Techiexpert Team has bough one more exclusive interview with the co-founders & directors of Namaste Credit Gaurav, Anand & Lucas Bianchi
What Problem Namaste Credit solves for us?
Namaste Credit is India’s leading AI-based credit discovery platform for MSMEs. The startup’s AI-based product is helping leading banks and NBFCs to automate credit assessment and make credit decision more intelligent, faster and seamless.
We also recently started our Neobank offering, with a foundational SaaS play. As a Neobank, Namaste Credit aims to become the first Neobank to offer a one-stop financial services provider for MSMEs, offering automated credit, banking and accounting solutions.
The motivation behind the idea?
The entrepreneurial itch was bothering both Lucas and
me, while we were still at the Moody’s in the US. We understood finance well
and our thoughts aligned as we both wanted to solve a big problem facing small
and medium enterprises (SMEs) across the world – which was to ease their
struggle in seeking credit. That is how we conceptualised Namaste Credit.
We identified two massive gaps in SME lending space.
The first and most obvious gap is the lack of deep understanding of credit
among intermediaries and the borrowers. The second issue identified was the
lack of technology usage in the entire process. We believe that we have built
the right solution for a significant problem and are glad to see the meaningful
impact it is creating on the whole ecosystem.
About Namaste Credit.
Credit is leveraging AI and NLP in SME credit application sourcing and
processing, through its SaaS solution, which is built to solve real-world
problems of SME credit.
Credit has three business verticals catering to SMEs and lenders as explained
Namaste Credit Marketplace: Namaste Credit marketplace is a loan marketplace for
small businesses, channel-partners and institutional lenders. The digital
marketplace makes it easier for SMEs to receive loans through formal banking
channels. It also helps banks to accept digitized and clean loan applications
to facilitate faster credit assessment. The marketplace uses AI and Machine
Learning that match an SME’s requirements with that of suitable banks’lenders which
are most likely to meet their credit requirement.
iCAM© SAAS: Namaste Credit’s proprietary technology, iCAM is an AI-led
loan processing platform. The startup licenses iCAM, its credit assessment
automation platform to banks, on a software-as-a-solution model, which helps
them process loans faster. A first-of-its-kind platform, iCAM uses OCR, AI and
ML technologies to analyze 100x more data points than the traditional
underwriting process. Some of the largest financial institutions in India are
already using Namaste Credit’s iCAM.
Namaste Biz app: Neobanking arm of Namaste Credit, Namaste Biz is a unified
banking and loan app for small businesses. The app features:
- MSME Loans from 70+ lenders
- Pre-approved loans
- Current account linking and operation
- Tagging and Download of Bank statements
- Free multi-mode collection/payment options like NEFT/RTGS or/and UPI
- Free GST Invoicing with seamless sharing through Email, SMS or WhatsApp
- Digital Ledger
have filed three patents as of now. Our patented AI-based SaaS products allow
Namaste Credit to process scanned financial documents into a credit assessment
report, which enables lenders to significantly speed up their assessment
processes and make better and faster decisions. This technology not only
drastically reduces the time taken to sanction decisions but also gives a
single, organized window of engagement to the lender and the channel partner on
our platform itself. This translates into real-time updates on the status of
loan applications for channel partners, lenders and Namaste Credit. Our
technology brings 90% efficiency in the SME loan seeking process both for
businesses and lenders.
USP of Namaste Credit
Credit’s core USP is getting higher approval rates for MSMEs using our
technology. Its AI-powered enables matchmaking of SMEs with most suitable
lenders facilitating highest loan approval rates.
proprietary technology enables automated credit underwriting to analyze 100x
more data points than the underwriting process zero manual errors and
comprehensive fraud detection.
also help micro-enterprises seek a pre-approved loan through our Neo-banking
have raised $3.8 Million USD in Series A from Nexus Venture Partners in 2018.
have an extensive product roadmap that we plan to execute over the next few
months, which includes adding several new banks to our platform and enabling
more SME-specific features. The behavioural insights will massively influence
our offerings for MSME as they are developed through insights garnered from our
ever-increasing user base. Hence, expanding deeper in the country will be our
are also aiming for global expansion in a year.