Fintech Startup Findeed Is Empowering Millions Working-Class Indians By Providing Them Access To Credit
The government of India is trying its best to provide access to financial services, timely and adequate credit to India’s weaker sections and low-income groups at an affordable cost.
Still, the majority of Indian households borrow expensive credit from informal sources rather than banks or financial institutions.
As per a report by BCG, around 800 million Indians from 160 million households (60 %) in the low to mid-income segment do not have access to formal credit.
Providing solution to these issues, fintech startup Findeed provides the working class Indian with fair, easy and quick access to credit.
Findeed leverages the power of data, technology and community partnerships to provide the working class Indian easy and quick access to credit.
Startup Story: Findeed | Empowering Financial Access For Aspirational India
Started by Srividhya Ramarathnam and Sriram Shankar in July 2019, Findeed is a Bengaluru-based consumer-focused fintech startup that leverages the power of data, technology and community partnerships to provide the working class Indian easy and quick access to credit.
Srividhya has over 20 years of work experience across several sectors, including financial services, strategy and growth in eCommerce, and management consulting.
A business leader at Intuit, Srividhya earlier also led Flipkart’s fintech initiatives.
Sriram was part of the early leadership team at Digit Insurance and has managed diverse leadership roles in growth, business operations, and customer experiences in eCommerce, insurtech and SaaS companies.
He previously led customer experience at Myntra.
How Findeed Started?
Many working-class Indians depend on expensive informal credit options to cope up with their rainy day needs. Srividhya realised the issue and believed this must and can be changed.
So, to enable financial access to millions of working-class Indians, Srividhya and Sriram started Findeed in July 2019.
Talking about the aim of Findeed, Srividhya Ramarathnam says,
“We aim to empower the working-class Indian with access to financial services beginning with formal credit. We launched Findeed to enable financial access to millions of working-class Indians by leveraging the power of data and technology.”
USP Of Findeed
Hoping to make a difference in the lives of millions of working-class Indians, Findeed provides them with fair, easy and quick access to credit.
Findeed is working with a vision is to empower financial access for aspirational India by leveraging the power of data, technology and community partnerships.
Leveraging technology to harness the power of social collaboration/cooperation and a strong sense of community bonding, Findeed partners with employers, NGOs, and financial institutions to offer simple and fair collateral-free loans to underserved customers to meet their financial needs.
Findeed also provides rewards and products linked to individual and network performance.
To make the whole lending process easy, Findeed provides its users with an Android app. Users can apply for loans through their Android app, already having over 10,000 downloads.
“Users apply for loans through our Android app, which already has over 10,000 downloads. All of our customers have access to a smartphone in their household. Our app supports native languages and is designed in a conversational style to make it easy for customers. We also have on-ground activation support if the customer needs assistance to apply.”
Present Situation Of Findeed
Working with a team of 16 employees, the fintech startup is operational in Karnataka.
Since its inception, Findeed has disbursed more than Rs 1 crore. Also, the fintech startup has already onboarded close to 200 employer partners, including Hermes Laboratories, Swastik Technologies Bangalore, Chilume Social Service Society, P N Rao Suits, Pegasi Spirits, etc., with over 10,000 employee base.
Future Plans Of Findeed
Findeed plans to hire fresh talent across profiles to build a strong team and fuel its business growth.
As per Srividhya, their goal is to reach 20,000 borrowers in a year and 1.5 million in three years. The fintech startup also plans to raise our Series A round in the next year.
“Our goal is to reach 20,000 borrowers in a year, and 1.5 million in three years, which translates to growing from Rs 50 crore in disbursals this year to over Rs 3,800 crore, by the third year.”
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