The traditional banking approach has left many people financially excluded, failing to solve, or even address, their essential needs. The rise of financial technology, or fintech, can potentially solve these issues.
Findex reports that 1.7 billion people worldwide lack access to essential financial services deemed “not qualified” by legacy financial institutions. By definition, financial inclusion enables essential financial access– credit, savings, payments, transfers, and insurance– delivered easily, responsibly, and affordably.
Recent developments in markets like India, Bangladesh, and MENA, confirmed the enormous potential benefits of financial inclusion and why it’s a cause worth making efforts towards. To dig deeper into the topic, I spoke to a social entrepreneur who aims to close the financial inclusion gap via a proprietary AI/ML-based technology platform.
“We’re on a mission to make a significant financial inclusion impact in the world and make money a perennial source of independence and joy, not insecurity,” said Deepak. This is where he grabbed my attention and made me curious to learn more about a fintech service that could help close a massive gap.
The company he co-founded, The Social Loan Company, is an innovative credit-led financial wellness platform designed for digital natives and is set to launch soon in UAE and MENAT with a region-first digital lending platform.
How it started vs. how it’s going
Like David Letterman, “My guest needs no introduction,” Deepak’s presence in the financial world is sound. His work for inclusive finance in UAE, India, Bangladesh, and beyond is resonant.
I scheduled an interview with Deepak at his home in Dubai. Upon arrival, he approached and welcomed me with a genuine smile and gave me a hug and a gentle pat on the back (I haven’t received a warmer greeting since the last time I met my friends I grew up with!). Deepak’s positive energy is contagious.
With over 20 years of experience in traditional banking, Deepak earned deep insights into the deficiencies of legacy banking and how it excludes low-to-moderate income consumers. Today, he is on a mission to make credit more accessible, transparent, and affordable.
“TSLC was born at the intersection of my financial services background and skills and the technology experience and entrepreneurship of my business partner and friend Raman Kumar, the founder of CASHe. Our mission from day one was to revolutionise the flow of money to benefit everyone,” Deepak said.
To achieve this, TSLC deploys a global proprietary AI/ML-based decisioning engine through banking and NBFI partners. The Social Loan Quotient (SLQ) considers 100+ macro and 2,500+ micro data points from every user and analyses over 7.5B data points daily.
“I believe all fintech firms should be oriented towards doing good for people and making a positive impact on the lives of others,” Deepak added.
The results they have achieved so far are nothing less than impressive.
$1 million disbursed loans per day
By the end of Q1 2022, TSLC’s operating company in India and its brand CASHe had recorded over 25M+ registered customers on their platform with over 4M+ active users. They currently make over $1M in new loans daily, with a volume of approximately $600M since its inception in 2017.
Additionally, they collaborate with 25+ banks and NBFIs and have industry-leading embedded partnerships with Google Pay, Airtel, and WhatsApp. In May 2022, they acquired a youth-focused wealth management platform, Sqrrl. A month later, they became the first fintech to deliver a seamless lending experience to millions of WhatsApp users in India.
“I’m incredibly proud of what our teams have achieved in a short time. Globally we’re building a top credit-led, financial-wellness platform that will allow us to serve 100 million or more consumers in 10+ markets within five years,” commented Deepak.
In the UAE, TSLC will launch a revolutionary lending app later this year with their partners, Aafaq Banking Group. The app is live in sandbox production and will also see a new global brand rollout. The sneak preview of the product showcases why it will resonate with the youth and young-at-heart.
Recently, TSLC has been awarded “LendTech Innovator Of The Year MENAT 2022,” “AI/ML Initiative of the Year – UAE,” and “Financial Inclusion Initiative Of The Year – UAE.”
Bottom line: Financial inclusion is essential for healthier financial lives
Ultimately, people need and ask for credit for different reasons; plan a summer vacation, start a business, get engaged or married, support family, or handle unpredictable life events like medical emergencies.
Deepak shared a powerful story of a man, whom we will name Bitop (to respect his privacy), who used their lending app in Bangladesh. “A gentleman called our banking partners to express his gratitude. He said, “If it were not for the credit, I wouldn’t be able to pay for my sister’s medical procedure of dialysis, and she might not have been among us today.” This is an inspiring story; that is what TSLC and its partners stand for. We certainly wish for abundant good days for everyone, but we will also be there in their worst.”
As we walk back down the hall on the way out, Deepak proudly explains, “These paintings are the work of my soulmate and wife, Tamanna. An exceptional human being and artist!” Clearly, his wife is not the only artist in the house. Deepak’s efforts in making financial inclusion possible in UAE and beyond is an art of excellence in the financial world.
“The most exciting part of our journey is that it’s barely started,” Deepak promised. “We want to leave an everlasting legacy that our grandchildren and future generations can be proud of.”
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