Fintech askRobin was founded in Estonia and is a market for financial services for non-bank customers. The company has completed an investment round of 1.6 million euros to develop the functionality of your product and increase your market share in Mexico, Argentina and Colombia. This was reported by TyN Magazine on May 12th.
According to an article published by this medium, traditional banks focus on a small, wealthy part of society, while askRobin wants to help underserved customers get better access to formal credit products.
According to Rain Sepp, co-founder and CEO of the company, Banks lack high quality data to make credit decisions. In this context, he said: “When I started askRobin in 2017, I took a closer look at the Latin American market and I realized how many people were left without a banking service. More than 60% of the middle class employed in emerging economies cannot make their dreams come true simply because they cannot find loan offers that meet their needs. My 15 years of experience in financial technology gave me the idea to solve the challenge with technology“”
In addition, the TyN Magazine article noted that Sepp and his team develop technologies for risk-based targeting of applicants. Credit partners can adjust their risk and offer more competitive rates. “Borrowers can compare interest rates and choose the best option to save money,” the publication said.
“In today’s difficult economic climate caused by the spread of the Covid-19 virus, ensuring financial sustainability plays an important role, and savings opportunities become crucial. Our vision is to democratize consumer credit markets and power to transfer customers and increase transparency, “added Sepp.
On the other hand, Yrjö Ojasaar, partner at Change Ventures (who led the investment round), highlighted the expertise of the askRobin team in the areas of finance and marketing. “I already knew that Rain had an impressive experience in taking over a Fintech Credit24 startup from the start up to the IPO. But for the first time, I saw the passion and work ability of this team up close when I was a mentor at the Ragnar Sass Camp Jump in Tbilisi, Georgia last November. (…) It was great to see them in action, ”he said.
List of investors
The TyN Magazine article highlighted that the investor list for this round of venture capital funds such as Change Ventures, the Vereeni Early Stage Fund, BENE Asia Capital and Lemonade Stand, as well as 11 angel investors from the Estonian Business Angels Network EstBAN and entrepreneurs includes Estonian technology experts .
Fintech askRobin presents itself as a free loan search engineand offers access to citizens of Argentina, Peru, Colombia and Mexico on its website. The name of the company has to do with a character called Robin. You describe it like this:
“AskRobin is a free credit search engine that works through a chat with our robot called ‘Robin’. Robin has helped millions of people get loans since 2017 and brought electricity to the customer. Robin uses machine learning to get to know you better and offers you the best loan offers based on your profile. Our friendly robot will also send you tips to improve your application and help you save money with your interest rate.
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