We are delighted to share that our client OptaCredit, has been featured by Forbes Magazine in their November 2016 issue. They have been covered as one of the handful Fintech Startups who have benefited from the country’s demonetisation move. They have achieved a 300% increase in loan applications after the government’s announcement of banning Rupee (‘Rs’) 500 and Rupee 1,000 currency notes.
The startup, founded by S Kumar Srivatsan, a former executive at Royal Bank of Scotland and Ernst and Young, is bootstrapped and operating with a seed funding of $500,000.
OptaCredit is an Artificial Intelligence powered, data-driven online lender providing millions of eligible borrowers, individuals as well as small and medium-sized enterprises, across India, with access to timely and transformational credit via its revolutionary Credit-as-a-Service platform.
Leveraging Cloud Lending Solutions technology, OptaCredit was able to create a 100% online application process with 24/7 access and offer flexible loan products with customised repayment options, competitive interest rates, and same day sanctions.
OptaCredit’s proprietary scoring algorithms utilize various data points, both traditional and non-traditional to assess an applicant for business or personal loans and provides every applicant with an OptaScore. OptaCredit does not rely on the bureau score, and hence even first-time applicants, who are generally rejected by traditional lenders for being “thin files”, can avail these loan products.
OptaCredit, CEO, S Kumar Srivatsan believes that the Cloud Lending Solutions products, CL originate, CL Loan and CL Collections offer an end-to-end loan management solution that is nimble, scalable and has assisted them to digitize the entire lending process and improve customer satisfaction with extremely low Turn-Around-Times (TAT). The in-house control and data security features in Cloud Lending Solutions products have provided a level of comfort and security to all the users and customers of OptaCredit, and thereby providing a valuable edge in this competitive landscape.
OptaCredit’s Lending Platform has been built over our cloud-based lending platform, and, by blending the best of technology and lending practices, they aim to democratize the Indian lending industry.
We at Cloud Lending Solutions are excited to partner with OptaCredit and look forward to their continued success in their exceptional journey of reinventing the Indian lending industry.