CASHe, India’s leading credit & wealth-led, AI-driven financial wellness platform, announced that it has crossed the significant milestone of having disbursed 1.2 million loans worth Rs. 4,000 crores since its inception. It further stated that on the back of economic revival and a strong rebound in retail loan demand, the company is eyeing fresh disbursals worth Rs 3,600 crores in FY22-23, thereby projecting a cumulative loan disbursement of Rs. 7,600 crores ( 1Billion USD ) by end of this financial year.
CASHe stated that it has witnessed 237% Y-o-Y growth in loans disbursed which stood at 4.3 lakh in FY21-22 vis-à-vis 1.27 lakh in FY20-21. In terms of the loan value, the company said it has disbursed loans worth Rs. 1,550 crores in FY21-22 as against Rs. 579 crores in FY20-21 thereby witnessing a 168% growth. Bengaluru, Delhi, Hyderabad, Ahmedabad and Ghaziabad were the top cities from where it witnessed maximum traction. It further stated – medical, home renovation, wedding, and education were the top reasons for which loans were availed.
CASHe’s instant credit line facility allows a user to borrow money up to Rs. 1 lakh disbursed approximately 1.96 lakh loans worth 416 crores in FY21-22 alone. While the average ticket size of the credit products across CASHe’s platform is approximately Rs. 40,000, the same is around Rs. 22,000 for its Credit Line facility.
The company’s BNPL offering which enables customers to avail of flexible, interest-free credit witnessed a 30% Y-o-Y growth. For its BNPL offering, the company has partnered with leading brands across eCommerce, mobility, fashion, and pharma such as Amazon, Flipkart, Myntra, Uber, Apollo, Urban Company, Big Basket among others.
The company which turned profitable on a month-on-month basis since November 2018, today boasts of over 10 million registered users and more than 20 million app downloads, with over 30,000 downloads and 3,000 loan applications witnessed every day. The company’s loyal customer base of over 5,00,000 comprises over 75% repeat users.
Speaking on the announcement, Mr. Joginder Rana, Vice – Chairman & M.D, CASHe, said, “Crossing the 4k crores mark is a significant milestone on our roadmap for CASHe Vision 3.0 and testifies our commitment towards extending easy and affordable credit to young India. We have consistently clocked over 10% M-o-M growth in loan disbursals and are expecting to close FY22-23 with disbursals worth over Rs. 3,600 crores. With innovation and technology at the core of what we do, we have built CASHe into a one-stop platform offering the full gamut of financial services for the new-age Indian. Today through its modern credit infrastructure platform, CASHe is making responsible and instant credit accessible to millions of young Indians, thereby transforming the credit landscape of India, whilst setting new benchmarks in customer satisfaction and operational standards.”
The company recently announced its foray into the wealth management space with the acquisition of Sqrrl, a Gurgaon-based WealthTech platform, in an all-cash deal (Subject to regulatory approvals). The strategic buy-out broadens CASHe’s millennial-focused credit-led product and services suite to now cover their investment and wealth management needs as well. As part of its value-added services, the company further stated that it now assists its customers with attractive home loan offers through its home loan referral program. It has also tied up with Zopper to offer its customers a unique yearly subscription based CASHe Device Care plan which enables users to repair their home appliances.
CASHe’s unique proposition lies in its proprietary AI-based algorithm platform – Social Loan Quotient (SLQ). SLQ assesses the risk of a borrower based on the user’s social and mobile data footprints thereby providing credit to those that don’t qualify for credit from conventional lending. Besides offering faster credit decisions, SLQ has enabled CASHe to seamlessly capture untapped markets among the financially excluded sections of society. Its affordable interest rates, instant processing, flexible repayment options make it a preferred credit platform for salaried professionals.