Mufin Green Finance to buy 23% of Bimapay for $6.98M
What's the deal? Mufin Green FinanceDealroom has a profile for this one. Try Dealroom →, an India-listed non-banking financial company (NBFC), will acquire up to 23% of fintech BimapayDealroom has a profile for this one. Try Dealroom → Finsure for US$8.93M in cash. The board approved the deal on November 5, 2026, with completion expected in three to four months, subject to conditions and approvals.
Who's who? Mufin lends in the green and consumer finance segments. Bimapay, already a Mufin fintech partner, runs a digital platform for insurance premium financing — essentially paying premiums in instalments.
Why now? This appears to be a revised route: Mufin had earlier proposed taking a 19.16% Bimapay stake via a share swap. The all-cash deal supersedes that plan.
By the numbers: Bimapay reported FY26 revenue of US$1.58M, up from US$435.9K a year earlier, and pre-tax profit of US$154.8K. The US$8.93M price is substantial relative to those figures, though Mufin disclosed too little to fully assess the valuation.
What's the endgame? Mufin is pairing its balance-sheet lending with fintech distribution. At the same meeting, it approved a separate plan to buy up to 20% of workforce platform ArthumDealroom has a profile for this one. Try Dealroom → and launch small-ticket loans for contractors and labourers using Arthum's data.
What could go wrong? The Bimapay deal is a related-party transaction, as the target sits within Mufin's promoter group. Mufin said it will proceed on an arm's length basis, making the disclosed terms and shareholder approvals central rather than routine.
Mufin has the cash to move. Standalone Q2 FY27 revenue rose about 78% year on year to US$11.8M, and profit after tax jumped roughly 149% to US$2.05M.
The signal: Listed NBFCs are increasingly buying minority stakes in specialised fintech partners rather than only signing distribution contracts — tying lending capacity to ready-made underwriting and distribution channels.
Read more: bfsi.eletsonline.com
Image credit: Generated with Gemini
