Source: ibsintelligence.com
Indian FinTech ZestMoney, an AI-driven EMI financing platform, has witnessed some interesting trends during the three-month lockdown triggered by the COVID19 pandemic. The Bengaluru-based company said that it has seen a spike in Education loans on its platform. Founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015, ZestMoney is one of the fastest-growing consumer lending fintech companies in India.
While online learning has been gaining popularity even otherwise, the nationwide lockdown due to COVID-19 has accelerated the demand like never before. With more free time available, people are increasingly embracing professional courses to upskill and stay relevant in their careers, especially at a time when the uncertain economic outlook has impacted jobs across sectors. Edtech companies have come to their rescue, making available a plethora of options accessible to consumers from the comfort of their homes, the company said in a release.
Courses in Data Science, Machine Learning, Software Engineering, Management, Business Intelligence, and Visualization emerged as popular options. Full Stack development and Backend Engineering were also highly sought after programs on the platform.
Lizzie Chapman, Co-founder, and CEO of ZestMoney said, “Affordability now being a critical factor when it comes to credit, the demand for EMI financing options is at an all-time high. Even in these uncertain times, we have been able to cater to the demand with our early bets on Artificial Intelligence and data mining giving us a definite edge. Our specialized model has been able to predict consumer shift, making it a low-risk business for us. The 100% increase in Edtech players on our platform is a validation that our partners also see that value in us. We expect this demand to continue.”
Chapman further added that ZestMoney foresees an increased adoption of digital financing in the coming months as the fintech industry continues to play a crucial role in reviving the economy by offering reliable and transparent access to credit. “The early signs look quite encouraging,” Chapman said.
Besides, ZestMoney also saw people with high CIBIL scores (650+) applying for EMI loans, signaling a demand even from premium customers. Demand from smaller towns was also high with over 57% of the applicants for upskilling programs were from Tier-3 markets. Cities like Wayanad, Vellore, Udaipur, Tawang, Uttarkashi especially witnessed an increase in applications. There was a 30% surge in female applicants.
As consumers look for reliable access to credit, ZestMoney has seen a 100% increase in the number of Edtech players on their platform. The company has been able to emerge as the preferred choice for partners by offering fully automated approvals which are some of the fastest and highest in the industry for this category.