent financial solutions for millions of working-class Indians.
With this deal, Empower adds India to its portfolio of fast-growing markets, focusing on scalable technology and local partnerships. The collaboration is expected to unlock new credit products, drive lending volume, and increase financial inclusion in one of the world's most populous countries.
Source PTI
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