Bonfleet Solutions Private Limited

In their own words

Bon’s Founder and CEO, Bhasker "Bosky" Kode stopped driving a car in 2015, which led to a series of conversations with drivers, and more pattern matching that led to the founding of Bon. Less than 1% of India has credit cards. Self-employed, entrepreneurs, and workers of the gig economy lack access to financial services in form factors that salaried employees get. Bon was created to bring financial services to workers of the gig economy like taxi drivers, delivery boys, plumbers to beauticians, contractors and the self employed who are currently being under-served and thus, enable financial inclusion by facilitating short-term credit to meet working capital needs for recurring expenses by these workers—who can now swipe the Bon card at hundreds of thousands of merchant locations around the country. Bon is addressing the acute need for liquidity by this growing segment of people with an offering that has the flexibility of a credit card coupled with a convenient expense management tool app. By controlling the entire stack, from customer acquisition to repayment facilitation, Bon is helping gig workers to build resilience while nudging them to better financial behaviours. Bon has multiple competitive advantages which give us an edge over other players in the market: 1. Cutting-edge technology: Our proprietary disbursement, reconciliation and collection technology helps banks and NBFC’s lend at ease through our platform. 2. Asset light: Bon lends through NBFCs’ books and does not require merchant acquisition or heavy operational costs due to POS enabled solutions which already exists with all merchants. 3. Real-time scoring system: We have the world’s most real-time credit scoring system. Every customer is assessed every 100 hours and a new credit limit is devised for him through our proprietary customer scoring algorithm. 4. Automation: Our completely automated customer onboarding model works through a closely monitored feedback loop. The ease of the onboarding process gives the ability to handle 100 onboardings daily with only 3-4 employees. 5. Merchant data: We decide where users are allowed to use their cards. We can control usage and pricing for different merchants based on pre-agreed conditions with the customer. On top of that, we have proprietary data on purchase intent, swipes and declines. Using these processes as pillars to drive scale, Bon is lending to the underserved segment without increasing their dependency on credit.

Written by the company on its public Startup India profile. Not verified by us.

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