Karza Technologies: The Single Source of Truth for BFSI’s
India is one of the fastest-growing fintech markets in the world. As of March 2020, India, alongside China, accounted for the highest fintech adoption rate at 87%, out of all the emerging markets in the world as per Research and Markets report. Traditionally the BFSI ecosystem faced various challenges like scattered and unstructured data, difficulty in meeting compliance requirements, manual and error-prone processes. These have made organisations slow, inefficient, and unable to service rising demand but with the advent of digitization, companies are able to achieve higher operational efficiency and unparalleled customer satisfaction.
Along those lines, one of India’s fastest growing fintech company Karza Technologies have built cutting edge solutions that eliminate inefficiencies by leveraging Big Data and AI to provide automated, scalable, and customisable solutions, enabling digital transformation of businesses and effectively tackling the problem of risk analysis, ongoing monitoring and the eventual recovery of money from defaulters.
With extensive backgrounds in fraud investigations, financial services, entrepreneurship, and data science, Omkar Shirhatti, Gaurav Samdaria and Alok Kumar came together to establish Karza Technologies in 2015 with the aim of revolutionizing the BFSI industry, by empowering financial institutions to automate their operations. Karza Technologies today, aims to establish itself as a single source for due diligence, fraud and risk management.
Karza Technologies began its operations in 2015 by offering its services to the BFSI sector, beginning with Fintechs and gradually built trust and expanded into larger financial institutions, including NBFC’s, banks, and Credit Bureaus. The services they provide form the core of most financial transactions and they are therefore able to work closely with entities across the financial services ecosystem in varying capacities, helping them digitize their services and build workflows.
In the last 6 years, Karza Technologies has built solutions that enable end to end, automated, and frictionless AI-powered onboarding journeys. With minimal inputs from the customer’s end, and with Karza Technologies running numerous backend checks (Name Match, Face Match, Liveness of the video, Address Match, OCR and authentication, Auto-Fills etc.), companies are now able to onboard manifold customers. Due to Karza Technologies’ straight-through processing solutions, credit assessment and onboarding periods are reduced from 6-7 days to 30 minutes. Their micro offerings in form of APIs has led to a drastic 80% increase in the disbursement of business loans, enhancing the reach and enabling financial inclusion. This has enabled newer product categories, including small ticket size loans, unique lending alternatives etc, and led to a massive drop in the overall TAT.
The core financial belief for Karza Technologies, unlike other start-ups in the industry, is to achieve rapid growth with lean management and minimal capital. They have achieved an equivalent or higher growth compared to market players, with one-fourth of the capital.
Not only have they recorded a 5x YoY increase in revenues, but they are also profitable and cash flow positive, having maintained their profitability through the pandemic. Karza Technologies has focused on profitability and delivering value not just to their clients, but also to their investors, right from the onset. They have continued hiring aggressively, and have expanded from a team of 90 employees in March 2020 to 235+ employees today.
For their incredible contribution, the firm has received various accolades which include NASSCOM AI Gamechangers, IAMAI’s India Digital Awards for Most Innovative RegTech Solution, Amazon’s Best AI in Fintech, Linkedin’s Top 25 Start-Ups, Technoviti Super Award, Maharashtra Fintech Top 20, and many more.
Karza Technologies is working with a vision to unify Human and Artificial Intelligence to automate onboarding and diligence through technology and data-driven solutions. Their deep domain expertise has been the core for building all of their advanced technologies. Their ultimate goal is to become the ‘single source of truth’ across the spectrum.
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