Finlok

Finlok is a peer to peer financial platform that helps users save and access credit within their social networks/communities. The platform is based on the concept of moneypools/ROSCAs and has digitised the entire experience on the back of mobile and payments technologies. We are targeting the underserved (earning 8-25k pm) in building a risk profile based on their payment/repayment behaviour, group behaviour and dynamic in addition to other parameters. The intention is to use this rating in offering other financial services such as credit, insurance and investments; we have begun executing on that through a short term credit product (similar to a salary advance/pay day loan) linked to group behaviour.   The concept of using savings as security and credit worthiness for lending is the same as that in corporate loans with Debt Service Ratio (DSR); our aim is to use this for retail lending especially for users that are thin/no file customers.