SME lending is plagued by a massive credit demand and supply mismatch. Lenders don't have the right kind of data to quickly evaluate SMEs for credit. To get a loan the traditional way, SMEs are required to physically go to the financial institution with a host of documents and fill several forms.
FinBit provides a easy way to gather financial data from SME customers. Data is collated from multiple sources such as bank and financial statements, tax, invoices etc. to arrive at a holistic data set which can be leveraged by lenders to provide instant credit decisions.
FinBit derives insight from customer financial data which can be used to provide instant credit decision
Insight into financial obligations of the borrower
Insight derived from multiple sources such as bank statements, GST and ITR
Consumers can select their financial insitution from the popular sites list or by searching based on a keyword
Consumers can provide the site login credentials. If required consumers are asked to provide additional authentication input.
The details of accounts gathered are displayed. Consumers may choose to add other accounts.