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Finology

Credit & Insurance API services for instant fulfilment

Malaysia
Market: Insurance, Financial services
Stage of the project: Operating business

Date of last change: 22.05.2020
Min investment
$  250.000
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Total required
$ 3.000.000
Rating
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Idea

Our Credit API services enables digital straight thru loan applications to banks from any channel, with instant pre-approval capabilities on our patented technology. Today, this is used by property developers and property listings websites in Malaysia.

Our Insurance APIs enables insurance straight through purchase from any channel or platform. Today, this is used by merchant POS systems, e-Kiosk systems, and other e-commerce websites.

There is a subscription element involve, but is primarily a revenue share business model.

Current Status

The company was founded in 2017 with a total funding of USD1m.

The credit technology was commercialized in Q3 2018. The insurance technology was commercialized in Q1 2019.

Combined, via our APIs, we received 240,000 requests / enquiries via various channels relating to mortgages and insurances in 2019. Total of USD600,000 in revenues to our company.

We received our patents for our instant credit pre-approval technology from Australia & Malaysia in 2017 and 2019.

Market

Our market is the USD40b a year consumer credit market in Malaysia + the USD15b a year in personal insurances.

Our channel partners are typically any business that has a sizable database that would like to open alternate channels of revenue.

Today, our integrated channel partners include:
1) The largest property listing site in Malaysia
2) 4 of the Top 10 largest property developers in Malaysia
3) The largest payment processor in ASEAN

On the supply side partners, we have a total of 20 FSI partners.

Problem or Opportunity

The banking and insurance industry is slow to digitize their processes and distribution due to legacy challenges. The process of underwriting and fulfilling a loan or an insurance purchase today still takes a matter of days, if not weeks. Additionally, distribution is primarily done via fully owned channels of the bank.

Any Financial Services Institute (FSI) that has the infrastructure to support instant underwriting + widely democratized distribution is bound to have an edge in a digital future.

Finology partners with FSIs to do just that.

Solution (product or service)

We have the technology to:
1) Digitally enable risk underwriting to become instant, something that most FSIs have not yet been able to accomplish
2) APIs to massively increase B2B2C distribution channels

Finology works with Channel Partners on the demand side, and FSI partners on the Supply side.

After onboarding an FSI's product (typically a credit or insurance product), Finology rapidly deploys its APIs to different channel partners. Today, these channel partners include Property Developers, e-Kiosk systems, Property Listing Sites, Merchant POS Systems, and Telcos.

Competitors

The indirect competitors are the existing sales channels and processes for loans and insurance products.

Advantages or differentiators

Our instant underwriting and approval technologies have received patents in 2 different countries.

As a testament to the strength of our technology, beginning 2019, our systems have been purchased by FSIs in 4 different countries (MY, ID, PK, CB) for localized in-house implementations.

Business model

We earn a broking commission from every loan originated and every insurance product sold.

We share these revenues with our channel partners.

Money will be spent on

Opex - 60%
Adex - 20%
Capex - 20%

Offer for investor

22% for USD 3m

Team or Management

Incubation/Acceleration programs accomplishment



Won the competition and other awards

Winners
1) Asia Pacific ICT Award (APICTA) 2018 "Consumer: Banking, Insurance & Finance” - Malaysia

Runners Up
1) Asia Pacific ICT Award (APICTA) 2018 "Consumer: Banking, Insurance & Finance” - International (Guang Zhou, China)

2) Hong Leong Bank Launchpad 2018/2019

Invention/Patent

1) Instant credit evaluation technology with instant approval capability
- Granted in Australia (2017) and Malaysia (2019)

2) Bulk scoring method
- Patents pending

3) Credit gateway experience
- Patents pending

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address