Most of the start-ups such as Uber, FoodPanda, Amazon, etc. have designed their very own apps using which they provide their services. Apps have become the new mantra for achieving heights of success in the corporate sector these days as these are easy to use and express everything a particular company offers directly. One such start-up that uses this app phenomenon to reach out its consumers is CASHe.
V RAMAN KUMAR:- He is a successful tech entrepreneur and private equity investor. He is the founder and former Chairman /CEO of NASDAQ listed M”Modal Inc, a leading voice recognition, healthcare document technology company that he took from a startup to until it was sold to One Equity PArtners for over a billion dollars in 2012.
MATHEW CYRIAC:- The most recently co head of the private equity and alternate asset management firm. Under Mathew, Blackstone scored one of its best exits in a decade when it sold a controlling stake in cash management company CMS Info System to Barings Asia in 2015.
Pronounced as Cash-E, CASHe is a start-up that was launched in April 2016 by V Raman Kumar in Mumbai, India. It is basically a fin-tech product from TSLC PTE Ltd. It offers millennially quick and easy personal loans through some extremely transparent, innovative and time-tuned processes. CASHe utilizes sophisticated algorithms to deliver a good lending experience to its customers, thereby helping them achieve their financial goals effortlessly. CASHe has employed nearly 100 utmost talented people as it believes that providing financial services isn’t a non-competitive or a non-talented person’s cup of tea.
Now comes an important question, which is, how does CASHe work? In a world completely driven by social media, Kumar figured out a highly innovative way to extend alternate lending facilities to people by using social media as the base. What matters to such start-ups is not the lending actually; rather it is the credit worthiness of the person at hand. Will he be able to pay back the amount or not? CASHe has developed a very complex algorithm which lets it understand a person’s credit worthiness through analyzing his mobile usage, number of contacts on his phone, kinds of apps he uses, frequency of using e-commerce websites and his social media patterns, among about a hundred others.
He even claims that around 50% of their clients are provided loans within 7 minutes and the remaining ones, who need to go through another step of document verification, are provided loans after they do the needful, successfully through the app itself.
Kumar feels the biggest gap his company wants to fulfill is the gap between users having a high credit score as well as those having lower credit scores. Most of the start-ups in this industry provide loans only to those having a high credit score leaving a major part of the population unattended. Unlike most of the companies who lend money to people who have scores greater than 750 only, CASHe provides loans to borrowers who have low scores too. This is how CASHe is extending the credit line towards these people. Kumar even claims that due to this lenient lending policy, CASHe is registering a growth of 15% month-on-month.
CASHe has raised a whopping 25 crores this year, the lead investor being Mathew Cyriac. It is even in talks related to funding drives with other NBFCs, so that it can extend its credit line soon.
Going by the words of Kumar, CASHe has offered loans to people with scores ranging 100-200 and in some cases, to people who have no credit scores. Eventually, their rating went up to 850 or even higher after inducting their names with CASHe. Kumar wants to extend his customer base from current 25,000 to 1 lakh by the end of this financial year and the only thing which can stop him is his company’s balance sheet as it adds up 4,000 new borrowers every month!CASHe is purely an app based company currently, because all its activities ranging from lending, document verification and reverse payments are all done only through the app. According to Kumar, CASHe provides loans ranging from 5000 bucks to a Lakh to people aged anywhere within 24 and 34 with the longest repayment time being six months.
For timely EMI payments or squaring monthly bills, making a major purchase that you so desired , taking a vactaion to unwind or meeting a medical or financial emergency, keep the power of CASHe in your smartphone . Quick personal loans from CASHe that help you stitch in time. People can avail loans ranging from Rs 10,000 to Rs 200,000 for 15,30,90 and 180 days based on the ever changing needs.