Here's why many startups are going into the ‘risky’ business of lending
1 March 2019 1:05 AM GMT
A consumer oriented startup will start with making purchases simple, expand accessibility and then its obvious target will be to solve affordability. That is where lending fits in.
- Here's why many startups are going into the ‘risky’ business of lending A consumer oriented startup will start with making purchases simple, expand accessibility and then its obvious target will be to solve affordability.
- The ability to capture data and report to credit bureaus to make life difficult for defaulters and also process data much more efficiently are the major sources of strength for tech startups.
- Nityanand Sharma, who co-founded Simpl, a ‘pay later’ product said the right thing for the industry is to develop open platforms which can have as many partners as possible, so consumers can have affordability and at the same time maintain count of how much they have to repay later.
- Further, the regulator is open to licensing genuine companies which have a business case around taking the licence.
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