Fintech platform for onboarding, alternative scoring and financing of clients in growing business industries. In SEA we finance ride hailing drivers with work-to-own model for new motorbikes.
Current Status
We already:
- Incorporated in SG
- Opened company in Indonesia
- Developed Web App for drivers
- Launched automated daily payments from e-wallets and digital onboarding process
- Partnered with major ride hailing platforms for pilots
- Provided more than 20 motorbikes in Indonesia, and signed agreement for 50 more
- Signed agreement with electric motorbike vendors in Indonesia
Before we have expertise in financing ride hailing industry in CIS . We financed more than 12000 vehicles and provided loans for $ 4,5 millions. Default rate is less 0.5%
Problem or Opportunity
In Southeast Asia, lack of financing for SMEs is around $300 billion , yet 48% of SMEs cannot rely on traditional banking due to outdated risk assessment models, incomplete financial data, and a lack of credit history. Clients also struggle with complicated application reviews.
Ride-hailing market in this region is worth almost $13 billion in 2021 and is expected to grow by 15% annually. Over 600,000 new motorbikes are needed annually only in Indonesia ride hailing alone but drivers still don't have convenient instrument to own a new motorbike.
Solution (product or service)
Fintech platform for onboarding, alternative scoring and financing of drivers who work on ride hailing platforms for new motorbikes. Our alternative scoring model analyzes performance of the driver on ride hailing platforms and his revenue streams, providing lowest possible risks. Besides we implement automatic daily payments from driver's e-wallets and connect banks to the platform to finance deals.
Business model
Fintech platform earns money as a license platform fees from main stakeholders. Our scoring model approve client, after this we connect financial partner to finance deal, money go straight to the vendor (for motorbike) . For SME clients license fee is included in automatic daily payments. As for financial partners, license fee is 15% from the revenue they receive financing deals through our platform. Also vendors pay us 2-5% from product(insurances, tyres, transport) prices as we provide convenient methods for clients to own their products.
