How a Fintech Startup is making lending quick and hassle free | InCred

• ByStartupStory     |    December 16, 2021

“I believe in inculcating a meritocratic culture where people trust that rewards and recognition follow automatically because of high performance and hard work”

                                                                                                    – Bhupinder singh, CEO, incred

The gist through the mist

InCred is a new-age financial services platform that leverages technology and data-science to make lending quick and easy.

InCred is credit for Incredible India. using technology and data-science to make lending quick, simple and hassle-free. They believe that traditional ways of lending can exclude those most in need because of outdated, rigid and often inefficient processes. At InCred, people have simplified the lending process with a sharp focus on serving our borrowers’ unique needs and circumstances – offering our customers a truly superior borrowing experience.

Incred and what they strive for

Incred aims To create a trustworthy, transparent and highest integrity financial institution that

positively advances the socio-economic well-being of lower middle class to middle

class Indian households while protecting the interests of all stakeholders, To be relentless in inculcating and nurturing a culture of continuous innovation and execution excellence by combining cutting edge technology, data science and deep financial domain expertise and delivering the best suited profitable products in the most dignified experiences for every customer.

InCred Brand Philosophy is To build our brand through affirmative experiences where every moment-of-truth for our stakeholder conveys and endorses our core values of

HIGH PERFORMANCE, OWNERSHIP , CONTINUOUS IMPROVEMENT and INTEGRITY

The man behind the success

Prior to launching InCred, Bhupi was the co-head of Banking and Markets for Asia Pacific at Deutsche Bank and was part of the core team that ran the global Banking and Markets businesses. While he was still at Deutsche, Bhupi saw the immense and unique opportunity that the Indian financial services market presented. Even through the competitive landscape appeared crowded from the outside with Public and Pvt Sector Banks, NBFCs and Fintechs all jostling for space, Bhupi strongly believed that there was a big gap that could be addressed by a financial institution acting as a bridge as a bridge between traditional banking and new-age tech led practises. In 2016, he felt the timing was right for him to kick start his entrepreneurial journey, just as the buzz around global banks was starting to peter out.

Bhupinder spent the first 12-15 months of the InCred journey researching the market, hiring the right talent and raising equity funding. Besides putting everything he owned into the business, he also received the support of marquee global & domestic investors who had conviction in his business vision.

How incred was finally established.

In 2017, Bhupi set up InCred as an NBFC with cutting edge technology and best-in-class risk management at the core of its business. InCred’s focus is to make lending quick and hassle-free for the many under-served consumers and small businesses in India. There are over 100 million prospective customers, many without any previous credit history, who are currently below the target segment for commercial banks and above that for MFIs.

InCred has been able to cater to over 6 lac consumers already through its innovative offerings in the Personal Loans, Education Loans and SME Loans segments. InCred aims to instil a sense of confidence in all its prospective borrowers through its interactions with them, removing any apprehensions that may be associated with the concept of borrowing.

When faced with challenges in the course of this journey, Bhupi has taken them in his stride, saying that, “Constant innovation and improvement is core to everything we do at InCred. A fast-changing market like India will always throw up new challenges. A winning attitude and an ability to ignore the pessimists go a long way in facing up to them. Having the ability to take nimble and tough decisions is imperative in building the foundation for sustainable success.”

Where is incred now

InCred Group will ramp up its fee-based businesses alongside its lending operations as it aims to become a full-services financial player. Both the lending and fee businesses are likely to launch alternative investment funds for the mid-market segment. In one of the fee-based businesses – asset management – the initial focus will be on alternative investments including private investments in public equities (PIPE), Singh tells VCCircle in an interview. The CEO also believes in the rationale behind taking the PIPE route and talks about the strategy of the asset management business.

Follow Startup Story