Startup Circle: How is Stashfin disrupting traditional lending in India?

Technology will continue to disrupt the digital lending ecosystem in the year to come. Startups now aim to focus on delivering enhanced end-to-end customer experience. And with better options available to users online, the fintech space has seen an increasing customer demand for contactless processes. More borrowers rely on technology to gain maximum convenience from borrowers. Enter Stashfin. The FinTech Startup founded by a team of former financial services professionals aims to disrupt traditional lending in India. Their mission is to build a neo banking platform that helps improve lives for a wide spectrum of consumers.

Thus, read Tushar Aggarwal, Founder and CEO, StashFin, talk about the startup and its future.

What is StashFin all about? Tell us about the team.

We started StashFin to disrupt traditional lending in India. The starrup is now recognized as one of the Top 25 Start-ups to Work For in India (2019) by LinkedIn. We are a 200+ people strong organisation, rapidly growing with its team of smart, young and energetic individuals. The talent pool consists of professionals who have worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage etc. in India and USA. With exposure across multiple functions including technology, customer experience and process re-engineering, the team is leveraging its collective experience to deliver best in class services and great convenience to its customers.

How did you come up with the idea?

In this credit-starved economy, our mission is to improve financial inclusion through frictionless financial services with the help of technology. I have been privy to many incidents in the news everyday where people were unable to obtain necessary medical help due to financial constraints. We also saw a spike in the unemployment rate during the pandemic and the inability to pay for rent or basic amenities forced many young professionals to move back home.

StashFin was born to cater to the unforeseen needs of the underbanked and bridge the widening credit gap in India. We work hard to enable millions of consumers to get closer to their dreams in a transparent and frictionless manner and provide an instant line of credit to customers sitting at any corner of the country.

What are the changes you are planning to bring about in the market?

StashFin is set to dominate the lending space with its easy to get, easier to use Credit Line Card. The StashFin Credit Line Card offers a credit line of up to Rs. 5 Lakh at low-interest rates, applicable only on the funds used. Finishing a simple application process can allow users to load their card in just 90-seconds and get 24/7 access to fund. The StashFin card can be used online, offline or for free ATM withdrawals at any outlet or platform across India. Our recent partnership with VISA has widened the accessibility of this prepaid card to a large extent.

I believe Stashfin has been a paragon of contactless transactions. We have simplified financial transactions and made room for urgent borrowing in emergencies. In turn, we have been able to stand tall alongside traditional banking systems in a short span of time and that is our success.

What is your business/market growth?

Our goal is to spread financial literacy and achieve financial inclusion in the country and our business model strives to do the same. Right now, anyone can use StashFin and find financial stability in life while relying on our trusted services.

StashFin acts as one-stop solutions for numerous services. Our recent partnerships have also increased our reach in the financial world. And technology is the backbone of everything we do at StashFin.

What has 2020 changed for StashFin? How are things now?

I would not say we were unperturbed by the pandemic but like many of our competitors, we did not take a hit. We came with a realisation that we have a potential to achieve a lot more. With many rendered helpless and unable to cope financially, we were glad we could help with our services and cater to a large segment of customers largely ignored by the traditional lending institutions.