Maya reports profitability, issues over 125K credit cards

Local fintech Maya reported group-wide profitability last year, driven by the issuance of over 125,000 credit cards in six months.

Shailesh Baidwan, Maya Group president and co-founder of Maya Bank, emphasized the company's ability to achieve sustainable growth while scaling rapidly.

Maya's success is attributed to its robust payments and digital banking ecosystem, making it one of the few profitable digital banks in the country.

The Landers Cashback Everywhere Credit Card, launched in August 2023, saw strong consumer demand with nearly 40 percent of cardholders being first-time credit users.

By the end of 2023, Maya's banking customer base grew to 5.4 million, a 71 percent year-over-year increase, and its borrower base nearly doubled to 1.6 million.

Maya also maintained leadership in digital payments with the largest market share in card acquiring and QRPh transactions, while expanding business banking and MSME-focused services.

The fintech company remains committed to deepening financial inclusion by enhancing enterprise solutions and scaling sustainably.