Siply, a tech-enabled micro-savings platform, said it has surpassed £125m in loan payouts in eight months so far.
“Over the past 8 months, Siply’s loan book has grown by 150% month over month. User base has grown 24x and revenue 40x. Over a lakh people have borrowed from Siply, which has so far reported a 0% non-performing assets (NPA) rate,” the firm said in a statement.
“Our rapid growth clearly shows that there is a huge backlog in the microcredit market,” said Sousthav Chakrabarty, CEO and co-founder of Siply.
“We believe that the right tech solution for people using low-tech smartphones can make a huge difference for middle-class Indians who want access to credit. Micro-savings and micro-credit are the next big things that will lead to financial well-being and inclusion.”
