Xiaomi closes Mi Financial Services in India to focus on core biz services

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Global technology brand Xiaomi on Friday said it was the . has closed Mi Financial Services in India as part of its strategic review activity and to focus more on key business services in the country.



The company launched Mi Pay in the country in 2019, which brought in more than 20 million users in the country. The company later launched Mi Credit as well.

In a statement to IANS, Xiaomi India said the move is “to increase the focus on our core business services”.

“We closed the Mi Financial Services in March 2022. In a short span of four years, we have been able to connect and support thousands of customers. We are working with our partners and supporting our consumers throughout this process,” said the company spokesperson.

Xiaomi India said it will continue to bring the latest technology and innovation to everyone with “our products and services in the future”.

Originally launched in May 2018 and then relaunched on December 3 in 2019, Mi Credit was an online curated lending marketplace to offer personal loans to Mi fans.

According to the company, it has disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the trial phase which ran until November 2019.

It later disclosed that more than Rs 125 crore in loans had been disbursed through its digital lending solution in India until December 2019.

The company led the Indian smartphone market in the third quarter of this year. According to a report from market research firm Canalys, Xiaomi held the top spot with 9.2 million units as the brand gained momentum from online sales in July ahead of the festival season.

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