FlexiLoans.com Emerges among Top 100 Global FinTech Innovators' List by KPMG and H2 Ventures

FlexiLoans has been ranked amongst ‘Emerging 50’ FinTechs, according to a report released by KPMG in collaboration with H2 Ventures. The ‘2019 Fintech100’ list features the 'Top 50' FinTech firms around the globe, and the 'Emerging 50' companies that are at the forefront of innovative technologies and practices. The list of 100 FinTechs features 8 Indian companies, including FlexiLoans.

FlexiLoans is a market leader in ecosystem-based digital lending for small businesses in India. To date, we have disbursed loans worth over Rs 550 crs to small businesses across 1,150+ cities without having a single branch!

FlexiLoans was started with an endeavor to solve the problems that small businesses face in accessing Quick, Flexible and Adequate funds for growing their businesses. Our vision is to give "Loans at a click". We are the leaders in using technology and risk models that focus on alternate/surrogate methods for scoring customers.

FlexiLoans has been founded by 4 ISB/IIT alumni with combined financial services experience of 45+ years. The founding team includes Manish Lunia (previously associated with Chairman’s Office at Aditya Birla Group), Deepak Jain (former investment banker with Axis Capital & Enam), Ritesh Jain (ex-CFO, Housing.com) & Abhishek Kothari (ex-VP, Fractal Analytics-London).

FlexiLoans has raised Rs 100 crs in equity commitment from marquee bankers such as Sanjay Nayar (CEO, KKR and Ex- CEO, Citibank South Asia), Gunit Chadha (Ex. CEO Deutsche Bank, Asia Pac), Anil Jaggia (Ex- CIO - HDFC Bank), Vikram Sud (Ex-COO - Kotak Mahindra Bank), Narayan Seshadri (Ex Managing Partner, KPMG), Gopal Srinivasan (Chairman, TVS Capital) and Siddharth Parekh (Co-Founder, Paragon Partners) to name a few. FlexiLoans has also raised ~Rs 200 crs in Debt from 5 Banks and 4 NBFCs.

FlexiLoans.com Acquires CreditPeriod.com to Foray into Supply Chain Financing

FlexiLoans.com, one of India’s leading digital lending platforms, has acquired Mumbai-based supply chain financing platform, CreditPeriod.com for an undisclosed sum to strengthen its supply chain financing vertical.

CreditPeriod.com, a fintech startup, enables SME buyers to procure goods / services on credit while ensuring the sellers get their money upfront, thereby eliminating credit risk and enabling instant liquidity.

“The CreditPeriod.com acquisition strengthens our position to serve the deeply underserved supply chain market for the SME eco-system” said Deepak Jain, co-founder at FlexiLoans.com. As a part of the deal, Venkatesh Viswanathan, co-founder at CreditPeriod and former financial forensics professional, will be joining the FlexiLoans.comteam and drive the supply chain finance initiatives.

FlexiLoans.com caters to the working capital needs of unserved and underserved small and medium businesses across the country. In less than a year, the startup has disbursed loans in over 70 cities across the countries and has partnerships with over 50+ leading Supply chain Corporates and E-commerce players. The company plans to double loan disbursal in the next one year and tap 200 cities.

Growing at 250 per cent month on month, the company is witnessing a 30% of Loans to Borrowers without a Credit Score & 25% e-Commerce Loans to Female Business Owners.

Abhishek Kothari – co-founder, FlexiLoans said "This acquisition will enable us to underwrite loans using real-time ERP integrations with SMEs to solve the credit-trust problem, thereby helping SMEs procure goods / services at significantly cheaper costs. The acquisition gives us access to technology that is custom built for supply chain financing”

Founded by Venkatesh Viswanathan, Ajinkya Kulkarni and Abhik Patel in 2015, CreditPeriod.com started of as a B2B E-Commerce platform catering to the raw material procurement needs of SMEs. They had partnered with corporates like JSW and Essar and enabled these large corporates to directly sell to small SMEs across the country. AjinkyaKulkarni, cofounder at CreditPeriod said “Today large corporates do not sell to SMEs on credit due to lack of trust, and SMEs are unable to buy from large corporates due to lack of liquidity”.

FlexiLoans.com was started by four Indian School of Business alumni — Deepak Jain, a former investment banker at Axis Capital; Ritesh Jain, former CFO of Housing.com; Manish Lunia, former executive at Aditya Birla Group's Financial Services Business and Abhishek Kothari, former VP at Fractal Analytics and an IITB alumnus. In October 2016, the firm raised Rs. 100 crores from a set of marquee investors including Sanjay Nayar, CEO of KKR India, Anil Jaggia, former CIO of HDFC and Vikram Sud, former head of operations and technology at Citibank.

OLA Partners With Fin-Tech Startup FlexiLoans Technologies

FlexiLoans Technologies, an online lending platform has partnered with Ola, Indian mobile app for transportation, to provide quick, flexible and adequate loans to Ola’s driver partners.

FlexiLoans will offer Ola’s driver-partners immediate business and need based loans upto Rs 1 lakh, with affordable monthly installments and a disbursal time of just 30 minutes. This tie up is exclusively for Ola Star drivers, which includes Ola’s top rated driver partners.

FlexiLoans has initiated this scheme in Mumbai and Bengaluru in the first-phase, and plans to partner with multiple finance-partners to extend this facility to Ola’s driver partners across the country. Through this association the company aims to empower over hundreds and thousands of driver-partners on the Ola platform over the next year by helping them meet their financial requirements with ease.

Nitesh Prakash, Senior Director, Operations at Ola said “Ola has always understood the needs and aspirations of its driver partners. While connecting them with a larger pool of customers seamlessly, it has also provided them with various support systems like Family Medical Insurance, Education Assistance for Children, Discounted Car Service, Fuel Savings Card, and Grocery Vouchers. With this partnership we look forward to easing one of the most cumbersome tasks of the ecosystem viz. sanctioning adequate loans for our driver-partners, by removing complexities and giving direct access to easy finance.”

“We are excited to be partnering with a brand like Ola that is committed towards empowering hundreds of thousands of driver partners, and encourage them to pursue a choice, a dream they call their own. Drivers have to struggle to get quick fix financing on tap and when needed during exigencies. The promise of a Loan decision in less than 30 minutes appeals to these driver partners”Deepak Jain, Co-Founder, FlexiLoans commented on this association.

Over the last two years, Ola has partnered with various car manufacturers and financial institutions to lead various initiatives for their driver-partners. Ola has associated with Indifi for personal loans and Bajaj Allianz to offer motor insurance solutions to its drivers. The company has also partnered with financial institutions like Neev Finance and NBFCs like PNB, IDBI, Chola etc. to create access to finance for buying their own cars or providing education to their children. Through Ola's partnerships with leading car manufacturers like Maruti, Ford, Mahindra and Nissan, the company enables its drivers to buy cars at substantial discounts made available at scale. Today, the company is proud to have developed strong partnerships and a vast ecosystem for many more budding driver-entrepreneurs spread across the country.

FlexiLoans is an online lending platform started with an endeavor to solve the problem that SMEs face in accessing Quick, Flexible and Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. The online platform has already processed over 500 small business loans, including cab owners over the last 6 months via its proprietary credit scoring models and has a turnaround time of less than 2 days.