The Insurance Regulatory and Development Authority of India (IRDA) has granted an insurance broking licence to fintech firm PayNearby.

The company will distribute its insurance plans to the masses through its newly created venture Nearby Insurance Broking Services.

Separately, PayNearby has purchased personal risk management firm We Care Insurance Broking Services, for an undisclosed sum.

PayNearby noted that its existing network of approximately 600,000 retailers will help the company to build a strong company.

Additionally, PayNearby has launched a new brand InsureNearby apart from distributing insurance through the existing POS certified PayNearby network.

PayNearby founder and CEO Anand Kumar Bajaj told publication Moneycontrol that given the low penetration of insurance in the country, most Indians remain vulnerable to life’s unpredictability.

“We hope to mitigate this by making insurance available through our network, in a format and construct that is easily available to all. Our acquisition of WeCare Insurance Broking Services, one of the finest new age broking firms, will help us consolidate their vertical expertise with our distribution capability to make insurance accessible to all,” Anand told the publication.

Nearby Technologies was founded in April 2016. It offers financial and non-financial services to the underbanked and unbanked segment in India.