mBnk India, BlocPal’s flagship initiative to bank the unbanked, is reaching new heights

Mumbai, India
May 23, 2023

When we launched BlocPal, we set out to change the existing landscape and unlock accessible and affordable financial services for all. There are more than 1.4 billion unbanked adults around the world, and the current system does not work for everyone. 

Our flagship initiative, mBnk Group India, reimagines how the underserved access banking and financial services by taking services out of bank branches and into local shops and businesses with a merchant-centric model.

The BlocPal fiscal year came to a close at the end of March, and it was a great opportunity for the team to reflect on the momentum we’re building in India, and the uptake we’ve seen from both merchants and consumers alike. 

We are thrilled to share that in Q4 we surpassed $2.1 billion processed for the quarter, with more than $7.48 billion in transaction volume for the full year, up more than 186% from the year prior.

It’s great to see the real-world proof of concept for the BlocPal model and our technology stack, and we’re excited to continue to expand outward into other markets as we grow.