Decimal Technologies, one of India’s leading FinTech firms, disbursed loans worth $200 million during the fiscal year 2020-21, through its digital lending platform. In the unprecedented times last year, the company also aided the activation of 1.5 million end customer across the country, working with banks, NBFCs and Direct Selling Agents (DSAs). MSMEs, Loan Against Property and Home Loans form the majority of loans disbursed via the company’s AI-enabled No-Code platform.
With DSAs accounting for 65-75% of the total sourcing of loans on the platform last year, the company reported a 40% year-on-year growth in revenue in FY21. This robust growth can be attributed to an increased demand for digital solutions in the customer acquisition and lending ecosystem due to the national lockdown. It witnessed maximum traction for VahanaHub (API Aggregation platform), Payout & Incentive Management and Digital Lending solutions. In FY21, 4 million leads for account opening (Saving & Current), deposits, loans (M/SME, Retail) and credit cards were managed by the company on its AI-enabled ‘No Code’ platform, an increase of 35% from FY20.
Lalit Mehta, Co-founder and CEO, Decimal Technologies, said, “The pandemic resulted in newer types of credit demands coming in from different customer segments. We saw unprecedented demands for our digital offerings not only from urban cities but even customers in smaller towns were looking for a safe and agile credit disbursal process. We launched two new products to facilitate the changing customer demands. In the next fiscal year, we aim to further double down our product portfolio and branch out to underserved towns and cities to ensure access to formal credit via our partner banks and DSAs.”
Last year, the launched two large products – Saarathi (AI-enabled digital lending marketplace for DSAs and Lenders) and VahanaHub (API Aggregation platform for all KYC, financial data, geolocation, biometric etc. APIs across various providers) – amidst the national lockdown and added 20, 000 new users comprising direct selling teams of Banks & NBFCs and third party channels (DSAs, Dealers, Connectors) on its mobile app.