Uni Cards’ Gupta sees a huge whitespace for Fintech innovation
New York’s Scienaptic AI, a leading global AI-powered credit decision platform provider, has announced the deployment of its technology for Uni Cards. This implementation will enable Uni Cards to expand credit access in India by providing instant decisions to applicants and an efficient process that redefines the way credit is consumed in India.
“We are excited to help Uni Cards offer a refined application process to their users,” Scienaptic CEO Pankaj Kulshreshtha said on 3 Jan 2021.
“It aligns with our mission of credit expansion, and we are proud to support them from day one. Our credit decisioning platform allows Uni Cards to experiment, test-and-learn faster, and over time, build the best decisioning strategies for their customer segments, balancing growth and profitability,” he said.
Uni Cards Founder and CEO Nitin Gupta elaborated, “India has 130 million ‘credit active’ users and only 38 million of these have a credit card today, signaling a severely under-penetrated credit industry in the country.
“We see a huge whitespace for innovation and an opportunity to design credit products for a varied set of customers. Our Pay-later card, Pay 1/3rd, has one of the lowest NPAs in the industry. We are delighted to have a partner like Scienaptic as we expand further and make access to credit democratic.”
Uni Cards is bringing innovative and differentiated credit products for various customer segments, keeping their rich experience at the fulcrum. Through Scienaptic’s AI-powered credit decisioning platform, Uni Cards can process traditional and alternate data streams of customers and provide instant decisioning.
Scienaptic’s platform provides flexible configurations to handle diverse and changing decisioning flow requirements as Uni Cards’ business scales up and offers a multitude of test-and-learn simulation options to run rapid experiments. This will allow Uni to launch and adapt products faster, catering to the changing needs of new customer segments.
Founded by fintech and financial services veterans, Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni is a new-age Fintech company that aims to bring a range of differentiated credit products to Indian consumers. Uni’s Pay 1/3rd card which was piloted in June 2021 automatically splits transactions into 1/3rd with NO INTEREST. With Pay 1/3rd, Uni aims to intuitively solve the problem of short-term liquidity.
It also offers consumers the flexibility to convert transactions to ‘Pay in Full’ at the end of the 30 days free credit period and in return can enjoy a 1% reward in the form of cashback. Uni is currently present in 50 cities across India including Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Kolkata, Ahmedabad, Lucknow, and Jaipur. Uni has raised USD 88.5 Mn so far from marquee investors like General Catalyst, Eight roads, Elevation Capital, Light Speed and Accel India.
Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Over 150 years of credit experience is embedded in Scienaptic’s AI native credit decision platform. Our clients across banks, credit unions, Fintech, and other lenders use the platform to constantly improve the quality of underwriting decisions. This enables them to say ‘yes’ to borrowers more often and faster.
The platform is used by lenders with assets exceeding US$100 billion, enabling them to process over US$22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto and online lenders. fiinews.com
