Coine.ai offers minimal loans with no credit score

90 percent of Indians, according to the World Bank, do not have access to formal credit. In India, the informal sector employs around 81 percent of the workforce. Security guards, street vendors, contact center managers, and employees of small and medium-sized businesses are all examples of people working in small and medium-sized businesses. Would they be eligible for official credit? There’s no way. Even low-paid people working for large companies are unable to obtain a bank loan. here is Coine.ai, a brand whose objective is to meet consumers’ short-term liquidity demands while improving their financial health, allowing them to access conventional credit channels.

By providing immediate loans ranging from 1,000 to 30,000 without the need for a credit rating in India. Their USP is that they use technology to simplify tedious processes along the value chain and aggregate demand so customers have more visibility into the approval process. The end-to-end customer journey is seamless, from onboarding customers through digital platforms (Instagram, YouTube, Google) to performing paperless risk assessments based on AI and machine learning to using automated prediction and disbursement algorithms.

It all started in 2020 when Manideep Vasa applied for a bank loan in the midst of a pandemic. Although he is a professional CA with a stable income, his application was refused due to irregularities in the salary credit. This made them wonder: if this could happen to a professional with a good credit history, what would happen to individuals who work for disorganized segments and have no credit history? Then they started working on the idea in early 2020 and launched the solution by the end of the year to reach out to the billion Indians who live outside of Tier 1 cities. credit is the most difficult part of the loan process. In India, the majority of the population has limited access to credit.

Speaking of the competence of his team, the founder said: “Entrepreneurs and accountants make up our founding team. Manikanta Racharla, the CEO, has spent the past nine years as a serial entrepreneur, failing and succeeding in various endeavors.

Chaitanya, Chief Revenue Officer, is a Chartered Accountant with over 12 years of experience with ICICI Bank, Oracle, Value Labs and the Medicover Group. Raghu, the COO, has already managed to leave Payfix and Nytro, two of his first start-ups.

Manikanta and Raghu have a solid background in building consumer-oriented businesses, especially for millennials in the informal sector (former start-ups). The association was working for us because it had a strong team with start-up experience and a good understanding of finances and sources of income. Since the launch of Coine we have grown 90% month over month, have a retention rate of 68% and now have positive EBITDA. “

Speaking more of what he would suggest to budding entrepreneurs in the industry, he said, “Just start. The only way to really learn is to do, and you can’t afford to wait for funding or for someone else to come and help you put your concept into practice. Rather than trying to start a business and instantly develop your idea of ​​what the business should be like in the future, focus on defining and achieving small, incremental steps. Setting realistic goals and benchmarks is an important part of long-term success. “

1,56,000 clients have been integrated into 548 Indian sites and 27.5% of consumers are new to credit and have no official borrowing history. ₹ 13.5 crore has been disbursed so far. Borrowers and loan partners are connected through the platform (NBFC). Borrowers should download the Coine app from the Google Play Store and complete the loan application in a few simple steps, after which the loan amount will be paid into the borrower’s bank account quickly. Users in rural India with low or no CIBIL / Credit score, as well as blue collar workers in unorganized sectors, are the target demographic. Coine.ai is a startup based in Hyderabad.