New Delhi (India), June 29: Dubai based, global digital debt collection and risk management start-up Datacultr today announced that its platform has enabled banks and financial institutions to extend loans worth over $ 1 billion (Rs 8,200crore), by May 2023. Datacultr’s technology enables its clients, an efficient, accessible, secure, and cost effective platform to offer loans to low-middle income segments across India and the emerging world. The company has established a strong presence in four continents with over 4 million loans enabled and managed on its platform.
The company witnessed 3X growth in revenue in 2022 as the company onboarded some of the largest NBFCs and Banks in India, South Asia, and South America, as well as large telecom operators in South East Asia & Africa last year.
The company contributed towards the scale-up of the consumer product portfolio for some of the largest Banks & financial institutions, while the number of loans offered in Q1, 2023 grew by 123% as compared to the same period in 2022. This demonstrates the effectiveness of the Datacultr platform which ensures an efficient debt collection experience alongside allowing financial institutions to approve more loans to new credit customers.
“We are thrilled to announce that we have crossed the billion-dollar mark in loan value enabled via our platform. Our mission has always been to innovate and build accessible and reliable lending enablement solutions that drive relevant risk metrics, thus boosting financial inclusion and we are proud to see the impact we are making,” said Neel Juriasingani, CEO of Datacultr.
The highly efficient and agile platform drives collection efficiencies, and reduces delinquencies, and Non-Performing Loans, enabling financial institutions to give out unsecured loans, at much reduced risk, to a larger unbanked and under-served population. Datacultr’s ML-driven engagement model enhances financial literacy, segments the borrowers, and customizes loan journeys appropriately with smart reminder mechanisms and digital nudges to make sure that these consumers make timely repayments.
“We are confident that our continued growth and success will enable us to further drive our mission to provide world-class risk management and digital debt collection solutions to our customers and create a significant impact in the space of financial inclusion,” Mr. Juriasingani added.
The platform is presently live in 11 countries such as India, Malaysia, Indonesia, Sri Lanka, Nigeria, Kenya, Tanzania, Ivory Coast, Mexico, Ecuador and Bolivia. The company further plans to expand in East Africa, Central Asia, and LATAM regions given the large size of unbanked populations in these countries.
Datacultr is a global Digital Operating System for risk management and debt collections, it drives collection efficiencies, and reduces delinquencies and Non-Performing Loans (NPLs). Datacultr is a digital-only provider of risk management, consumer engagement, and collection solutions, helping consumer lending, retail, telecom, and Fintech organizations since 2020. The Datacultr platform makes the underserved and unbanked segment viable, for providers of Buy Now Pay Later, Micro-Loans, Nano-Loans, and other unsecured loans. Datacultr is the winner of the Red Herring Global100 Award, 2022, Inclusive Fintech50-2021, and Red Herring Asia Top100 Award, 2019; it has also been recognized in multiple forums as the best digital collections platform.
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