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Coine.ai offers bite-sized loans without credit score


90 percent of Indians, according to the World Bank, do not have access to formal credit. In India, the informal sector employs approximately 81 percent of the workforce. Security guards, street vendors, contact centre executives, and employees of small and medium-sized businesses are all examples of people who work in small and medium-sized businesses. Would they be eligible for official credit? There’s no way. Even low-wage individuals working for large corporations are unable to obtain a bank loan. Here comes Coine.ai, a brand with the goal to meet consumers’ short-term cash demands while also improving their financial health, allowing them to access conventional credit channels.

By providing immediate bite-sized loans ranging from ₹1,000 to ₹30,000 without requiring a credit score in India. Their USP is that they use technology to simplify burdensome processes across the value chain and aggregate demand so that the customers have more visibility into the approval process. The end-to-end customer journey is seamless, from onboarding clients through digital platforms (Instagram, YouTube, Google) to completing AI and machine learning-based paperless risk assessments using prediction algorithms and automated disbursements.

It all started in 2020 when Manideep Vasa applied for a bank loan in the midst of the pandemic. Despite being a professional CA with a steady income, his application was denied due to salary credit irregularities. This made them wonder: if this could happen to a professional with a good credit history, what would happen to individuals who work for disorganized segments and have no credit history? Then they began working on the idea in early 2020 and launched the solution by the end of the year to address the billion Indians who live outside of Tier-1 cities. Credit underwriting is the most difficult part of the lending process. In India, the majority of the population has limited access to credit.

Talking about the competency of his team, the founder said, “Entrepreneurs and chartered accountants make up our founding team. Manikanta Racharla, the CEO, has spent the last nine years as a serial entrepreneur, failing and succeeding at a variety of businesses.

Chaitanya, the Chief Revenue Officer, is a chartered accountant with more than 12 years of experience with ICICI Bank, Oracle, Value Labs, and the Medicover Group. Raghu, the COO, has already had successful exits from Payfix and Nytro, two of his earlier start-ups.

Manikanta and Raghu have a strong track record of creating consumer-focused businesses, particularly for millennials from the informal sector (Previous start-ups). The association worked for us since it had a solid team with past start-up experience and a good understanding of financials and income sources. Since launching Coine, we’ve grown by 90% month over month, have a 68 percent retention rate, and are now EBITDA positive.”

Further telling about what he would suggest to the budding entrepreneurs in the industry, he said, “Simply begin. The only way to truly learn is to do, and you can’t afford to sit about waiting for financing or for someone else to come along and assist you to put your concept into action. Rather than trying to establish a firm and instantaneously develop your idea of what the company should be in the future, focus on setting and achieving tiny incremental milestones. Setting realistic goals and benchmarks is an important part of achieving long-term success.”

 1,56,000 customers have been onboarded in 548 Indian locations and 27.5 percent of consumers are new to credit and have no official borrowing history. ₹13.5 crores has been disbursed so far. Borrowers and loan partners are connected through the platform (NBFCs). Borrowers must download the Coine app from the Google Play store and complete the loan application in a few simple steps, after which the loan amount will be quickly paid to the borrower’s bank account.  Users from rural India with a low to no CIBIL/Credit score, as well as blue-collar employees from unorganized sectors, are the target demographic. Coine.ai is a Hyderabad-based startup.

By TIS Staffer
the authorBy TIS Staffer

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