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This Bengaluru startup is redefining lending for Bharat’s farmers and MSMEs
- WhatsLoan, a neo-lending platform was launched in 2019 to simplify the borrowing process for Indian farmers and MSMEs.
- The farmers in India spend large transactions to access banks for agri-loans, which remains a significant challenge.
- WhatsLoan offers to bring down the cost of loan processing by more than 90%, and the TAT from lead to loan delivery in minutes, reducing it from days to weeks.
- WhatsLoan is a loan-as-a-service (LaaS) mobile-first platform that provides technology to empower the borrower, while also bridging the gap between borrowers and lenders.
- The platform is available in English, Hindi, and other multilingual languages, catering to the ‘Bharat’ of India, and uses Digilocker to access data and documents.
- The company charges anywhere between Rs 100 to Rs 1,000 (average Rs 200) per file—claiming to reduce loan processing costs by 90%, while cutting down loan disbursal time from week to minutes.
- With over $4.8 billion in assets under management, WhatsLoan has already served nearly one million borrowers.
- The startup now plans to acquire 10 out of the 43 Gramin Banks in India, to further bridge the rural credit gap.
- According to market research company SNS Insider, the digital lending platform market in India was valued at $10.3 billion in 2023, and is expected to grow to $50.7 billion by 2032 at a CAGR of 22%.
- Other players operating in the space in India include Perfios, Lentra, M2P Fintech, Jocata, New Gen and ScoreMe, among others.
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