e-Azul
The world bank has proven that increasing lending increases GDP but it is only until you simplify access to capital that inequality gets reduced in every part of the world. This became really evident during the COVID grants in the USA where it turned out that the richer communities where the first ones that got the money because they had a personal relationship with their banker.
This is real life, loan officers are employees with goals so when you walk into a financial institution to ask for a large loan, the employee will use his intrinsic biases to qualify you in his head to decide if he's going to prioritize his time helping you put together the 40+ documents required for a large loan and this leaves out allot of people that can't even put in their papers for a large loan. Our onboarding technology gives everyone a fair chance to apply for one of this large loans and also gives loan officers more time to process more loans, not just the ones they consider "the best".
e-Azul is an online onboarding tool that we sell to financial institutions to simplify how they gather documentation and data from their customers requesting a loan. Large loan time to money cicles are speed up 3x, customer abandonment during the process is reduced 2x and loan officers can simultaneously process 5x more loans.
Our solution serves everyone that wants to apply for a large business loan or mortgage but doesn't "look" worthy of a loan in the eyes of a loan officer. These people end up going to other Fintechs or financial institutions that don't ask for lots of documentations which in reality are just loan sharks and then they get into unpayable debts. This is why the rich always get richer, because they have access to cheap capital, easily.
Our team has a great balance of tech and business skills as well as first hand domain knowledge as one of our founders helped hundreds of small companies put together their documents to have access to a business loan. He wasn't helping Rockefellers get capital but just small shops or regular folks in LATAM.
In our tool, we analyze millions of interactions to see how the individuals using our platform to put together a case file suffer and what we can do to simplify this pain. We know perfectly what documentation is hard for them to get, what they always get wrong and with this we help lenders simplify their process and automate data extraction for alternate sources instead of asking the customer to figure out how to get all the data required for a loan.
- Provide new ways to accurately assess credit-worthiness of MSMEs and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit
- Mexico
- Growth: An organization with an established product, service, or business model that is rolled out in one or more communities
Over 186,000 people have used our solution in Mexico, Ecuador, Colombia, Brazil, the Caribbean and South East Asia.
Our fight is against the status-quo. Financial institutions don't believe and sometimes don't care technology can help loan officers gather customer documentation and data more efficiently nor believe technology can simplify or accelerate the document and data gathering efforts for small businesses to put together a loan case file.
Becoming a Solver will help us have more institutions listen to us and possibly even governments create regulation that simplifies access to loans and thus reduces inequality by giving everyone a fair chance to access larger life changing loans.
- Product / Service Distribution (e.g. delivery, logistics, expanding client base)
- Public Relations (e.g. branding/marketing strategy, social and global media)