Loan disbursements by FACE-fintech companies jump 43% in Q2: Report

Fintech Association for Consumer Empowerment (FACE), an industry body for digital lenders, in its eighth edition of FACETS report, stated that the association’s member companies disbursed loans amounting to Rs 31,692 crore in the second quarter of financial year 2024 (Q2 FY24), a 43 per cent year-on-year (Y-o-Y) increase from Rs 22,236 crore in Q2 FY23.

In Q1 FY24, member companies disbursed loans amounting to Rs 29,875 crore.

These companies disbursed around 24.4 million loans in Q2 FY24, marking a 39 per cent Y-o-Y growth in volume from 17.5 million loans in Q2 FY23. In Q1 FY24, fintech companies from the association disbursed 22 million loans.