Reported by: banking|Updated: May 2, 2019
NeoGrowth is a fintech that offers unsecured loans to merchants who accept card or any other form of digital payments from customers. Founder of the firm Piyush Khaitan maintains that the company considers performance of the business rather than just the credit score of an individual. “Our proprietary risk scorecards built basis deep analytics and insights into customer behavior, enable us to assess the risk of non-performance of a loan upfront itself and thus, we are able to give loans to not only those who are not bank credit-worthy but even the new-to-credit segment. NeoGrowth loans have had a strong positive impact on the lives of retailers in terms of business growth, women empowerment, job creation and fostering entrepreneurship and we proactively measure ourselves against the same,” he tells Banking Frontiers in an interview.
He quotes a survey conducted by an independent third party to measure the social impact created by NeoGrowth in 2018: “As much as 92.7% of our borrowers were identified as first generation entrepreneurs, 14% of the total disbursements for the year 2017-18 were towards businesses that were run by women, 48.4% of merchants reported a positive change in sales and turnover and over 4850 jobs were supported and sustained through the merchants and customers we supported.”
NeoGrowth, says Khaitan, has served more than 13,000 customers from varied business segments pan-India. Its key impact areas are women empowerment, job creation, fostering entrepreneurship and improving credit profiles of its customer.