FinClub

What if you urgently need Rs 20,000? Half of the Mauritian working population earns less than Rs32,000 ($780) and a significant proportion is self-employed or works in SMEs. In fact, they represent at least 55% of all the Mauritian workforce and contribute more than 40% of GDP. As a result, many Mauritians have either become credit invisible or are in the process of losing their financial footprint. Being credit invisible or underbanked does not necessarily mean that individuals do not have the capacity to repay or even the willingness to repay a loan. As a result, many individuals and informal enterprises are becoming underbanked and have limited access to credits, because most banks do not give short-term loans of less than Rs50,000. Interest rates are high, generally more than 12% on unsecured loans, and traditional KYC verifications need original document and is a lengthy process requiring physical presence. By contrast, interest on saving accounts yields 0.25% or less, making the borrowing-saving gap enormous: typically, more than 50 times. FinClub P2P Lending Platform enables Investors to lend directly to Borrowers. With no intermediaries, Investors earn higher interest rates and provide Borrowers with affordable credits to improve livelihood or grow their businesses. Our proprietary built digital customer KYC (FinID) and Credit Score Engine (FinScore) are leveraging on big data analytics and web scraping tools to develop cutting edge AI/ML technologies to improve convenience and access for better credits. FinScore is using a hybrid underwriting model, coupling borrowers’ financial information, typically demonstrating capacity to pay, with alternative data from various sources and means, to establish their willingness to pay. As most processes are automated, loan applications, underwriting and approvals, as well as disbursements are expedited. FinClub’s mission is to improve financial freedom for Mauritian underserved consumers.