Credilio, founded with the idea of digitizing the distribution value chain of personal finance products, today announced that they have achieved an enviable success of hitting the $ 1 million mark in ARR just six months into its operations. A challenger start-up, Credilio is the brainchild of second-time entrepreneurial duo Mr. Aditya Gupta and Mr. Anand Kapadia. Their first ventureTranServsolved for digital payments in the b2b environment, leading to a successful exit in March 2019 with IndiabullsConsumer Finance acquiring the startup.
With this venture, Aditya and Anand bring their sharp understanding of the intersection between technology and financial services to the personal finance industry. The traditional personal finance (Credit cards & Loans) market is largely dependent on intermediaries and is still riddled with manual processes and that’s the challenge Credilio aims to solve by creating India’s first advisor-led technology platform for the distribution of personal finance products. Credilio helps Advisors educate customers and recommend products that are best suited to meet their unique requirements, enabling them to purchase credit cards & loans seamlessly.
The platform brings together Lenders, Intermediaries (‘Sales Agents’ or ‘Advisors’) and Customers on one single platform and accelerates the approval and customer onboarding processes by allowing real-time approvals and credit checks. Built with the aim of enhancing value for customers and empowering traditional advisors to go digital, the platform will play an important role in bridging the existing gaps in the customer acquisition and approval processes in the personal finance industry. The platform will also provide Banks and NBFCs with a ready digital distribution network across India.
Speaking on the occasion, Mr. Aditya Gupta, Co-Founder and CEO, Credilio said: “Even today, majority of consumers rely on human assistance in terms of ‘making the product selection from the plethora of options available’ and ‘guidance for completing the digital onboarding journey’. . Our Platform is enabling an Individual Advisor selling Cards / Loans, with a wider choice of Banks/ NBFCs, efficiency in product issuance, and personalization of advice to their customers”
He further added: “Our platform leverages the open banking APIs offered by Banks to offer a truly digital experience. Our Advisors further guide customers to complete the online verification / Video KYC process on portals through phone / video chat or personal visit, if needed.We are encouraged by launch of Account Aggregation framework which will enhance our platform capability further to cater to self-employed customers and those outside the formal credit system” Credilio’s products have seen instant adoption and rapid growth in the first 6 months. It is on track to reaching over 1 million consumer applications from 25 locations assisted by 10,000 Advisors by March’22.