20 August 2018

“For Every Borrower, there is a Lender”

Two ex-bankers decided to work on the idea of solving the borrower’s problem with a vision to change lending from selling loan products to buying loan needs as they believe that “ For Every Borrower, there is a Lender.”

LendTech is a very nascent sector and it will take time to mature and be ubiquitous. The shift towards tech in finance has introduced multi-fold initiatives including peer-to-peer payments, mobile banking, and omnichannel payments. With the rise of blockchain technology, cryptocurrencies, smart contracts, tech meeting finance and lending space has increased to a great extent.

Timmana, CEO of whatsLoan, believes there are verticals under lending that are still not very customer friendly yet. The intersection between the lenders and the consumers is still not a very happy place.

WhatsLoan is Loan as a Service–LaaS, Mobile first online platform that provides technology to empower the loan consumer for the loan of choice, Enable loan distributors to service the loan need to offer an enhanced experience to consumers across locations, loan products and lenders.

Timmana Gouda is the CEO and Founder at WhatsLoan. He has more than 20 years of varied experience in Investment Banking, Corporate Finance, Consumer Retail Finance. Vidya T G is the co-founder and Head of Operations at WhatsLoan.

Current Barriers

When it comes to borrowing for a normal home purchase, the end to end experience is not seamless.

Reasons include

  • Unorganized loan space (more manual, less automated, long Turn Around Time)
  • Individuals unaware of their financial ability (past, present and future)
  • Lack of self-knowledge while the banks do KYC (Know Your Customer)

Digital Loan Key

With IndiaStack and DigiLocker API access, WhatsLoan has built a DIGITAL LOAN KEY, an encrypted unique financial identity for the borrower, that enables consumers to retrieve all your government issued, self-uploaded documents and share with the lenders digitally through the platform after digital verification from the document and data sources.

The Digital Loan Key has multifold benefits:

  • Super secure, unique financial identity that reflects consumers’ verified personal and financial ability (no need for long offline paper-based due-diligence by the lenders).
  • Ownership of the key that can be shared with the lenders. The consumer can make completely digital, paperless, and presence less loan application for any loan to the lender of your choice. This reduces consumer’s Turn Around Time (TAT) from weeks to minutes.
  • With Digital Loan Key, WhatsLoan platform engages the offline loan lead sources; real estate builders and auto dealers that account for >80% of the market while meeting online needs of loan consumer.
  • It enables fulfilment partners and the lenders to manage and support the entire loan life cycle (login, sanction, documentation till loan delivery).

Whatlsoan believes that all other FinTech companies in the loan space are selling loans through lead generation while WhatsLoan is building a technology solution to buy consumer’s loan need, to keep them ready for any time loan with any lender of their choice.

“Your privacy is fundamental to WhatsLoan. You can say, it’s the lifeline of our venture!” said Timmana about the user privacy at WhatsLoan.

WhatsLoan has been ranked and recognized as Asian SuperStartup at SuperStartup Asia awards 2018

WhatsLoan is a featured startup of Amrita TBI.

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