“A huge opportunity to completely automate lending”

December 8, 2018 - Himalaya

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Lizzie Chapman of ZestMoney speaking with Alan Mamedi of TrueCaller and Jon Russell of TechCrunch

Two years after demonetisation in India, the amount of credit available to the Indian consumer remains low as a surging middle class looks to spend more on goods that had previously seemed unaffordable. Digital lending, which works in conjoint with traditional banks, hopes to change that by putting in place easy processes to ensure those without credit histories aren’t left behind in the new economy. But how far can digital lending go in India?

“A billion people are coming online faster, and more aggressively than they ever have anywhere in the world,” Lizzie Chapman of ZestMoney said recently, noting the potential in a country where many have gone from no internet to unlimited 4G coverage. “We saw a huge opportunity eight years ago to completely automate lending. And nobody in India was doing that or thinking about it at that time.”

Chapman was speaking last week at a panel canvassing India as a hub for foreign companies DisruptBerlin organised by TechCrunch in Berlin. The cofounder of ZestMoney has been in the country for nearly eight years, and their platform can now be found across 4000 cities in India and has found powerful backers like Xiaomi.

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