Techstars FinTech Roundtable Challenge
Last week we celebrated being chosen for the TechStars RoundTable event. Techstars is an operational investor run by entrepreneurs with a global network that can support companies in reaching the next phase of their growth journey. Out of hundreds of applicants, 21 were selected from the recent Fintech Challenge focused on driving Financial Inclusion.
The presentation, conducted by CEO / Founder, Andrew Katzwinkel, focussed on LayUp’s mission to shape the future of payments in Africa by unlocking millions of underbanked consumers by transitioning them to credit-worthy status. How? By tracking the payment behaviour of every customer that has a payment plan over time through a smart tech omnichannel Lay-By system. Certain factors are taken into account, such as; how often a due instalment is late or missed, when they’re paid on time and any other relevant data that then forms an accurate idea of whether or not a consumer is eligible for credit. Another exciting aspect to this is the fact that LayUp is a prepayment service; where consumers only receive their purchase once their payment plan has been completed. This means that the data gathering process is risk-free for all parties involved.
Our vision is to harness this information as the missing link between lenders and the invisible population. And, by doing so, we believe that banks and lenders will be able to bypass the
traditional process involved in credit checks to service a significant portion of Africa’s market.
For more information, download the PDF below.
Article by: Savannah Negra