CASHe is a fintech company from India that helps young people get loans easily. Here’s how it all started.
CASHe was founded in 2016 by V. Raman Kumar. His vision was to help young salaried millennials who were denied credit by traditional banks and financial institutions. Kumar wanted to bring these people into the formal credit system using new and innovative methods[1][2][5).
The idea behind CASHe was to use alternative credit scoring algorithms to evaluate the creditworthiness of borrowers. This was necessary because many young people did not have a traditional credit history, making it hard for them to get loans from conventional lenders.
Kumar's goal was to make borrowing simple, fast, and easy for everyone. He aimed to use cutting-edge technologies like artificial intelligence and machine learning to provide accurate and quick credit decisions.
V. Raman Kumar, the founder and CEO of CASHe, had a clear mission to disrupt the traditional credit system. He was joined by other key team members like Yashoraj Tyagi, who is the Chief Technology Officer. Together, they built a team that shared the vision of financial inclusion for young millennials[2][5).
Kumar and his team were determined to use technology to make lending more accessible and transparent. They believed that accessing credit should be a right for all deserving individuals, not just those with a traditional credit history.
The founding team's background in finance and technology helped them create a robust platform that could handle the complex task of alternative credit scoring.
CASHe has come a long way since its inception in 2016. Here’s how the company has evolved over the years.
When CASHe started, it focused on providing personal loans to young salaried millennials through a mobile app. The initial concept was to use alternative data like mobile and social behavior to assess creditworthiness. Over time, the company expanded its services to include other financial products like Buy Now Pay Later and credit lines[1][3][5).
Today, CASHe is one of India’s most preferred digital lending platforms. It has disbursed loans worth Rs 2,500 crores and has over 6 million app users. The company continues to innovate and expand its product offerings to meet the financial needs of its users.
The journey from the initial concept to the current state has been marked by significant growth and innovation. CASHe has managed to bring millions of borrowers into the formal financial ecosystem who were previously underserved.
CASHe has achieved several key milestones since its founding. Here are some of the notable ones:
These milestones reflect the company’s commitment to growth and innovation in the fintech sector.
CASHe has continuously expanded its product portfolio to meet the diverse financial needs of its users. Here are some of the key products and services offered by CASHe:
These products have helped CASHe become a one-stop digital financial institution for its users.
CASHe’s technology infrastructure is a key factor in its success. Here’s a look at how the company uses technology to innovate and secure its services.
CASHe’s core platform is built around its proprietary credit scoring algorithm, the Social Loan Quotient (SLQ). This algorithm uses alternative data such as mobile, behavioral, and social data to assess the creditworthiness of borrowers. The SLQ is highly dynamic and changes frequently based on changes in the user’s data and repayment behaviors[4]).
The platform is designed to be mobile-first, making it easy for users to apply for loans through the app. The entire loan application process, from download to loan credit, takes an average of just 8 minutes[4]).
CASHe’s technology ensures that the lending process is seamless, transparent, and agile, meeting the financial needs of its users efficiently.
CASHe takes security and compliance very seriously. The company has received ISO 27001 and 27701 certifications for information security and data privacy. These certifications validate CASHe’s commitment to protecting user data and ensuring the security of its platform[5]).
CASHe complies with all data privacy regulations, ensuring that the use of alternative data is secure and transparent. The company believes in full transparency, with no hidden charges and all loan information disclosed upfront[1][5]).
The security framework is robust and continuously updated to ensure that user data is safe and secure.
CASHe is a disruptor in the traditional credit system. Here are some ways the company is innovating in its industry:
CASHe’s innovative approach has helped it stand out in the fintech industry and make a significant impact on financial inclusion in India.
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CASHe, a fintech company from India, has made a significant impact on the financial market since its founding in 2016. Here’s how it has grown and expanded its influence.
CASHe has seen remarkable growth in its user base. The company targets young salaried millennials and Gen Z, who were previously denied credit by traditional banks. With its user-friendly mobile app, CASHe has managed to attract over 6 million users[4>.
The app's ease of use and quick loan processing have been key factors in its popularity. From download to loan credit, the entire process takes an average of just 8 minutes, making it highly appealing to its target demographic[4>.
This rapid user adoption is a testament to the company's innovative approach to lending, using its proprietary Social Loan Quotient (SLQ) to evaluate creditworthiness based on alternate data such as mobile, behavioral, and social data[4>.
CASHe has been expanding its market share by offering a wide range of consumer lending products. These include instant loans, credit lines, and "buy now, pay later" options. This diverse product portfolio has helped the company to cater to various financial needs of its users[3).
The company's disruptive approach to traditional credit scoring has allowed it to capture a significant portion of the market. By using SLQ, CASHe can extend credit to individuals who would otherwise be excluded from the formal financial system[2).
This expansion has not only increased CASHe's market share but also contributed to the overall growth of the fintech sector in India. The company's innovative lending solutions have set a new standard for financial inclusion[1).
CASHe's primary mission is to bring financial inclusion to millions of underserved and unserved urban working millennials. The company aims to meet their financial requirements with accurate and faster credit decisions using cutting-edge AI and machine learning technologies[1).
By leveraging its SLQ algorithm, CASHe has been able to bring millions of Indian borrowers into the formal financial ecosystem. This has been particularly beneficial for those who lack traditional credit history but have a strong digital footprint[4).
The company's efforts in financial inclusion have been recognized, and it has become a go-to choice for credit for an increasing proportion of millennials in India. This initiative aligns with the broader goal of increasing financial access and reducing financial exclusion[2).
CASHe's financial journey has been marked by significant milestones, from its founding to its current status as a leading fintech company. Here’s a look at its revenue growth, path to profitability, and investment rounds.
CASHe has seen substantial revenue growth since its inception. The company has disbursed loans worth Rs 2,500 crores, with around INR 100 crores of loans being disbursed every month[3).
This growth can be attributed to the increasing demand for digital lending solutions and the company's ability to provide quick and transparent loan processes. The user-friendly app and the innovative SLQ algorithm have been key drivers of this growth[4).
The company's revenue has also been boosted by its expansion into new financial products such as wealth management, following the acquisition of wealthtech platform Sqrrl[3).
CASHe's path to profitability has been focused on building a sustainable business model. The company has emphasized transparency and agility in its lending processes, which has helped in reducing default rates and increasing customer trust[1).
By using advanced technologies like AI and machine learning, CASHe has been able to make faster and more accurate credit decisions. This has not only reduced the risk but also increased the efficiency of the lending process[2).
The company's commitment to transparency, with no hidden charges and full disclosure of loan terms, has also contributed to its path towards profitability[1).
CASHe has received significant investments to fuel its growth. The company has raised a total of $27.25 million in funding, with its latest round being $18.77 million[5).
Investors such as The Social Loan Company, BlackSoil Capital, and Saroj Kumar Patnaik have shown confidence in CASHe's business model and growth potential. These investments have been crucial in expanding the company's product offerings and enhancing its technology infrastructure[5).
The investments have also helped CASHe in achieving certifications like ISO 27001 and ISO 27701 for information security and data privacy, further solidifying its position in the market[5).
CASHe has formed several strategic partnerships to enhance its services and reach. Here’s a look at its collaborations with banks, merchants, and technology companies.
CASHe has collaborated with various banks to expand its lending capabilities. These partnerships allow CASHe to leverage the banks' infrastructure and expertise while offering its innovative lending solutions to a broader audience[2).
The company's API-based service for SLQ can be used by other fintech lenders and banks to extend financial services to underbanked and unbanked customers. This collaboration has been instrumental in increasing financial inclusion[4).
By working with banks, CASHe can ensure compliance with regulatory requirements and enhance the trust and credibility of its lending platform[5).
CASHe has partnered with several merchants to offer its "buy now, pay later" products. These partnerships enable users to make purchases from various merchants and pay for them in installments, enhancing the overall shopping experience[3).
The company's BuddyTransfer feature also allows users to transfer money directly to their friends, further expanding its merchant partnerships and enhancing user convenience[2).
These partnerships have helped CASHe in increasing its user engagement and providing a more comprehensive financial ecosystem for its users[2).
CASHe has formed alliances with technology companies to enhance its lending platform. The company uses sophisticated algorithms and machine learning capabilities to deliver an improved lending experience[2).
Its proprietary SLQ algorithm is a result of these technological alliances, which help in evaluating creditworthiness based on alternate data. This technology has been a game-changer in extending credit to underserved populations[4).
CASHe's technology alliances have also enabled it to achieve certifications like ISO 27001 and ISO 27701, ensuring high standards of information security and data privacy[10]).
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