Srividya Palaparthi By Express News Service CHENNAI: A brainchild of three experienced bankers who spent a large part of their professional career days in MNC banks led to the creation of Finnable, a fin-tech start-up aiming to make its users financially stable. Explaining how Finnable works, Amit Arora, co-founder says, “There are many organisations in India as MSME/SME’s who have over 25 employees. Now many PSBs and MNC banks do not give them loans as they are not listed. Finnable, after doing their credit check (history), gives them loans in one minute for their own marriage, health needs and travel. This is a great opportunity for youngsters who are seeking quick loan.” Financial institutions, financial procedures, and financial services have drastically evolved and improved in the last few decades. “With the evolution of technology, the entire industry has undergone a massive transformation that has changed the way the financial procedures are carried out and the way the financial institutions operate,” he says. The trio — Amit Arora, Nitin Gupta, Viraj Tyagi — did a lot of research to find out which segment of the country is underserved currently and how they can design products to meet their needs. “We did in-depth interviews with customers across different strata of the society talking to them about different kinds of lending products which they would need at different points in their life,” he says. Having seen the workings of the finance industry up-close even before their start-up journey began, the founders believed this was a great time to turn entrepreneurs. “Over the last 10 years, we have seen the start-up ecosystem transform in India. Setting up a company has become super easy. There are ready co-working offices available, which provide best in class infra facilities. There are start-ups to whom you can outsource all the non-core functions like finance and infrastructure maintenance,” says Amit. Catering specifically to the younger generation’s needs and professional aspects, Finnable was created with the founders’ expertise. “As founders, we have invested close to $1 million from our own pockets in Finnable, which also aims to launch products like credit cards and offer credit for travel,” says Amit. Currently, they are underwriting close to 30,000 loan applications every month. “Loan seekers are largely the youth who seek funds for travel, health, retail purchases or marriage. We are now looking at raising equity from institutional investors since we have got a right product market fit which is scalable and the best in class performance on all credit parameters,” he explains. The 30-member team operates in Bengaluru, Chennai and Coimbatore at present. While they have their own mobile app and website, they will soon have their physical presence in cities like Pune, Lucknow, Chandigarh and Jaipur. In a nutshell Finnable, a fintech start-up providing instant credit, was started in 2016 in Bengaluru. Founded by three bankers, the company started with an investment of $1 million from their own savings. They are currently underwriting over 30,000 loan applications per month. Their 30 member team operates in Bengaluru, Chennai and Coimbatore but will have a physical presence in other cities soon.

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