Stage of your startup
When did you start
Definition in 1 sentence
Creditive brings simplicity to business lending and creating sustainable growth by seeing, serving and satisfying SME-entrepreneurs.
We're disrupting business lending with a smarter service that has SMEs in mind. Our automated lending tool pulls from real-time data points making the credit process more efficient. Powered by AI-underwriting, our aim is to increase loan approvals, equipping SMEs with the capital they need to grow!!
Are you incorporated?
How do customers use or interact with your product?
Product Demo Video Adress
Why do you want to attend this program?
We're interested in meeting with local investors as well as researching and understanding the startup/business landscape of Turkey better. We believe turkey is a potential secondary market for us when we're ready to launch outside of the Nordic region.
Describe the problem you are solving
Small business loans are hard to get. Traditional banks are restricted by inefficiency, financial and regulatory requirements a long with old data servers that prevents new innovation from coming. 70-80% of small business are rejected when applying for a bank loan because traditional banks prioritize mortgage loans and large corporate credits. Every small business wants to grow but access to working capital is holding them back.
How are your customers solving that problem today?
Most of our customers are asking friends and family for money. Many small business owners in Europe who are credit worthy avoids conventional banks because of their religious faith. These businesses are growing slowly organically but with right financing structure they could grow faster and easily manage hard times.
Target custormers - Define customers, who are they
How do you plan to acquire customers?
We will collaborate and partner up with small accounting firms and provide their SME customers our analytic tools (Smart Cash Flow and Sustainability tool). This way we'll onboard several thousands of SME's in short time and we'll be ready whenever they have a need for loans and credits. Will also invest a small amount in growth hacking and digital marketing.
What is your revenue model or expected revenue model?
The revenue model for a lending company is usually net interest rate, however since we're not working interest rates we charge our customers a pre-agreed percentage of their future customer card sales/ future revenues.
What is your target market?
Muslim SME-entrepreneurs in Sweden, Danmark, Norway, Finland, Germany, Holland, France, Spain, Italy, Belgium and Turkey.
What is your total available market size
What steps have you taken to validate the market?
We've done test cases with traditional banks where Creditive has acted as loan broker. That resulted into 1.4M EUR i SME loans, 22 job opportunities and 0% credit defaults. From these test-cases Creditive received 30K EUR in commission from the banks. Beside the test-cases, we've also done deep market research and directly talked to our users and potential customers who are eager for us to launch our non-interest business loans.
Do you have competitors? Please write down the names
Competition: write down competitors and explain
Who are your competitors and how are you different?
Sweden and the swedish society are very advance in digitalization compared to other European countries. This means that our closest competitors are here. However, all our competitors are offering expensive digital factoring solutions and charge the customers with interest rate. Interest rates are forbidden by Islam and interest rates are also the root cause of the unfair business lending market and unstable financial market.
What progress have you made in the last six months?
We have recruited a totally kickass board, which holds a world class level. Covid-19 has hit the startup tech scen very hard but we've still managed to get soft commitment (50% of our need) from well-known Swedish tech-investors.
How many customers/users do you currently have?
100 (We have the opportunity to onboard several thousands but intend to do so post our current investment round.
What is your monthly growth rate?
We expect at least 50% monthly growth rate during the first year of operation.