What is your target market?
Muslim SME-entrepreneurs in Sweden, Danmark, Norway, Finland, Germany, Holland, France, Spain, Italy, Belgium and Turkey.
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.
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.