From Apache Fineract to the agentic loan servicing platform
When you pick a loan platform, you also pick the people who will maintain it for years. This page dates what this team built before Lokta, and in what order, so you can check the record against the claim.
Part one
Mifos and Apache Fineract
The Mifos software effort begins
Mifos’s own history dates the start of the software work to this year.
Mifos is released as open source
The code is published openly.
Ashok Auty co-creates Mifos X and Apache Fineract
Ashok, now a Lokta co-founder, is one of the people who shapes the lending core and the Mifos X distribution built on it.
The platform enters the Apache Incubator
The code is donated to the Apache Software Foundation.
Apache Fineract becomes an Apache Top-Level Project
From here it is governed as an independent Apache project.
Fineract is recertified as a UN Digital Public Good
Apache records the recertification by the Digital Public Goods Alliance. This is the project’s milestone; Lokta is not affiliated with the Fineract or Mifos communities.
The ecosystem reaches 65M+ borrowers in 70 countries¹
Mifos reports 500+ financial institutions using the ecosystem. Lokta’s own central estimate of the loan principal disbursed through it, from 2006 to early 2026, is about $500B.
Part two
A commercial lending platform on those foundations
The same team builds and scales a commercial lending platform
The team extends the open-source foundation into a commercial product for Indian NBFCs and fintechs: more configurable than the open core, with the operations and support a regulated lender needs. It works.
The limits turn out to be architectural
Overnight batches make lenders wait on yesterday to act today, and a data model per module leaves someone reconciling spreadsheets at month-end. The team concludes these limits live in the architecture, so no upgrade removes them.
Part three
Lokta
Lokta starts on a new codebase
The team starts over with a deterministic core for money movement, one shared ontology of the loan, and AI that works inside governed workflows. Lokta is written agent-native from the ground up, and it does not fork the Fineract code.
Lokta publishes its estimate of the Fineract ecosystem
The post gives the full range behind the $500B figure and the assumptions it rests on.
Ashok Auty writes down why the team started over
The post pairs each Fineract lesson with the design choice Lokta made in answer.
The core ships as seventeen modules in one binary
Each lending domain is its own Gradle module with enforced boundaries, and all seventeen deploy as a single Spring Boot application, so a disbursement commits or rolls back as one transaction.
Chandramouli sets out the case for Lokta
Lokta’s co-founder and CEO, a friend of Ashok’s for 26 years since college, explains why the live book after approval is where the work is.
The five governance principles are published
Lokta states how agents act on a live book, and opens work with a small set of co-design partners for 2026: lenders, fintechs and LSPs.
Where the platform stands now
Loan Management, AI Loan Servicing and RBI Model Risk Management are available now. Loan Origination is on the roadmap.
¹These are totals for the whole Mifos and Apache Fineract ecosystem the team helped build. Lokta does not count them as its own book, and the $500B is a modelled central estimate.
Talk to the team behind this record
Lokta is founder-led. If you are weighing it for a live book, the people in this timeline are the people you will speak to.