Listed fintechs feel the pinch of lenders going slow on unsecured lending

A slowdown in unsecured loan disbursals by banks and non-banking finance companies (NBFCs) has impacted the financials of listed new-generation fintech firms like Paytm, MobiKwik and PB Fintech-run Paisabazaar.

These fintechs—which source loans through digital channels for their lending partners—have shifted their focus to secured lending and/or their core payments business to make up for a slowdown in their disbursals of unsecured consumer loans in the financial year 2025.

One 97 Communications, which runs Paytm, reported a 19% quarter-on-quarter…