CreditMantri - Enabling People To Access Quality Financial Services

Sarika Anand Sarika Anand
Jun 18, 2021 10 min read
CreditMantri - Enabling People To  Access Quality Financial Services

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by CreditMantri.

Credit scores are used by insurers to determine premiums for auto and home insurance. They are used by landlords to determine who is eligible to rent their units. Who gets the finest cell phone plans and who has to put down larger deposits for utilities is determined by credit scores. In other words, credit ratings are a financial instrument, but their effectiveness as a lever or a hammer relies on how excellent they are.

Credit scores affect whether or not you are eligible for loans and the interest rates you will be paying. One's credit ratings influence far more than the kind of loans one can acquire and the interest rates they pay. People can get a credit score assessment and a credit improvement program from CreditMantri. It educates clients about their credit history and uses that information to improve or enhance their probability of getting a loan or credit card.

CreditMantri - Company Highlights

Startup Name CreditMantri
Headquarters Chennai, Tamil Nadu, India
Industry Financial Software, Fintech
Founders Ranjit Punja, Gowri Mukherjee, and R. Sudarshan
Founded 2012
Areas Served India

CreditMantri - Latest News
About CreditMantri and How it Works?
CreditMantri - Name, Logo and Tagline
CreditMantri - Founders and History
CreditMantri - Mission and Vision
CreditMantri - Business Model
CreditMantri - Partnerships
CreditMantri - Funding and Investors
CreditMantri - Competitors
CreditMantri - Challenges Faced
CreditMantri - Future Plans
CreditMantri - FAQs

CreditMantri - Latest News

As of March 2017, Quona Capital and others contributed $7.6 million to CreditMantri. According to CreditMantri, the investment round was headed by Accion Frontier Inclusion Fund, managed by Quona Capital, with participation from Newid Capital and current investors Elevar Equity, IDG Partners, and Accion Venture Lab.

According to Ranjit Punja, co-founder and chief executive officer, the funds will be used to acquire new customers, invest in the technological platform, develop new products, and increase the staff.

About CreditMantri and How it Works?

CreditMantri, situated in Chennai, India, is a digital credit facilitator. The objective is to use technologies and digital means to empower borrowers and lenders alike, allowing them to make more informed credit-regarding decision making.

CreditMantri is a credit facilitation platform that assists consumers in making borrowing decisions. Consumers can examine and evaluate their credit potential, apply for loans, and make optimal credit decisions using the company's credit facilitation platform, which provides free credit health analysis for easing borrowing decisions.

Individuals are given a strategy to improve their credit score and record, and the company works with them to enhance their loan/credit card eligibility and lower their EMI expenses. It also assists people in obtaining their CIBIL report, providing a credit scan, and conducting analysis, and providing a credit health report.

CreditMantri' s services for clients with little or no credit history, as well as those with bad credit, are distinctive in that they help customers establish or recover their credit history. Most importantly, CreditMantri connects these consumers with the proper financial product lines depending on their credit score in the process.

CreditMantri provides a variety of lender-specific solutions, including:

  • Credit items are listed on a marketplace.
  • Solutions that allow lenders to offer products to people who have never had credit before by allowing rapid credit decisions based on other data.
  • Services for Verification

CreditMantri collaborates with more than 50 lenders and offers more than 50 loan products and services.

CreditMantri - Name, Logo and Tagline

CreditMantri' s Company Logo
CreditMantri' s Company Logo

The company description says, "When data sciences, technology and financial services veterans come together, it creates an opportunity to bring out change."

CreditMantri - Founders and History

CreditMantri was founded in 2012 by former bankers Ranjit Punja, Gowri Mukherjee, and R. Sudarshan to increase access to financial services for India's low-income people.

CreditMantri' s Founders - Ranjit Punja, Gowri Mukherjee, and R. Sudarshan
CreditMantri's Founders - Ranjit Punja, Gowri Mukherjee, and R. Sudarshan
β€œA lot of consumers are not even aware of what their credit report looks like,” says CreditMantri co-founder Gowri Mukherjee. She explains how the company uses not only information from credit bureaus and banks, but also government records and β€œuser-generated data” β€Šβ€”β€Š social media, SMS data, calling records β€Šβ€” β€Što help their customers present a more detailed and robust account of their creditworthiness. β€œThe neutral credit segment, which has never borrowed before and for whom data in the bureau is very shallow, actually has the most benefit,” she says.

Gowri Mukherjee, an experienced financial services worker, considers her work both personally and professionally rewarding.

β€œThe number of users who have genuinely grasped where they stand in terms of their credit profile has been the most rewarding thing for me,” she says.

Millions of people in India's fast-rising economy have little or no experience with official credit intermediaries, making it nearly hard for them to obtain loans because they have no credit history. CreditMantri, a Chennai-based business, has developed a proprietary algorithm that incorporates additional data sources to create more comprehensive credit profiles.

The expansion of credit bureaus such as TransUnion, Equifax, Experian, and CRIF High Mark about a decade ago helped to foster a healthy credit culture, but it also resulted in the exclusion of many people due to low credit or previous defaults. Unja sought to assist those who had been neglected. The start-up got $2.5 million under series A funding in May 2015 from Elevar Equity, IDG Ventures and Accion Ventures.

"We provided the credit score for free," Punja claims. The free service proved to be a huge hit. "It was a big turning point in the company's journey," he says.

Over the last eighteen months, CreditMantri has delivered a number of first-to-market services:

  1. Credit history as well as score analysis online, with support for multiple bureau forms
  2. An online problem-solving tool for resolving outstanding debts and concerns with problematic lending accounts.
  3. Using a variety of data sources to enhance a user's credit profile
  4. A real-time rule engine that compares lender credit criteria to borrower credit profiles in real time.

CreditMantri is the 1st company in the industry to offer a Free Credit Health Check Online, which includes retrieving the user's credit report and offering an online analysis. CreditMantri' s goal is to put people in control of their credit decisions. The diversified team consisting of 50+ people, which has extensive experience in financial services in the credit, collections, and digital sectors, is focusing its efforts on meeting the demands of lenders and borrowers with various credit histories and risk appetites.

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CreditMantri - Mission and Vision

CreditMantri aspires to change the way people think about credit by providing them with transparent and accountable lending solutions. Everything the company does is based on its core values. Only when users perceive the value given have they become actual enablers.

Company' s Core Beliefs :

  • Improvements in technology and analytics, according to the company, should benefit consumers by assisting them in making educated decisions and providing them with more options.
  • Only when people perceive the value given will the corporation become actual facilitators. As a result, it focuses on providing services and solutions that are tailored to meet genuine market demands.
  • The most expensive form of credit is none at all.
  • The company's goal is to make basic, straightforward financial products available to help people improve their lives.

CreditMantri - Business Model

The company's web portal allows both borrowers and lenders to make better credit judgments. The CreditMantri business model is based on financial institutions paying CreditMantri a commission when a loan is approved for a customer. Getting new clients is the company's biggest difficulty.

The business model has grown to accommodate a wide range of consumers, from "first-time credit searchers" to "credit challenged" and "credit healthy" individuals. This fintech company currently serves over 10.5 M people and provides access to over 3,000 data points.

The business model has evolved to make credit more accessible to everyone. CreditMantri provides real-time credit decisions to banks and NBFCs. The firm employs both classic and nontraditional data sources. CreditMantri also offers 'new to credit bureau' and existing borrowers loans and credit cards based on alternative data sources. The free credit bureau score is a good place to start. "A lot of our consumers come to us for a free score," Punja explains.

CreditMantri also offers a credit gateway or B2B profiling solution for businesses interested in credit profiling data, such as insurance, brokerage, and furniture rental organizations.

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CreditMantri - Partnerships

CreditMantri examines a customer's credit history over the previous 36 months in order to form a reliable financial assessment of their creditworthiness. CreditMantri has deals in place with Equifax, a credit reporting service based in the United States, as well as Indian financial institutions such as ICICI Bank and DCB Bank.

Its platform is used by over 55 lenders, including major public, private, and foreign banks and NBFCs, to source customers and engage in the resolution of prior debts. Some of its big partners include Bajaj Finance, Mannapuram, HDFC Bank, ICICI Bank, Chola Mandalam, Axis Bank, Β Tata Capital, and others. CreditMantri then assists the user in improving their credit score by recommending loans and credit cards that are appropriate for their needs and lowering borrowing expenses.

CreditMantri - Funding and Investors

The CreditMantri funding is as follows:

Date Round Amount Lead Investors
May 18, 2020 Venture Round β‚Ή60M β€”
Jan 1, 2019 Debt Financing - Trifecta Capital Advisors
Feb 28, 2017 Series B β‚Ή514M Quona Capital
Jun 26, 2015 Series A $2.5M β€”

CreditMantri - Competitors

BankBazaar, Maveric Systems Limited, KredX, SysArc Infomatix Pvt Ltd, Credit Karma, WeCash, CreditVidya, IndiaLends, and Credit Sudhaar are CreditMantri' s main competitors.

CreditMantri - Challenges Faced

Someone with a poor credit score, often known as thin file credit, may be unable to get credit services such as loans or credit cards. Understanding the factors that influence a credit score is necessary for improving it. CreditMantri assists Indians in taking control of their credit health and making more informed borrowing decisions. People can take actions to enhance their creditworthiness and access financial possibilities that were previously inaccessible to them once they understand their creditworthiness.

Getting new clients is the company's biggest challenge. Furthermore, moving credit scoring power from credit bureaus to customers necessitates education of those at the bottom of the pyramid.

"In the past two years, we have tripled our revenues," says Punja, without disclosing numbers. The business faces challenges in terms of government's stance on utilisation of data and the future regulatory framework. "We maintain a very higher standard, but we do think about how things (data use regulations) will play out," says Punja.

Banks that are digitizing and using artificial intelligence and machine learning to generate better scoring models, according to experts, will compete with the corporation. Similarly, credit bureaus are developing new services to meet the needs of their customers.

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CreditMantri - Future Plans

Ranjit Punja, the 49-year-old Founder and CEO of CreditMantri in Chennai, is unlike many other Fintech entrepreneurs. He worked for Citibank for for two decades before succumbing to the entrepreneur itch. R. Sudarshan, Chief Operating Officer, and Gowri Mukherjee, Chief Marketing Officer, are the other two co-founders.

In 2012, the trio started their business by providing credit improvement services, or assisting borrowers in improving their credit scores so that they could obtain credit from banks and non-bank finance providers. Punja explains, "The objective was to aid folks who are credit challenge," which according to her is still the same.

"We aim to make credit more accessible to everyone," Punja explains. CreditMantri can assist someone who wishes to increase his credit score. Consumers with a poor credit history or low credit ratings can obtain aid online and connect with lenders to erase their debts. This enables credit-challenged individuals to receive assistance in improving their credit history, after which banks and financial organizations are willing to lend to them.

CreditMantri - FAQs

When was CreditMantri founded?

CreditMantri was founded in 2012.

Who founded CreditMantri?

CreditMantri was founded in 2012 by former bankers Ranjit Punja, Gowri Mukherjee, and R. Sudarshan to increase access to financial services for India's low-income people.

Is CreditMantri Safe?

Yes, CreditMantri is a reliable website.

How does CreditMantri make money?

The business model is based on financial institutions paying CreditMantri a commission when a loan is approved for a CreditMantri customer. Getting new clients is the company's biggest difficulty.

Which companies do CreditMantri compete with?

BankBazaar, Maveric Systems Limited, SysArc Infomatix Pvt Ltd, Credit Karma, WeCash, CreditVidya, IndiaLends, and Credit Sudhaar are CreditMantri' s main competitors.

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