Finwellness Technology Private Limited

In their own words

7/10 Indians got rejected while applying for a loan application in FY 19-20 (Source: CIBIL Credit Bureau data). Primary reason for rejection is the growing information asymmetry between a lender and loan applicant. With Alternate data companies constituting ~ 25% of overall lending in India and growing at 40% CAGR, it is important for users to understand their overall Credit Profile. What do rejected applicants do presently? 1. They check their credit score in Credit Bureau agencies 2. Take offline packages from regional agencies for INR 5k/month to INR 20k/month Since every lender has different rules, it is very difficult to find the exact reason for rejection. Why is this problem important to solve? Only 30% of Indians have formal access to credit. This means 70% people will not be able to secure a Home Loan/Car Loan in their life or will be forced to take a loan at higher interest rates from the offline market. How does Keeto solve this problem and make Indians Loan Ready? Keeto is an AI/ML technology platform that profiles a user in 30 different ways and creates a meta profile. This profile is shared free of cost to the user with the exact reasons based on our real-time matching algorithm. Our platform also gives the user smart, intelligent and personalised recommendations including improving poor credit score and managing existing loans through active profile management solutions. What technology do we use? This tool leverages AI/ML, big data and analytics and combines with lender rules to generate personalised profile called Keeto Score. This tool takes permissions from the users and access location, SMS data and in-app user activity to keep it regularly updated. User can also talk to a Financial Coach to understand and take help. Benefits to the user: The solution helps deliver 3x loan conversion %, lower EMIs upto INR 20k and 10% higher credit limits. Above all it makes the user take control of his financial goals and meet their needs in a planned manner. Wealth generation: We are providing the user an option to sign-up on a subscription program (INR 199/month) to actively manage their profile on our app. Currently we have 20k users on our app. We plan to generate INR 750 crore revenue by 2026 through our subscription and lending programs. We are also looking to raise capital to expand our offering to onboard 1 mn users in the next 18 months. Employment generation: We plan to generate direct employment of 200 executive employees and 1,000+ financial coaches by 2026. In addition we see indirect benefits in terms of higher spending power with loan applicants. With higher access to credit, this will lead to a positive multiplier effect on all key segments- Real Estate, Auto Loans, Travel and Entertainment.

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