Moneytor: This startup strengthens lender-borrower relations
Moneytor is a software-as-a-service which provides aid for debt management to both the lender as well as the borrower
When it comes to collecting loans as well debt funds, several financial institutions face the issue of defaulters, in turn not receiving the said funds on time. The financial institutions due to such defaulters end up with high defaulter list and increases the recovery costs. Moreover, the other end might not deliberately default in repayment but then has to face the aftermath such as bad CIBIL score and lower chances of garnering a credit or loan the next time.
Moneytor, a Mumbai based startup commenced in 2017 by Anubhav Singh and Ayush Srivastava, is a software-as-a-service which provides aid for debt management to both the lender as well as the borrower
The startup is an automated debt collector, which provides a streamlined method by which the financial institution can mend their weak defaulter list by gaining the collection from the client on time. The efficient platform backed by AI systems presents the lender as well as collection agencies a single page dashboard which consists of overall factors such as overall debt recovery, recovery for a cohort and total communications with client. The platform also curates a defaulter list along with loan details on the bases of Days Past Due or DPD.
Apart from that, Moneytor's advanced decision making engine offers suggestions with regard to the next course of action pertaining the case. Additionally, the startup is also associated with several Banking, financial services and insurance (BFSI) and non-BFSI sector lenders, to help them with their collection needs.
When it comes to the customer or the client, Moneytor organises a proper and suitable re-payment plan according to their overall profile, including their financial status and history. This will not only help the consumer get rid of the debt load off their back but also help in maintaining a healthy credit score. this ensures that the consumer gets a credit or loan in near future as well without hassles.
So to say, Moneytor is a startup which follows the win-win conflict resolving solution, by which the lender can get their debt collection as well as the borrower repaying their loans within financial means. The startup acts as a mediating body understanding both the sides and deducing the best possible solution while maintaining best terms.
(By Ruchika Goswamy