← Embedded Finance Index 2026

Iifl

“Can IIFL Finance's NBFC balance sheet become the preferred embedded credit infrastructure for India's fintech and e-commerce ecosystem?”

Founded1995
HQThane, Maharashtra, India
IndustryFintech / Lending

The story

IIFL was founded as an equity research and broking firm in 1995, evolving into a diversified financial services group spanning broking, wealth management, and NBFC lending. The group demerged into three separate listed companies around 2015-2019, with IIFL Finance emerging as the dominant NBFC focused on gold loans, home loans, microfinance, and MSME lending. In 2021, IIFL Finance made a deliberate push into embedded/digital finance by partnering with a roster of Indian fintechs (FinBox, Khatabook, KreditBee, Lendingkart, and others) to originate and disburse credit through third-party platforms, leveraging its NBFC balance sheet as a lending-as-a-service provider.

Last 12 months

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Product timeline

1995

IIFL founded as India Infoline, initially focused on financial advisory and broking services.· pivot

2000

Expanded into online trading, mutual funds, and insurance distribution.· banking

2015

IIFL Holdings restructured into separate listed entities: IIFL Finance, IIFL Securities, and IIFL Wealth Management.· pivot

2021

IIFL Finance partnered with FinBox to offer embedded BNPL and working capital credit products to e-commerce merchants digitally.· lending

2021

Launched Digital Finance program partnering with multiple fintech companies (Khatabook, KreditBee, Moneyview, Lendingkart, etc.) to distribute credit to MSMEs.· lending

Regulated entities

regulatory licences held by Iifl

Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.

Same company

Iifl was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.

Iifl Finance0 layers →

The stack

1 layer disclosed in Iifl’s embedded-finance stack

Lending

Working capital loan for e-commerce merchantsBNPL (Buy Now Pay Later) for B2B merchantsHome LoanSecured Business LoanGold LoanMSME digital creditE-commerce business loan (up to ₹75 Lakhs)

Accounting gap: none

Iifl — frequently asked

Where is Iifl headquartered?

Iifl is founded in 1995 and headquartered in Thane, Maharashtra, India.

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