Global Analytics Holdings Inc. will be entering the domestic market soon to help the salaried individuals and business entrepreneurs to get short-term credit in time and on flexible terms.
The Chennai-based company is toying with the idea of either securing non-banking financial company licence or partnering NBFCs and banks to provide credit using online platform. Initially, the financial technology player will focus on under-banked and under-served customers in urban areas. Mukund Venkatesh, Vice-President and General Manager of India operations, said: “We are keenly looking at India. It has a huge under-served market. Banks extend loans to those having Cibil credit score of above 750 points. It is here we come into play. We have built-up a huge data base. This could be supplied to banks and NBFCs having digital presence. Our idea is to improve the financial wellness of salaried individuals.”
The company is headquartered in San Diego. It is being supported by 350 people working in Chennai and Noida, representing about 80 per cent of total workforce. The team-members cull out big data or creditworthiness of under-banked. This, in turn, would be supplied to banks and financial institutions to enable them take a decision about extending credit.
For the last few years, Global Analytics has been supplying big data of under-served population to the U.K.-based institutions. In the U.S., it adopts a different method by having tie-ups with companies and online stores. It uses Zebit, an e-commerce platform that offers short-term credit to salaried persons to buy products at no extra costs and in easy instalments.
“We are end-to-end online lender. Our core competency is in credit-risk assessment and scoring. We are looking at salaried individuals having an annual income of around Rs.2 lakh. In the case of entrepreneurs, we are yet to decide about the financial limit. In the developed economy, it is easy to cull out information or have tie-ups with companies, but it is a different story in India,” he said.
