Hyderabad, August 24th, 2022: mymoneykarma, India’s largest home loan FinTech, announced the launch of India’s first fully integrated digital platform across its vast national network of financial partners, the ‘KarmaPro’ portal. These technological innovations are all set to revolutionise Fintech business and empower its financial partners to become efficient and customer friendly, thereby amplifying the scale and penetration of the financing business. These platforms give a massive impetus to mymoneykarma’s business partnerships, driving a rapid scale-up in its national presence.
mymoneykarma, founded by Stanford graduates, incubated in Silicon Valley at Stanford StartX, and led by domain experts from the Indian Banking sector, provides intelligent financial products with a social mission of empowering customers to make great financial decisions and save money on their loans. mymoneykarma combines deep consumer understanding and industry knowledge with proprietary technology platforms to unlock tremendous value of customer savings. The Company has been accelerating the digital revolution in personal finance for close to a decade and had ramped up its partner network by an unprecedented 748% in the last year. It has serviced over 1.9 million users with its six critical financial products.
In an unstable and volatile business environment where companies were forced to cut investments, service levels and staff, and where consumers were hit on both sides by dropping income and rising inflation, mymoneykarma grew 100X by delivering huge savings for customers and doubling down on technology, says Varun Agarwal, COO and Head of Business Development. The combination of expert analysis, intelligent algorithms and comprehensive digital platforms enabled customers to get the cheapest and fastest loans available in the market without ever stepping out of their homes. This high-performance culture fully aligned around customer needs was the reason mymoneykarma was recently certified as a ‘Great Place To Work’ with a ‘Trust Index’ was ranked 300bps higher than India’s Top 75 Mid-Sized companies, by Great Place To Work, the Global Authority on Trust and Performance in businesses. he adds.
The majority of borrowers in India are currently serviced by a highly fragmented arterial system of small-scale and medium-scale financial partners. The adoption of technology to streamline operations, maximize customer value and increase profitability, will yield disproportionate results for the entire industry. To ensure customers all over India have access to the digital revolution that mymoneykarma has been championing in retail lending, the company is empowering its huge network of financial platforms with its full technology stack. These service innovations enhanced overall customer experience with 56% of customers getting Home or property loan approvals within 3 days and 87% getting approval within 5 days as against an industry average of 3-4 weeks lead time.
The future outlook for mymoneykarma is pretty optimistic. By leveraging KarmaPro, we will be on-track to ramp up the network by 15X. After 100% transition to the platform, mymoneykarma will be in a position to clock Rs 2500 cr worth of loan disbursement per month from the current Rs 500 cr per month. This acceleration in growth trajectory should enable us to safely target Rs 5000 cr per month as early as January 2024, and by fully realizing KarmaPro's capabilities throughout our network we will be hitting 10,000 cr per month, says Varun Agarwal.
The newly launched fully integrated digital platform is an online tool that allows financial partners to easily manage their cases, monitor progress, simplify processes digitally, complete transactions end-to-end from logging-in to receiving payments, resolve issues, and understand and grow their business. This tool facilitates partners to focus on value-added activities by automating routine tasks, thereby enhancing the number of cases they handle successfully. The consumers in turn benefit from better approval rates, faster turnaround times and priority issue resolution.
Varun Agarwalsaid, seeking a home loan is a tedious process, one needs to approach multiple banks before the loan is sanctioned by one of them, but in the process valuable time is lost and every time a bank evaluates the application your credit score will be affected. mymoneykarma uses its intelligent algorithmic platform and industry experts to analyze a customer’s profile and needs to ensure a first-time-right application with the best-fit lender. As a result, our approval rate is best-in-class in the industry, as high as 87%. By focusing on customer needs and delivering huge savings, mymoneykarmahas grown 31X in the last financial year alone and our growth trajectory is accelerating month on month. During the pandemic, while most businesses were contracting, we rapidly expanded. We retained all our employees and now have around 500 employees with offices at 36 locations, which in turn serve 177 locations in the country across tier 1,2 and 3 towns. Through our physical offices expanding in 100 locations, and the continuing growth of our partner network, we will soon be servicing every nook and cranny in India. As an end to end fintech company, we are currently working with 72 banks and financial institutions pan-India, including public sector banks like SBI, Bank of Baroda, Union Bank, Punjab National Bank and Karur Vyasya Bank.
mymoneykarma, with its Silicon Valley credentials, has a big head-start when it comes to addressing this huge opportunity with the innovative development and application of high-tech platforms. With the launch of a fully-integrated portal, KarmaPro, financial partners are set for an immediate improvement in effectiveness. Already, the mymoneykarma Partner Network Program is widening its competitive advantage in terms of faster process times, seamless payment management and efficient issue-resolution, and the portal’s success is further accelerating the rate at which the network is growing. In just the first 5 months of 2022, the network doubled in size, amplifying the reach of the company to 177 locations across India. By expanding its network and unlocking the capabilities of its partners, mymoneykarma seeks to ensure that every home loan customer in India is shown the future of personal finance.