TAKING LENDING INFRATECH MAINSTREAM WITH COLLATERALISING INCOME AND DIGITAL ASSETS
The featured company is a Fintech Infrastructure firm started by three close friends – Shreyans, Mridul, and Subramaniam who have known each other for over 15 years. With over two decades of cumulative experience in finance and technology, they started Finsire in August 2021. Finsire is a Lending Infratech firm with two products under its belt. The first product lending infrastructure rails for earned wage access was launched in early 2022, creating a new wave of Infratech demand in the industry.
After the successful adoption of their first product by over a dozen companies and multiple lenders, they have recently launched their second product – collateralising digital assets like life insurance, digital gold, mutual funds, and stocks. Reflected in the company’s name which was conceived as a portmanteau of the words ‘financial’ and ‘desire’- Finsire builds infratech to help you realize your financial desires.
Today, banks and NBFCs lend at ease for ‘hard assets’ such as houses, jewelry and vehicles but do not lend to 90% of the income-generating and digital asset-holding accounts that fall short of their risk policies and criteria. Finsire builds embedded lending services and provides platforms or APIs to its varied clientele. This extends the lending capacities of banks and NBFCs to utilize Finsire’s rails and connect with asset-holding brokers, loan applications, software providers, fintech, and CC companies to enable simple credit availability to their end clients.
Following the resounding success of Finsire’s first product, they were approached by asset brokers to build a product that suited their specific needs. They have commenced upon a state-of-the-art proof of concept with brokers across sectors like life insurance, mutual funds, and digital gold. The superlative aim is to go live by early 2023 with the second product which will power over 587 life insurance brokers, over 1200 mutual fund brokers, 315 equity brokers, other asset holding brokers, loan applications, software providers, and other fintechs.
VISION & MISSION STATEMENT
Vision- Finsire, through its Lending Infratech and various asset classes collateralisation technology, provides platforms and APIs to collateralise income and digital assets. The vision for Finsire is to develop digital and risk-free financial services and solutions to unlock and maximize value for all stakeholders involved. Mission- Its mission is to ensure that all Indians who hold an asset or generate income are able to get credit with ease. When questioned regarding what helps the team ideate together, the co-founder said that when managing any team, recognition plays a significant role and delegating to provide people with more autonomy is an influential motivator.
For him, leadership transmutes into exhibiting patience to zoom out when things go wrong while keeping the company tethered to its broader vision. He comments on the significance of a work culture that drives better business functions: “Compliant with the fundamental philosophy driving our innovation process, our work culture reflects values of collaboration and synergy, much like our products and services. The distance from power is minimal to induce responsibility and preserve quality in innovation and services.”
The market size is expanding with the dematerialisation of assets and the rapid growth of digital assets. Finsire is a platform that digitizes asset gathering/management brokers and fintech. The co-founder comments– “Out of the total population in India, only ~22% are credit served, and less than 14% get access to formal credit. The ecosystem focuses more on targeting the same customer with different credit products. One way to ease credit access for a larger share of people in the ecosystem is by pledging a digital asset, similar to how traditionally ‘hard assets’ are pledged for acquiring loans.”
Finsire’s primary function is to eliminate NPAs for lenders and help them earn a risk-free return on lending alongside passing down lower interest rates for end-users. Interestingly, Indians do not easily default when an asset of theirs is pledged. Founders credit the existing infrastructure players like M2P, Fego.ai, Tartan, IppoPay, and many more. They have worked hard to educate and drive the industry towards multiple segments and markets.
FUTURE OF CREDIT
Credit is an integral part of any economy. India has seen a phase of informal credit, hard asset collateral credit, growing credit card user base. The next wave seems to be digital asset credit at ease, and Finsire is gearing up to seize the opportunity to serve 70 crore Indians, bridging trust between lenders and borrowers over time.
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