The Mulamoottil family got into the financial services business to give financial support to those who were in dire need. Soon we earned the trust of people and expanded our services. Ayurvedic Eye Care Centre was one among those. However, banking and finance were always the strongest among our business pillars. In no time, we were in the Chit Fund business. The later generations expanded the retail banking business and started banking in erstwhile Ceylon (now, Sri Lanka) in the middle of the 20th century. By early 1990s Mulamoottil expanded to more districts within Kerala and added a number of independent businesses like Realty, NBFC, Micro-Finance, Leasing, Mortgage Loans and dominated the Chit (retail banking).
The NBFC was formalised in 1993 under the supervision of the Reserve Bank of India. The initial foray into organised financial services was by way of Mulamoottil Leasing & Hire Purchase Ltd. that used to provide vehicle loans. In 2014, the firm was renamed as Mulamoottil Financiers Ltd. and emerged as a Gold Loan Company.