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Algo360 crosses 60m lending decisions, promotes financial inclusion

By Leandra Monteiro

December 10, 2021

  • Algo360
  • Business Intelligence
  • Credit Assessment
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Algo360 Algo360, a leading alternate data-based credit assessment platform has crossed over 60 million lending decisions serving the underbanked population including both individuals and MSMEs.

About 40% of Indians do not have access to formal financial services which is especially prevalent in tier 2 and 3 cities and rural areas. NTC customers and unorganized MSMEs have struggled with traditional underwriting processes for a long time due to lack of credit history.

Alternate data brings into picture utility payments history, financial etiquette, consumption patterns, investment behaviour and more, that gives a robust view of a borrower’s ability to responsibly manage debt.

Algo360 is the flagship product of Think360.ai. Commenting on their growth trajectory, Amit Das, CEO of Think360.ai said, ‘We have always been on the lookout to integrate technologies to address current challenges in the Indian financial ecosystem to improve financial access for the masses. Digital lending has been on the rise as it democratizes distributional channels and loan procurement. According to a report by PWC, India’s digital lending market will log a CAGR of 36% by 2023. Alternate data has a significant role to play in bringing financial inclusivity.”

Monish Salot, Co-founder, Think360.ai, further added, “Digital lending has taken a spin with the arrival of credit emergency for individuals and businesses amidst the pandemic. The tested time has proved that cash flow, liquidity and access to credit are pillars for economic growth. We are grateful we could bring solace to the  underbanked population in difficult times through Algo360.”

MSMEs are in constant need of working capital for smoother operations. However, the lack of credit products leads to a cash crunch and hence, difficulty in timely payments which disrupts the economic cycle. Not just micro businesses, the absence of credit score has become a pain point for NTC, NTB and thin-file category individuals as well. CIBIL has stated that there could be 100 million NTC customers that apply for loans for the first time every year. These facts and figures highlight the urgency to relook the traditional ways of the lending industry and implement methods that can make the mainstream economy inclusive for MSMEs and NTCs.

With its product Algo360, Think360.ai has extended its services to around 50+ BFSI clients, enabling them to evaluate the credit-repayment abilities of this population segment, left-out by traditional banking practices, and make informed lending decisions to create financial equality among various classes. IDFC First Bank, BharatPe, KreditBee, Ola Money and Navi are a few of the organizations that leverage Algo360 for lending insights and instant decisioning for complex credit policies.

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