SimplyFi teams with Tochka Bank for SME lending in Russia
SimplyFi, a crowdfunding firm for Russian SMEs, has teamed up with Tochka Bank to offer its lending services directly to the bank’s business clients.
The SimplyFi platform is backed by an investor base of individuals and investment funds
Tochka’s clients will now be able to apply for an unsecured loan of up to RUB 500,000 ($7,900) – “the sort often used to replenish a company’s working capital or close cash-flow gaps”.
According to SimplyFi, the entire loan process is fully electronic, and requires only online copies of a company’s statutory documents and an extract of its turnover for its current bank account. Credit decisions are made within two hours.
Once the loan is approved, the money is transferred to the client’s Tochka account. Loans are offered at a fixed rate of 2.5% per month, with the possibility of early repayment without penalties.
The SimplyFi platform is backed by an investor base of individuals and investment funds. It says with the platform’s integration, Tochka’s clients will now have the ability to participate in the funding pool as well.
The platform’s underlying technology enables a verification and analysis of the creditworthiness of potential borrowers. These processes are supported by proprietary algorithms and big data analysis.
In the months ahead, SimplyFi says it expects to be able to increase its lending limit to RUB 1 million ($15,800), and to achieve an origination volume of over RUB 300 million ($4.7 million) monthly through Tochka.
Tochka is a multi-banking service. It was launched by the financial group Otkritie in December 2014. It was acquired by payment service provider Qiwi in 2017.
SimplyFi is part of the SimpleFinance Group, which was founded in 2015 and offers a range of financial products for SMEs in Russia.
The group’s main investors are the Russian investment holding company RedStone Capital and SoftBank of Japan through the SBI Fintech Fund.
