Finance Peer better equips banks and lending agencies to select and allow people to avail loans. They handle this by connecting borrowers and lenders with a digital KYC process, and a hassle free application process. Since many banks do not have the ability to go through a customer’s personal and social data, Finance Peer handles this for them. It is looking to completely eradicate the lengthy, manual and time consuming loan process.
“Create what customers want not what you want”
Finance Peer has an artificial intelligence technology program that goes through more than 13,000 data points other than CIBIL and credit card information. It then provides information and a rating on each borrower. This evaluation allows lenders to make more informed decisions guaranteeing them returns on their investment.
The system stands out because it goes through a lot of information to make more informed decisions. Furthermore, it has automated the entire process, making it digital and a lot easier to use. Finally and most importantly, it provides users with better deals and improved interest rates. It makes the entire system of getting loans shorter and faster. Finance Peer also allows lenders to make more informed decisions backed up by the borrowers’ actual data.
Founded by Rohit Gajbhiye, the company is headquartered in Mumbai. The rest of the co founders include, Sunit Gajbhiye, Debi Prasad Baral, Aman Gupta and Naveesh Reddy. The founders have their eyes on being the one stop loan solution for the whole country within the next 5 years. That’s not all, they see their company as having a revenue of Rs. 5000 crores in that time. Motivated with a vision of reducing economic disparity, the founders find themselves pushing their company to greater heights.
To get to their target, they are using a team of professionals, capable of getting them to their goals. Their team comprises of BITs passouts, along with IIM, IIT and other reputed institutions. However, in the short term, they are looking to add a few more to their Operations team.
It is very important to the company that their team has experience, potential and passion for what they are doing. This is their secret to scaling as quickly as they have. Currently, they are running with a team of about 13 people.
Overall, the Finance Peer system is a success for both the parties using it. It benefits the borrowers since they get their loans a lot faster. Finance Peer has reduced their hassle, time and paperwork when dealing with lenders. Finally, they are getting better interest rates than anywhere else. As for the lenders, they receive better commissions than elsewhere. They also get information about their borrowers to make better decisions, which they might not find easily. They are also sure that they would get returns on their investment thanks to the thorough background check.