INR 1,000Cr loans done in FY 2015-16; slated to cross 2000Cr of disbursals in the current financial year
Fintech major Finance Buddha has crossed the landmark disbursal of over Rs 100 crore of consumer loans in May 2016. Funded by Chennai Angels, Finance Buddha has now become one of the biggest and fastest growing retail lending FinTech platforms in the country. A marketplace for lending products like personal loan, business loan, home loans and loan against property, the company aims to disburse over Rs 2,000 crore of loans in FY 2016-17.
According to the release, the company is working on using data analytics through predictive modeling and machine learning based techniques on its large customer base to create instantaneous credit solutions for customers in the future, and is already talking to potential lenders for these solutions.
The company has physical infrastructure across 12 cities in India, and has originated loans upwards of Rs 1,000 crore in 2015-16 making it one of the top three loan syndication companies in India and the largest loan facilitation company in South India. It originates over 5,000 applications a month and works with over 20+ banks and NBFCs across the country, and would close 2015-16 with revenues in excess of USD 3 million.
The company has become one of the few platforms in the country to have real-time credit bureau integration, which gives it unparalleled customer insights at points of sale optimizing the entire customer experience and ensuring a large chunk of consumers get access to quick and optimal credit solutions.
It is an omni-channel company present both online and offline, and has a proposition of carrying out transactions end-to-end including customer acquisition, product fitment, documentation, operations management, bank negotiation and final disbursement using both technology and a human interface instead of just being lead generation platforms which other’s supply chain for transaction fulfilment. The company is already in discussions with new alternate lenders, and is looking forward to closely work with some of them, the release said.
Parth Pande, Co- founder and CEO, Finance Buddha said, “We are extremely excited about crossing the 100 cr hurdle in May and feel that we have built significant scale in this space. We are using our omni channel distribution strategy coupled with a huge technology multiplier which helps in seamless matchmaking and recommendations to consumers and insights to our employees and our associate network. We have also become one of the few platforms in the country to have real time credit bureau integration, which gives us unparalleled customer insights at points of sale optimizing the entire customer experience and ensuring a large chunk of consumers can get access to quick and optimal credit solutions. We feel that most of our future decision making will be data driven, and the fact that we have a large customer base of over 100,000 serviced customers and have insights using the same, we would be in a better position to create the necessary momentum to grow volumes from here. In addition, our large customer base gives us great understanding of customers profile and would potentially open up opportunities to work with a new set of diverse lenders who are looking at making their marks on this space.”
