Former Infosys CFO V Balakrishnan and Rangan Varadan, founder of peer-topeer lending platform MicroGraam, launched Billionloans in March and shortly after raised about Rs 7 crore from an arm of Reliance Capital.
In banking, there are two things you look for when you lend money to any consumer. One is his ability to repay and the second, his intention to repay. Ability is easy to decipher because you have digital data that can be combined to come up with a rating for the bank to lend. However, the part about the intention to repay is the trickiest. At BillionLoans, we have built a platform that looks at data on social media and studies the kind of friends circle you have and your behaviour on social medi.
https://economictimes.indiatimes.com/small-biz/hr-leadership/people/indian-banks-have-legacy-technologies-says-billionloans-founder-v-balakrishnan/articleshow/59480447.cms?from=mdr