Providing Out-of-the-Box Solutions Build a team of leaders. Empower employees to make tough decisions independently and own their projects from start to finish: Rajat Deshpande
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The fintech ecosystem in India is on a rapid rise. Financial literacy in the country is on the rise as well. However, fintech is a wide umbrella under which a lot of segments exist and problems continue to be prevalent in certain segments. FinBox was born out of a conviction to incentivize and solve for financial inclusion and works to democratize technology for digital platforms and fintechs so that they can build financial. The company does this through its proprietary embedded finance stack that allows any brand or platform to become a BNPL or credit provider without having to build a fintech product.
FinBox connects hubs of demand creation to lenders through new age technologies via innovative APIs. The entire stack is built on customizable and scalable APIs and SDKs. The tech stack is able to take care of the entire lending value chain i.e., origination, customer on-boarding, underwriting, KYC and collections. The segment that FinBox operates in is unique due to the structure of the larger industry i.e. credit and lending. FinBox offers a suite of risk assessment services that enable lenders and fintechs to effortlessly evaluate and serve new-to-credit borrowers. Banks and digital lenders prolifically use FinBox's proprietary RiskEngine, DeviceConnect and BankConnect products.
"Our primary differentiator is the fact that we bring together the entire lending flow - workflows, contracts, partnerships, underwriting, collections - in one drop-in widget," said Rajat Deshpande, co-founder and CEO, FinBox.
Fintech is in no man's land since a lot of regulation is borrowed from the bank and NBFC laws that do not strictly apply to newer business and operational models. However, the opportunity is huge as neo-banks, e-commerce and digital revenues have taken off for all companies, credit becomes the automatic enabler of growth. Deshpande hopes for a clear and encouraging regulation for the fintech space specifically that allows the room for innovation without compromising on the rights of the end-consumer.
Rajat Deshpande on his life lessons said, "Build a team of leaders. Empower employees to make tough decisions independently and own their projects from start to finish."The company's focus for the foreseeable future will remain on building next-gen embedded finance offerings for all banking and related services including credit cards, insurance, wealth tech etc. FinBox aims to become the "backbone' that will be used to create fintech experiences across India and the Asia pacific. The plan of expanding to newer geographies is also in the pipeline. FinBox will be expanding to Southeast Asia specifically with its BNPL product. The company is looking to grow its revenues by five times on the risk underwriting side by financial year 2023 and at the same time, aiming to do $1bn -plus in originations.