PayU Finance

What PayU Finance does

PayU Finance is an RBI-registered Non-Banking Financial Company (NBFC-ML) and the dedicated lending arm of PayU, itself a subsidiary of Netherlands-listed Prosus N.V. Founded in 2017 and headquartered in Gurgaon with a registered office in Mumbai, the company provides fully digital credit products to underserved Indian consumers and SMB merchants: personal loans, Checkout Finance (an EMI/BNPL product available as a white-label solution for partners), transactional credit under the LazyPlus/LazyPay brand (up to 30-day BNPL), and business loans (line of credit and term loans) distributed through platform partners.

The core technology stack consists of a modular API lending infrastructure, real-time digital credit processing, automated underwriting, and cloud-native platforms with an ISO 27001:2013-certified information security management system. Decisioning is powered by statistical and machine learning models that combine multi-bureau data with transaction and behavioral data ingested across the PayU/PaySense/LazyPay group entities. The September 2025 increase in Mindgate stake to 70% extends the technology perimeter into UPI payment processing infrastructure.

PayU Finance operates a B2B2C model. Revenue is generated primarily from interest income on its ₹6,000 Cr+ AUM loan book, transaction fees and merchant-funded subsidies on BNPL/Checkout Finance, interest on transactional credit, and origination or interest income on SMB business loans. Credit products are sourced and distributed through 17+ Lending Service Providers and Digital Lending Applications — including Flipkart Advanz, PhonePe Lending Services, Meesho Payments, PayTM, LazyPay, PaySense, Bajaj Finserv, Moneyview, Mobikwik, Kreditbee, BharatPe and Gokwik — supplemented by direct-to-consumer access via the PayU Finance website and mobile app, and white-label / embedded checkout integrations for merchant platforms.

Name

PayU Finance

Legal name

PayU Finance India Private Limited

Website

https://payufin.in

Company type

Private

Founded year

2017

Operating status

Operating

Short description

PayU Finance is an RBI-registered NBFC and the lending arm of PayU/Prosus, offering digital personal loans, BNPL, transactional credit, and business loans to underserved Indian consumers and SMB merchants, distributed via 17+ platform partners including Flipkart, PhonePe, and Meesho.

Ownership category

akta.pro rank

Product category

Digital Consumer & SMB Lending

NAICS

Nondepository Credit Intermediation (5222), Sales Financing (522220)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Merchant Cash Advance (MCA) & Revenue-Based Financing (FSAKAGAD)

Keywords

• Digital lending
• Personal loans
• BNPL services
• Business loans
• Embedded finance

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Interest Income on Loans: PayU Finance earns interest income from its loan portfolio including personal loans, business loans, and credit facilities extended to consumers and SMBs. The company manages ₹6,000 Cr+ in Assets Under Management, generating revenue from the interest spread on issued credit.
2. Checkout Finance / BNPL Transaction Fees: Revenue is generated through the Checkout Finance (BNPL) product where consumers convert purchases into installments. Pricing is shown as ₹1,711/m x 3m No Cost EMI, ₹1,200/m x 6m, ₹900/m x 9m @ 18% p.a., ₹600/m x 12m @ 18% p.a., indicating interest and fee income on each installment transaction.
3. Transactional Credit (PayLater): Short-term credit product allowing shoppers to buy now and pay later with billing cycles of up to 30 days, generating revenue through merchant fees and/or interest on extended credit.
4. Business Loan Facilitation: PayU Finance provides business loans to merchants on partner platforms, earning origination fees, interest income, or a share of the loan book. Partners offer Line of Credit and Term Loans with flexible repayment structures (EDI, EMI, EWI).
5. Technology and Data Services: PayU Finance provides technology-related services, financial services, or a combination of both to its customers and other businesses, including data processing services delivered through technology platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

PayU Finance is an RBI-registered NBFC that provides fully digital credit solutions including personal loans, checkout finance (BNPL/EMI), transactional credit (PayLater/LazyPlus), and business loans to underserved Indian consumers and SMBs. The company distributes these products both directly through its own website and app and through an embedded B2B2C lending infrastructure model powered by a modular API stack, reaching 8 million+ customers across 17+ lending service provider partners.

Product overview

PayU Finance is an RBI-registered NBFC and the lending arm of PayU, backed by Prosus, offering a portfolio of digital credit products across consumer and business segments. The product suite comprises four core offerings: Personal Loans (fully digital unsecured lending for individuals), Checkout Finance (a white-label EMI/financing product embedded at merchant checkout), Transactional Credit branded as LazyPlus/LazyPay BNPL (a buy now pay later service with up to 30-day billing cycles), and Business Loans (digital working capital for SMBs and merchants, distributed through platform partnerships). These products are powered by real-time data, automated credit decisioning, and a modular API infrastructure that enables flexible integration with platform partners, allowing PayU Finance to embed credit across multiple merchant ecosystems.

Differentiator

Problem solved

Functional benefit

Brands

• LazyPlus: A buy now pay later (BNPL) product launched in 2021
• Checkout Finance
• Personal Loans
• Business Loans
• Transactional Credit

Products and services

• Personal Loans Fully digital, unsecured personal loans providing real-time access to credit, customized around individual borrower needs and delivered through an end-to-end online application process for Indian consumers underserved by traditional credit.
• Checkout Finance An embedded checkout financing product that converts purchases into easy installments at point of sale, offering no-cost EMI and tenor options (3 to 12 months) at competitive interest rates (e.g., ₹1,711/m x 3m, ₹1,200/m x 6m, ₹900/m x 9m @ 18% p.a., ₹600/m x 12m @ 18% p.a.), available as a white-label solution for platform partners.
• Transactional Credit (LazyPlus / LazyPay BNPL) A buy now pay later (BNPL) facility branded as LazyPlus/LazyPay, allowing customers to shop today and pay later with billing cycles of up to 30 days, enabling interest-free or low-cost deferred payments at participating merchant checkout pages.
• Business Loans Digital business loans offered to merchants and SMBs through platform partnerships, providing working capital via line of credit or term loans with flexible repayment structures (EDI, EMI, or EWI), backed by PayU Finance's lending infrastructure and modular API stack.

Quantifiable outcome

• ₹6,000 Cr+ in Assets Under Management
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

30 partnerships are on record, tiered core, major, supporting and minor.

• Mindgate (acquisition/ increased stake)coreStrategic or Co-development PartnerPayU India doubled down on its Mindgate acquisition in September 2025, increasing its stake from 43.5% to 70% to strengthen its UPI infrastructure and payment success rates. Mindgate is a key technology provider for UPI payment processing.
• LazyPay Private LimitedcoreChannel Partner/ Reseller/ DistributorLending service provider (LSP) partner offering BNPL and credit products through the LazyPay platform. LazyPay is one of the primary LSPs in the PayU Finance network, handling customer acquisition, KYC, and collections for PayU Finance's credit products.
• PaySense Services India Private LimitedcoreChannel Partner/ Reseller/ DistributorLending service provider partner. PayU Finance acquired PaySense in 2020, integrating its digital lending capabilities into the PayU Finance ecosystem.
• Flipkart Advanz Private LimitedcoreChannel Partner/ Reseller/ DistributorLSP partner enabling PayU Finance's credit products to be offered to Flipkart's large e-commerce merchant and consumer base. Products include personal loans, BNPL, and business loans distributed through Flipkart's platform.
• PhonePe Lending Services Private LimitedcoreChannel Partner/ Reseller/ DistributorLSP partner offering credit products through PhonePe's merchant ecosystem. PhonePe Business App facilitates digital payment acceptance, fund transfers, and merchant loans, distributing PayU Finance's lending products.
• Meesho Payments Private LimitedmajorChannel Partner/ Reseller/ DistributorLSP partner providing credit access to Meesho's supplier and reseller base. PayU Finance offers business loans and credit facilities to Meesho merchants through this partnership.
• PayTM (One 97 Communications Limited)majorChannel Partner/ Reseller/ DistributorLSP partner distributing PayU Finance's business loan products to PayTM merchants. Collections support is provided through Fincollect Services and other collection agencies listed under this partnership.
• Bajaj Finserv MarketsmajorChannel Partner/ Reseller/ DistributorLSP partner distributing PayU Finance credit products to Bajaj Finserv's customer network across India.
• Moneyview LimitedsupportingChannel Partner/ Reseller/ DistributorLSP partner (formerly Moneyview Private Limited and Whizdm Innovations Private Limited) offering PayU Finance's credit products through the Moneyview app and platform.
• Mobikwik (One MobiKwik Systems Limited)supportingChannel Partner/ Reseller/ DistributorLSP partner providing PayU Finance credit products through the Mobikwik digital payments platform.
• Finnovation Tech Solutions Private Limited (Kreditbee)supportingChannel Partner/ Reseller/ DistributorLSP partner offering advertising, marketing, customer acquisition, loan product development support, fraud assessment, and collection assistance for PayU Finance's lending products through the Kreditbee platform.
• SmartCoin Financials Private LimitedsupportingChannel Partner/ Reseller/ DistributorLSP partner sourcing, processing, and collecting documents and KYC for PayU Finance's credit products through the SmartCoin/Olyv platform.
• Upwards Fintech Services Private LimitedsupportingChannel Partner/ Reseller/ DistributorLSP partner offering loan servicing for PayU Finance's credit products through the Upwards app. Note: Partner is currently suspended.
• Nomisma Mobile Solutions Pvt Ltd (ftcash)supportingChannel Partner/ Reseller/ DistributorLSP partner providing MIS management, recovery agent services, and contact point verification for PayU Finance's lending operations.
• Nira (Shuhari Tech Ventures Pvt Ltd)supportingChannel Partner/ Reseller/ DistributorLSP partner for PayU Finance's credit products. Note: Partner is currently inactive.
• BharatPe for BusinesssupportingChannel Partner/ Reseller/ DistributorLSP partner providing collections support for PayU Finance's SMB lending products distributed through the BharatPe merchant ecosystem.
• Gokiwi Tech Private LimitedsupportingChannel Partner/ Reseller/ DistributorLSP partner offering KYC assistance, repayments, collections support, customer support, grievance redressal, product development, loan servicing, and branding/marketing for PayU Finance's credit products through the Kiwi Rupay Credit Card on UPI.
• Lynks Logistics LimitedsupportingChannel Partner/ Reseller/ DistributorLSP partner providing advertising, marketing, and loan referral services for PayU Finance. Note: The lending service provider is undergoing a transition.
• KrazyBee Services LimitedsupportingChannel Partner/ Reseller/ DistributorColending provider partner offering co-lending services for PayU Finance's credit products.
• Flipkart Finance Private LimitedsupportingChannel Partner/ Reseller/ DistributorColending provider partner for PayU Finance's lending products.
• Upmove Capital Private LimitedsupportingChannel Partner/ Reseller/ DistributorColending provider partner for PayU Finance's lending products.
• SZS Tech Private LimitedsupportingGTM or Marketing PartnerReferral provider partner driving customer referrals into the PayU Finance lending ecosystem.
• Swiggy (Bundl Technologies Pvt Ltd)supportingGTM or Marketing PartnerReferral provider partner driving customer referrals into the PayU Finance lending ecosystem.
• PayU Payments Pvt LtdsupportingGTM or Marketing PartnerReferral provider partner within the PayU Group ecosystem, driving referral traffic to PayU Finance's lending products.
• PayU Payments Private LimitedcoreTechnology or IntegrationPayU Finance receives credit and lending information from PayU Payments Private Limited for internal analysis and credit checks. Both entities share analysis and data within the PayU Group. PayU Finance and PayU Payments Private Limited are part of the same corporate group under Prosus N.V. The relationship involves mutual data sharing for credit assessment purposes, including data received through LSPs/DLAs.
• PayU Innovations Private LimitedsupportingTechnology or IntegrationPayU Entities group company with which PayU Finance shares analysis and data for the purpose of enabling such entities to market and provide goods and services to customers.
• Lazypay Private LimitedsupportingTechnology or IntegrationPayU Entities group company with which PayU Finance shares variable, affluence, and reliability scores for the purpose of enabling such entities to market and provide goods and services to customers.
• Paysense Services Private LimitedsupportingTechnology or IntegrationPayU Entities group company receiving variable, affluence, and reliability scores from PayU Finance for marketing and service provision purposes.
• Suman ServicesminorImplementation/ SI/ Consulting PartnerContact Point Verification (CPV) vendor for PayU Finance. Suman Services was appointed as a CPV vendor but has been terminated effective 8th July 2024. The services may still be utilized by other group companies.
• NIROminorImplementation/ SI/ Consulting PartnerOutsourcing partner for PayU Finance (nature of relationship not explicitly stated). NIRO's services were terminated effective 31st July 2025 per the disclosures related to outsourcing arrangement.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kreditbee: Kreditbee is an Indian digital lending platform offering personal loans, business loans, and BNPL-style products to salaried and self-employed borrowers via partner-led distribution. It directly competes with PayU Finance's personal loan and BNPL offerings and is also listed among PayU Finance's LSP partners, making the competitive overlap explicit.
• Moneyview: Moneyview is an Indian fintech operating a personal loan and credit comparison platform serving underserved retail borrowers, with similar customer profiles to PayU Finance's direct-to-consumer book. Moneyview is also an active LSP partner for PayU Finance, illustrating the dual competitor/distributor dynamic.
• Slice (Postpaid): Slice is an Indian fintech providing a pay-later credit card and short-term credit products to young, underserved consumers. It targets the same thin-file retail segment as PayU Finance's Personal Loans and Transactional Credit / LazyPay BNPL products.
• Mobikwik: Mobikwik is an Indian digital payments fintech that has expanded into personal loans and merchant credit products distributed through its wallet app. It is both an LSP partner for PayU Finance and a direct competitor in BNPL and small-ticket consumer credit.
• BharatPe: BharatPe is an Indian merchant payments and lending platform offering working capital loans to SMB merchants — directly comparable to PayU Finance's Business Loans product for platform-based SMBs. BharatPe is also listed as a PayU Finance LSP partner for collections support.

Broad incumbents

• Bajaj Finance: Bajaj Finance is India's largest retail-focused NBFC, offering consumer durable loans, personal loans, BNPL/No-Cost EMI at retail checkout, and business loans through a vast partner network. Its No-Cost EMI franchise at merchant checkout competes head-on with PayU Finance's Checkout Finance product, though Bajaj operates at materially larger scale across many verticals beyond PayU's focus.
• HDB Financial Services: HDB Financial Services is an Indian NBFC subsidiary of HDFC Bank offering personal loans, business loans, and consumer durable financing via partner-led distribution. It competes with PayU Finance across both retail and SMB lending and is a much larger, broadly diversified NBFC.
• Dhani Loans (Dhani Services / Indiabulls): Dhani Loans is an Indian digital lending NBFC providing personal loans, business loans, and credit cards to underserved consumers via its mobile app. It is a broad incumbent in the same thin-file digital consumer credit space as PayU Finance's personal loan and BNPL products.
• Tata Capital: Tata Capital is an Indian NBFC offering personal loans, business loans, and consumer durable financing across a broad retail and SME distribution network. It is a broad incumbent competing with PayU Finance across multiple product lines, particularly in SME/business lending.

Emerging players

• Uni Cards: Uni Cards is an emerging Indian credit card fintech targeting young consumers with pay-later and installment products. It overlaps with PayU Finance's Checkout Finance and Transactional Credit offerings on the BNPL/installments side, though at a narrower product range and earlier stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/payu-finance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PayU Finance