This fintech start-up from the ex-ex-BankBazaar helps borrow money from social circles

After working in the core teams of companies like BankBazaar and the fintech lending startup RupeeRedee, Jitin Bhasin realized one thing – there are over 50 programmed commercial banks, 10,000 NBFCs and over 200 fintech lending companies in India, but 80% of people are underserved and lend / borrow among their social circles when needed and in need. as the first line of defense.

Citing a 2020 CMIE study, Jitin says that 70 percent of Indian households lend / borrow among their social circles and that this business grew by more than 100 percent in 2020.

Sensing the need to organize this unorganized market through digitization and clear record keeping, Jitin founded a fintech start-up Save in with ex-banker Anurag Varma and Gaurav H Luthra, founder of What’s up with life.

Founded in late 2020 and early 2021, SaveIN is a consumer-driven fintech / neo-banking platform that aims to improve access to affordable and transparent credit for Indians.

Anurag Varma, co-founder, SaveIN

What does it do?

“We understand that India continues to be an underserved society when it comes to credit, especially personal loans. Indians mainly borrow through two key channels: institutions such as banks, non-banks, fintech companies or within their social network. We strive to disrupt these two channels to provide innovative on-demand credit products and services to our users, ”said Jitin.

The team has launched its own “Social finance” produced during the peak of the pandemic in April 2021. The product aims to facilitate and digitize informal loan transactions between friends, family and acquaintances. This is a unique offering in the market, says Jatin.

According to him, some of the challenges the startup faced included exceeding the restrictions imposed by Covid, health issues in the immediate team / families, the lack of partners needed to develop the product in large part due to the pandemic, etc.

Build the team

“We were determined to work hard and stay focused on developing the platform and luckily we overcame all difficulties to launch according to plan. It says a lot about the team’s mental strength, focus, commitment and ambition, ”adds Jitin. .

He says it helped to have the core team of founders and Rahul Gupta, Karan Jain and Navdeep Soni, who had expertise in the field to be part of the team.

SaveIN’s head office is in Gurugram and the team started active business activities in November 2020. At present, the social finance product is used by thousands of Indians. SaveIN has also received a patent from the Indian Patent Office, government. from India, on this unique social finance offer.

“We are now ready to complement our consumer credit portfolio with an innovative loan product in partnership with a financial entity, aimed at providing credit on demand to a specific vertical, which is sorely lacking in credit. With this, we plan to add significant value to existing and new SaveIN users, ”Jitin said.

Gaurav Luthra, Co-founder, SaveIN

How it works?

SaveIN connects borrowers and lenders in an existing social group (i.e. who already know each other), through its ecosystem of real-time mobile applications. A person can download SaveIN, register in less than a minute, and authenticate any existing bank account to start using SaveIN. One can act as a lender / borrower or both while using the platform.

Borrowers can see loan offers from friends, family and acquaintances, including the desired interest rate, if any (it can range from zero to 36% per annum), and can send them requests in real time, in a completely dematerialized way.

After receiving such requests, lenders can review the details and approve / reject / issue counter-offers for those requests and transfer the money through a UPI-based payment system, integrated with the SaveIN platform.

The platform keeps all records, sends timely notifications and reminders to both parties, including appropriate refunds. At the close of the loan, both parties can rate each other and SaveIN accumulates these ratings for future use.

“The process used is patented by us. We built the entire stack on Amazon Cloud, using industry-leading security and performance services, ”says Jitin.

Market and future

The team spent the first five months developing their first offering – Social Finance. The product has not yet been monetized. However, the team sees it as a service game, as well as a commission on the loan products they facilitate through bank / non-bank entities.

In 2020, the Reserve Bank of India (RBI) issued notifications to non-bank financial corporations (NBFCs) and banks requiring additional disclosures / compliances, and a notice to borrowers warning them about fraud platforms.

The Digital Lenders Association of India (DLAI) has also issued guidelines with a regulatory pipeline on this front as well.

Other space startups include Anticipated salary, CHECKOUT, PayMe India, and others. After starting up during the first few months, SaveIN was supported by institutions and angel investors, both Indian and foreign. Undisclosed investors include fintech and NBFC focused consultancy firm, CXOs / fintech angel investors, banking, NBFC, consulting, blockchain and credit bureau.

“We aim to onboard five lakh clients by the end of our first year of operation and add more on-demand credit facilities to the platform, increasing strength and attractiveness. We aim to establish the SaveIN brand as an innovative fintech / neo-banking platform, which meets the credit and savings needs of our users. We also aim to partner with like-minded financial services entities – banks / NBFCs and investors as we grow, ”Jitin said.


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