Mumbai: Seeking to smoothen the process of user registration in one click, digital lending platform Flexiloan.com has announced its partnership with Truecaller.
“Over the last 3 years, we have seen a dramatic shift in behaviour and today, more than 80% of our borrowers use a mobile device to apply for a loan. Most of our efforts last year were concentrated on building AI capabilities to underwrite a loan without a single human touch, while making the process easier for a user, said Abhishek Kothari, Co-founder, Flexiloans.com,
“With a product like Truecaller SDK, Truecaller has helped us not only to improve our signup experience with a one click registration but also identity verification. Furthermore, this alternate identity verification via Truecaller enables us to further strengthen our credit underwriting models and thereby minimize risks in our business,” he said.
Flexiloans.com has already completed implementation on its Android app and it plans to extend it across other platforms soon.
Commenting on the partnership, Priyam Bose, Director & Global Head, Developer Platform & Relations, Truecaller, said “The developer community has always been a bright spot in our universe and by partnering with them in their growth journey, it’s a win-win to achieve new heights. The more touch points we can bring to our community, the more value we can add to their end user’s lives. By extending our developer toolkit to Flexiloans.com, we hope to create an efficient system to streamline their on boarding experience and thus in turn their user’s overall experience with the application.”
FlexiLoans is one of the highest downloaded apps in the business loan segment. It has close to 100,000 downloads on the Android Play Store and will soon be available on iOS application as well.
Flexiloans.com focuses on the business owners who do not have a credit history. It has disbursed loans worth over Rs.400+ Crores to about 10,000 MSMEs across 700+ cities without having a single branch within a span of 3 years of their operations, with a team size of 230+ employees. Having over 100 partnerships with known players such as Flipkart, Amazon, PayTM, PineLabs, MSwipe, etc., it has access to over two million businesses. It has been founded by 4 ISB/ IIT alumni with combined financial services experience of over 45 years.
Headquartered in Stockholm, Sweden, Truecaller was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Investors include Sequoia Capital, Atomico and Kleiner Perkins Caufield Byers.