How SmartCoin is using deep tech models to improve credit access for India’s lower income groups

SmartCoin was started by IIT/IIM alumnus Rohit Garg, Amit Chandel, Vinay Kumar Singh, and Jayant Upadhyay in early 2016 when India’s SME lending sector wasn’t as happening as it is today. The fintech revolution had just begun, with mobile payments taking off later that year after demonetisation.

Slowly, of course, the action moved to consumer lending startups like SmartCoin and others, which catered to India’s vastly underserved lower-and-middle income segments. Last year saw lending startups secure maximum equity funding in the domestic fintech sector. SmartCoin, an app-based instant loan platform for the financially underserved, too, raised $2 million in a pre-Series A round in March 2018.

The Bengaluru-based startup helps assess the risk profiles of prospective borrowers in real time by using data science, AI, and ML algorithms. Its proprietary credit underwriting engine aggregates thousands of data points on customers’ smartphones, including their financial transactions, device usage, app behaviour, and more to build a customised credit score.

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