In April 2015, MobiKwik was used by 15 million users and claimed to be adding one million new customers every month, according to Forbes India Magazine.[1] In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016.[25][26] The company launched its MobiKwik Lite mobile app in November 2016, designed for users of older 2G mobile networks and for those in areas with poor internet connectivity.[27] In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users.[5][8] Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik realized a 400% increase in financial transactions using the service by late December 2016.[28] In February 2017, the company announced plans to invest approximately $45 million to expand its user base from 50 million to 150 million users in 2017.[8] In June 2017, 80 percent of India's mobile wallet transactions market was performed by Paytm and Mobikwik.[8] In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.[29] Also in 2019, the company began offering loans, insurance and investment advice.[29]