Aye Finance, a new-age fintech lender firmly believes that a lack of access to digitization or lower internet penetration in remote locations shouldn’t be reasons worthy enough of denying MSMEs access to business finance. Thus, after disrupting the status quo in MSME lending with its “Cluster based Credit Assessment” methodology, the MSME lender has launched android-based loan application workflow for its fleet executives. The solution is a leap forward and leverages the power of cloud-computing-induced-mobility to deliver faster credit right at the door step of these micro businesses.
The fintech lender has equipped its 1000+ field staff with an android based loan application workflow, which works on the cloud infrastructure facilitating a low cost operations that helps the inclusion of a larger number of grassroots businesses into the folds of organized lending. This platform integrates the entire loan process from customer enrolment, underwriting, monitoring and disbursal, allowing improved accuracy and turnaround times. The Company’s analytics powered “Cluster Based Credit Assessment” methodology has been built into this technology platform which allows the MSME Lender to make sound lending decisions with thin file applicants. The platform is also helping Aye make the last-mile connect with the micro entrepreneurs who have not completely adapted to the digitization of credit services.
“Our mode of servicing customers mirrors the comfort of micro business owners. So we have chosen to set up low cost branch networks to deliver a high touch origination experience and at the same time, we have removed the friction in customer origination process by use of paperless- cloud CRM based origination process that performs digitally the KYC, credit bureau reporting with minimum fuss,” states Sanjay Sharma, founder and Managing Director of Aye Finance.
Aye Finance was founded in 2014 and has become a pioneer in transforming the micro and small enterprise financing in India by innovating on the methods that enable effective credit underwriting of this segment. It has disbursed over Rs 750 Cr to 60,000 micro businesses through its 72 branches. By providing inclusive finance at affordable price to this ‘missing middle’, the company is building a large scale business that uses world-class automation and data sciences to solve this problem that was considered intractable.
Last month the MSME lender became the first finance company to receive equity investment from CapitalG (formerly Google Capital). It raised $21.5 Million in Series C equity from the venture capital fund owned by Alphabet Inc. as well as its exiting investors SAIF Partners and LGT. Leading names like SBI, BlueOrchard, Triodos Investment and Symbiotics have also invested in the company through the debt route.
Aye is setting new standards in building a quality loans portfolio in an inclusive manner and is well on its way of achieving its vision of being the most admired leader in the micro and small business lending space.