Monexo Logo

Monexo wins Best Fintech Startup Award at CII Startupreneur Summit in Chennai

The third edition of the Startupreneur Summit organized by the Confederation of Indian Industry (“CII”) in Chennai on 17th April, 2017 was all set to demonstrate how Tamil Nadu’s startup community is flourishing. Aimed at reinforcing support for local startups and recognizing those which had achieved significant traction, the summit invited startups which had uniquely improved customer experience by addressing a core problem across business segments.

CII’s organizational prowess was on full display considering it had put together an ambitious action packed agenda aimed at leveraging this unique opportunity for shortlisted startups to showcase their achievements, listen to industry stalwarts and more importantly – pitch their business to investors for funding. Keynote speeches and panel discussions brought out the flavor of India’s growing startup ecosystem – right from emerging business models to new paradigms in technological advancement embedded in design thinking and artificial intelligence.

At Monexo, we were extremely excited to have been shortlisted for recognition in the fintech category – a space that is fundamentally opening up smarter, more efficient ways for customers to invest, borrow and pay for services. Positive reception from both the audience and investors reaffirmed our belief in the ability to leverage our Peer to Peer lending platform to ultimately transform the domestic credit landscape and build a dominant two sided alternative lending marketplace. The platform provided by CII enabled us to closely interact with other shortlisted startups and bounce off ideas for collaboration while also providing airtime with investors who were specifically interested in investing in the financial services space. Fund-raising workshops and open-house discussions to address key issues related to scale and profitability only further added to the enriching experience.

A massive, blockbuster announcement soon followed with a senior representative from the state government announcing plans to establish a INR 500 crore startup fund dedicated to foster the entrepreneurial spirit in the state.

The awards ceremony later in the evening resulted in another key milestone for Team Monexo as we walked away with the ‘Best Fintech startup’ award – a recognition which will propel us to continue focus on key strengths even as we roll out exciting new features on our platform for customers.

IMG_1561

At Monexo, we want to reimagine how we can build a new era of consumer finance in India’s thriving sharing economy – with tangible benefits for both borrowers and investors. We thank CII for this unique opportunity and it’s continued focus and commitment to nurturing entrepreneurship in India through increased collaboration between the startup ecosystem, industry and government.

Monexo won SuperStartUps India Awards

NEW DELHI, April 11, 2017

SuperStartUps India, a platform to recognise the innovation and efforts of the start-ups in the country, today announced its first ever list of winners. A venture from the house of Superbrands, the coveted multinational brand endorser, recognised 32 brands from across sectors for their vision and contribution to this growing industry.


winner's picture

(Photo:http://mma.prnewswire.com/media/489020/Shivjeet_Kullar_and_winners.jpg)

With the growing trend of creating a start-up instead of taking the traditional route has swept India away in recent times. Government incentives and an influx of capital from abroad have made it increasingly attractive to take that big leap of faith. Taking accord of this tectonic shift in Indian business culture, SuperStartUps was designed to heap acclaim on all the start-ups spending night and day trying to make the next ubiquitous, innovative offering.

Shivjeet Kullar, Head of SuperStartUps awards said, “India is fast rising as the start-up destination in the world. With the rapid expansion of the start-up culture in the country, it becomes imperative to identify and acknowledge the brands who not just have taken the offbeat route but are continuing to chase their destination differently.”

“The winners have been chosen by the netizens of India and we hope and wish that the tag of being a SuperBrand winner will help them grow further,” he added.

Not only was the programme unique since its inception – it was also totally impartial. The winning SuperStartUps were not decided by any panel of judges but by the citizens or rather netizens of India. Across 15 metros and smaller cities from all parts of India constituted a confidential panel of thousands of ‘voters’ that chose the online brands they prefer.

The monitoring council of the project included Dar and Adman Prahlad Kakkar, Valerie Pinto, Chief Executive Officer (CEO) of Weber Shandwick; Sanjeev Bikhchandani, Founder of Info Edge, and Deep Kalra, Founder and CEO of MakeMyTrip.

About SuperStartUps

SuperStartUps started with a vision of providing something of incredible value to its winners that sets itself apart from other start-up competitions – a start-up competition chosen by the netizens of India. At the end of the day, the success of a start-up depends on how resonant its product is among the masses. With this, SuperStartUps decided to undertake an extensive research process encompassing 4 months and 22 Indian cities to ascertain which start-ups were making the most buzz.

Finally, from over 6000 eligible start-ups, India’s next big start-ups were selected. Being a SuperStartUp provides its winners the ultimate validation – how the public is reacting to their idea.

Lastly, they get the stamp of being the first SuperStartUps by Superbrands – an organization that has successfully provided a differentiating factor for all the companies it has honored in its 15-year stint in India.

Reference:
http://www.businesstoday.in/prnewswire/index.jsp?rkey=20170411enIN201704118158_indiapublic&filter=2418
http://www.thehansindia.com/home/prnewswire?rkey=20170411enIN201704118158_indiapublic&filter=2080
http://news.webindia123.com/news/press_showdetailsPR.asp?id=1054439&cat=PR
https://www.telegraphindia.com/pressrelease/prnw/58325/superstartups-india-announces-its-first-ever-awards.html

P2P market place Monexo to start 1 min loan approval process

NEW DELHI: Lending marketplace Monexo has become the first peer-to-peer lending company in India to introduce a 1-minute loan approval process.

The company will leverage its proprietary, self-learning analytics platform as well as its tie-up with CRIF to access credit scores and other relevant financial data to aid in the loan disbursement decision making process, Monexo said in a release.

By filling in basic details such as name, address and PAN details, the borrower can apply for a loan and get to know if Monexo will list the loan, all in a matter of one minute.

The borrowers can avail a loan of Rs 50,000 to Rs 5 lakh for tenure of 6 months to 60 months. There is no origination fee or prepayment fee. But the borrower must just pay a success fee of 2.5 per cent if the loan to him is approved and he decides to avail it.

Monexo currently offers its services to salaried individuals with a minimum net salary of Rs 25,000 per month

“The Indian P2P lending market may disburse loans of $4-5 billion in the next 5-6 years. This is a great situation for borrowers who want to get access to capital quickly and seamlessly as well as for lenders who want to get more value from the cash available at their disposal,” Monexo founder and CEO Mukesh Bubna said.

Source: http://economictimes.indiatimes.com/small-biz/startups/p2p-market-place-monexo-to-start-1-min-loan-approval-process/articleshow/57413312.cms
http://indiatoday.intoday.in/story/p2p-market-place-monexo-to-start-1-min-loan-approval-process/1/894452.html
http://www.business-standard.com/article/pti-stories/p2p-market-place-monexo-to-start-1-min-loan-approval-process-117030100783_1.html

Monexo- India’s first and only P2P lending company with Escrow Services

Monexo is redefining the way people borrow and lend money through its peer to peer lending marketplace. It is the new face of the digital India where borrowers can apply for personal loans 100% online and investors can fund them at a click of a button without having to meet each other in person.

So how does one bring trust and transparency in managing funds in peer to peer lending?

How can the movement of funds between the lender and borrower be made easy and reliable?

Monexo is India’s first and only peer to peer lending company with escrow services.

Monexo has partnered with IDBI Trusteeship Services Limited (ITSL), India’s leading Trusteeship Company. As an independent third party, ITSL holds the customer’s funds and transfers them between borrowers and lenders.

Monexo’s escrow account feature is in line with the “living will” mentioned in the consultation paper on peer to peer lending by Reserve Bank of India. Monexo has also benchmarked best practices in peer to peer lending from UK’s Financial Conduct Authority .

We would like to earn the trust of our customers by creating the most convenient, hassle free and secure platform for them. Monexo’s innovative escrow account feature works to the advantage of both borrowers and lenders.

Benefits to lenders:

> Safety: With escrow feature enables an arm’s length distance between Monexo and your funds, ensuring you have control over them as a lender.

> Convenience: You don’t have to deal with each borrower individually for funding the loan and monthly repayment collections.

> Speed: You are able to fund loans and get repayments very quickly. You get a single view of your portfolio in one place.

Benefits to borrowers:

> One Disbursal just like bank: As a borrower, you receive a single credit to your account when a loan is funded to you from multiple lenders.

> One Repayment: Imagine writing 36 cheques x 20 lenders for your loan! At Monexo, you just give one NACH/ECS. We take care of the rest.

> Privacy: Unlike other P2P platforms where you name is displayed to everyone, we do not reveal your identity.

Monexo bets big on India P2P market

Monexo, the peer-to-peer (P2P) banking market place, first floated in Hong Kong by a former Citibank honcho, is now betting big on the Indian market, particularly in the wake of the government’s digitisation initiatives and drive for ‘financial inclusion’ beyond bank account opening. Monexo, which already has over 3000 customers in India, seems well set to roll out collateral free SME loans in India by the Q2, next fiscal, said Mukesh Bubna, founder-CEO, Monexo.

Peer to peer lending platforms refer to a business model that brings together lenders and borrowers – individual and institution -with funds changing hands after proper due diligence related to know your customer (KYC) and anti-money laundering (AML) procedures. Incidentally, factoring in the growing popularity of the segment, the Reserve Bank of India (RBI) released a discussion paper in April on the proposed guidelines for the participants.

“We are eyeing major share in the peer-to-peer lending business having potential of growing to Rs 10,000 crore in the next five years and we are targeting Rs 300 crore business in the first year of operation. Mind you, when it comes to lending, there is a large ‘missing middle’ and will tap that segment,” said Bubna, who had nearly 20 years of consumer banking experience with Citibank in different geographies-India, Singapore and Hong Kong. His last assignment with Citibank was as the regional director for product & marketing of Citibank and prior to that he was CFO for cards and unsecured lending for the Citibank APAC region.

Monexo, which at present operates out of its Indian head office in Chennai, has teamed up with CRIF, one of the key players worldwide specialising in credit information, business information, analytics, scoring, decision and credit management solutions, IDBI Trusteeship Services Limited (ITSL), India’s Leading Trusteeship company jointly promoted by IDBI Bank, LIC of India, and GIC of India, IDFC Bank, LexisNexis, a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets, Jocata Financial Advisory and Technology, an innovative products and services firm specialising in KYC, AML and combating the financing of terrorism (CFT) compliance for financial services industry clients and Kochhar & Co, a leading law firm in India with pan India presence.

At present, Monexo is offering personal unsecured loans of Rs 50,000 to Rs 5 lakh, at interest rates in the range of 13 per cent and 30 per cent, depending on various parameters.

Source:
http://www.mydigitalfc.com/news/monexo-bets-big-india-p2p-market-334

FICCI Report Explores Promises and Challenges of FinTech in India

The Federation of Indian Chambers of Commerce and Industry (FICCI) published a new report in January called “Leveraging the FinTech Opportunities in India” to highlight a number of topics, including digital payments, digital banking, blockchain, and online lending, to name a few.

According to FICCI Secretary General Dr. A. Didar Singh;

“It is usually felt that FinTech is all about digitising money. Our contributors to this edition show that there is more to it and that FinTech is about monetising data. By reducing information asymmetry in the marketplace, FinTech is not only improving the ability to match investors, lenders and borrowers; but providing a more level playing field that allows retail investors to have greater participation in the market. Innovative financial services such as robo-advisory have the potential to extend financial advice beyond high net worth individuals and more sophisticated investors, to a wider cross-section of the investors. And the frictionless operation of FinTech innovations such as block-chain and digital currencies are generating new value streams not just in financial services but across the economy.”

The FICCI report includes 19 articles about various aspects of fintech. Here is an excerpt from FICCI report:

In “The New Sector on the Block”, Mukesh Bubna says,

“The came, they saw and they have already conquered the marketplace much faster than one would have thought. P2P lending has found itself in the middle of action following the demonetization exercise of the government.”

For the full report, see below
https://www.scribd.com/document/338177135/Financial-Foresights-Jan-2017

Source:
https://www.crowdfundinsider.com/2017/02/95449-ficci-report-explores-promises-challenges-fintech-india/

Monexo to start P2P lending operations in Kolkata

Peer-to-peer lending (P2P) is a debt financing tool that helps individuals to borrow and lend money and there is no role of an official financial institution as an intermediary.

Hong Kong-based financial services firm Monexo will start peer-to-peer lending operations in the metropolis shortly, a company official said.

“We have taken an office in Salt Lake Sector V. We will hire around 30-40 people and start peer-to-peer lending operations here shortly,” founder and CEO of Monexo Mukesh Bubna told PTI.

It would start with personal loans, Bubna said.

He said peer-to-peer lending operations typically deal with HNIs who are willing to lend to individual borrowers.

“Monexo is a market-place where matchmaking between the lenders and borrowers are done,” he said.

The company has already tied up with CIBIL for getting the credit scores of intending borrowers, he informed.

“A good credit score will enable the borrower to get personal loan at as low as 13 percent,” the CEO added.

Monexo started operations 18 months ago in Hong Kong, after which it opened offices at Bengaluru and Chennai, said Bubna, an ex-Citibanker.

The company uses data analytics for profiling intending borrowers.

Peer-to-peer lending (P2P) is a debt financing tool that helps individuals to borrow and lend money and there is no role of an official financial institution as an intermediary.

Source:
http://www.moneycontrol.com/news/business/monexo-to-start-p2p-lending-operationskolkata_7950061.html
http://www.business-standard.com/article/pti-stories/monexo-to-start-p2p-lending-operations-in-kolkata-116111100717_1.html
http://indiatoday.intoday.in/story/monexo-to-start-p2p-lending-operations-in-kolkata/1/808229.html

Monexo to raise USD 10 mn to expand P2P lending biz in India

Hong-Kong-based Monexo Innovations, the latest entrant in the Indian peer-to-peer lending space, plans to raise about USD 10 million by December 2016 to scale up its business in India and South East Asian countries.

“We are looking to raise about USD 10 million by December and talks are in advance stage with PE investors. We have sales office in Chennai and looking at opening 10 offices in major cities across the country,” Monexo Founder and Chief Executive Officer Mukesh Bubna told PTI here.

“Also, we are looking at venturing into overseas market,” he said.

Further, Bubna said “we are eyeing major share in the peer-to-peer lending business having potential of growing to Rs 10,000 crore in the next five years” and the company is targeting Rs 300 crore business in the first year of operations.

The recent P2P lending consultation paper issued by RBI is set to change the landscape and the team at Monexo is engaged with the regulators as well as across the Traditional players and P2P lending industry, he added.

Peer to peer lending (P2P) is growing rapidly in the US and Britain. China’s peer-to-peer lending sector has emerged as the largest and most dynamic online alternative finance sector in the world.

Monexo is now fully functional in Hong Kong markets with 2 products for borrowing – Rental Discounting and Salary Loans. Monexo’s team of professionals are poised to bring to India innovative financial products that help investors earn better returns and borrowers bring down their cost of credit, Bubna said.

After Hong-Kong and India, the company is also looking at entering into Singapore, Philippines and Indonesia.

Currently, Monexo, which unveiled operations last month in India, has a few hundred lenders registered on its platform where borrowers can avail loans at interest rates in the range of 13 per cent and 30 per cent, depending on various parameters.

The company used “data and science with as many as 600 data points” to evaluate the credit worthiness of the borrower. It rates them in the band of M1 and M8, with M1 being the highest rating.

Source:
http://www.business-standard.com/article/pti-stories/monexo-to-raise-usd-10-mn-to-expand-p2p-lending-biz-in-india-116101700637_1.html
http://www.thehindu.com/business/Industry/Monexo-looks-to-raise-5-10-mn.-for-P2P-business-in-India/article16070239.ece
http://techstory.in/18102016-hong-kong-based-monexo-raise-10mn-p2p-business-india/

Monexo introduces ‘auto invest’ feature in its platform

MUMBAI: Online peer to peer lending platform Monexo has introduced the “auto-invest” feature on its platform. Through this feature, the lenders on Monexo’s platform can automate their entire lending process by setting up their auto-invest rules in 2 simple steps. Lenders select the maximum funding per borrower and desired portfolio allocation across M1 to M8 rating based on their desired risk-return criteria.

More than 90% of Monexo’s customers have expressed their interest in using “auto-invest” feature and hence it has been made available to the customer much earlier than Monexo had actually planned said the company in a statement to the press.

The customer can change the rules set by him as per the risk-return ratio he is comfortable with and Monexo’s platform would immediately bring the new rules into effect.

“It is virtually impossible for our customers to stay online at all times anticipating an apt lending opportunity. With Monexo, they can now set the rules and leave the rest to our “auto-invest” feature. Based on their inputs, our algorithm and data science engine will ensure that the customer’s money is invested in the opportunity as per the risk-return parameters set by him. This also ensures that the borrowers can get funded quickly,” said Mukesh Bubna, chief executive, Monexo.

Source:
http://economictimes.indiatimes.com/articleshow/55434999.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://lending-times.com/2016/11/16/wednesday-november-16-2016-daily-news-digest/#heading-26
https://startupwolf.wordpress.com/2016/11/15/monexo-introduces-auto-invest-feature-in-its-platform/

5 Reasons Peer-to-Peer Lenders in India could attract poor credit quality

Peer-to-Peer Lending is emerging in India and will be successful if the Credit quality on these platforms have a reasonable default rate and provide good returns to the lenders.

Peer-to-Peer Lending is a new asset class and it is important to create Awareness, Education and Understanding for lenders on how to proceed further to add P2P lending in your investment portfolio.

At Citibank Consumer Bank, where I worked for close to 20 years, I learnt a concept of “Negative Self Select”.

In simple terms “Negative Self Select” means customers who choose your product and brand have poor credit track record. If most of the poor credit profile are choosing your product or brand your portfolio quality is bound to perform poorly over time compared to the industry peers.

Then the question arises, What leads to “Negative Self Select” ?

As a Bank, we used to have 3 key criteria to understand if we were a potential target of “Negative self select”.

They were:

  • 1. Heavy documentation / Cumbersome Application – asking for more information or documents then the industry.
  • 2. Slow process – if the industry is processing a loan in 7 days your process take 10+ days or more.
  • 3. Higher interest rate – if you price your credit product higher than others and information is seamlessly available then a good customer will choose the loan which costs them lower.

These 3 criteria could work in combination or stand alone. It is quite logical that the best customer would not want to be inconvenienced by Heavy documentation, wait for long or pay higher cost for borrowing until and unless s/he does NOT have a choice.

Only, poor credit quality customers would go through these inconvenience as they do NOT have a choice.

However, for Peer-to-Peer Lending platform there are 2 more challenges:

  • 1. Brand Awareness: The belief that borrowers do not care about the brand from which they borrow – is not correct. A good borrower does not want to borrow from an unknown brand. They care about their personal information, kind of practices the borrowers adopt post disbursal of loan and how will they get serviced during the loan period.
  • 2. Confidentiality of the transaction: Most cars and houses in India are sold with financing however no one puts a sign on the car or house the name of the bank they took financing from. Similarly, the good borrowers do not expect finance company to publish their name of their website.

At Monexo (https://www.monexo.co/), we have solved for all of them before we launched our platform, namely:

    • Ur process is digital and fast. Approvals are given the same day and we can 100% guarantee disbursal once the loan is committed by our lenders. Monexo is the only company which can give this guarantee. This is NOT possible on other P2P platforms as they rely on lenders to transfer funds to borrowers. Lenders may forget, get busy or even change their mind. We are making the loan process “paperless”.
    • We rely on Data Science and ask for minimal documents on our platform. More documents does not mean better credit – it means more inconvenience to borrower and good ones will leave.
    • We price our loans across the spectrum of 13% to 30% which allows us to play across Banks and NBFC pricing. We also have launched 20% Interest Discount offer for Personal Loan Transfer – this could save customers as much as Rs. 20,000 over 3 years. Visit us at – https://www.monexo.co/in/campaigns/personal-loan

    • Yes we are young company however are trustworthy. Our Founders have 70+ years of Financial Service and Technology experience with Global Brands. Further, we believe in Education, Awareness and Understanding of our product and services is critical rather than selling. Every customer can connect with us as and listen to our Free Webinar https://www.monexo.co/in/webinar.

    • Finally, we respect our borrowers privacy and do not put their pictures or name on our website. We share the borrowers profile, Credit Score, Monexo rating and other key demographic and income details for lenders to make decision.

We are building a new paradigm for borrowers and lenders with our 3D’s – Digitial, Data Science and Democratisation of Finance at Monexo (www.monexo.co/). Visit us, talk to us and engage with us in our vision of “making borrowing more affordable and investing more rewarding.”

Mukesh Bubna
Founder at Monexo Fintech Pvt. Limited