Lending a Helping Hand

A bunch of online lending platforms are effectively using technology to bridge the SME financing gap

In March 2017, Prateek Jha the owner of the Delhi-based horticulture and landscaping company, Lotus Plantations approached CoinTribe — a lending marketplace for small businesses for a Rs.15 lakh loan. The loans that Jha had already taken from eight NBFCs did not come easily, however CoinTribe was a pleasant surprise — the company got the loan within a week. “CoinTribe was the only one that fully understood what we actually did and they were quite insightful,” says Jha. CoinTribe focuses on facilitating unsecured loans and their main objective is to understand the applicant’s business. While there was already an algorithm to evaluate the applicant’s business, the start-up put extra effort by deploying an underwriter to assess customer risk profile better.