Progress records
0
Stage of your startup
Users
When did you start
October 2018
City
Malmö, Sweden
Definition in 1 sentence
Creditive brings simplicity to business lending and creating sustainable growth by seeing, serving and satisfying SME-entrepreneurs.
Elevator pitch
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?
Yes
Category
Software
Sector
Fintech
How do customers use or interact with your product?
Desktop
Product Demo Video Adress
Video Password
Startup Presentation
Image gallery
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.
Create Date
Tuesday, October 20, 2020 16:26 (Sohail Mohseni)

Business model

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.

Market info

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
$ 3,000,000,000,000
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
Competitor name
Competitor website
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.
Traction / KPIs
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.
Describe traction

Finance

How much runway do you have left(Month)?
6
How is equity divided?
Equity type
Name surname
Email
Equity
Founder
Sohail
% 87
Co-Founder
(Pls, See Pitch Deck Cap Table For More Info)
% 13
How much money raised since start?
$ 200
Revenue lifetime
$ 25,000
Last months revenue
$ 0
Investment round
Target fund to raise
$ 500,000
Equity on offer
% 20
Number of employees
0
Other info Write bullet points (Grants, prizes, acceleration)
Add more comments

Team

Owner member
Yes
Member role
Founder
Name surname
Sohail Mohseni
Title
CEO
Education
Master's Degree
School name
Lund University/ Stockholm School of Economics (SSES)
Birthdate
01 January 1988
City
Malmo, Skåne, Sweden
Short Bio
I'm a Corporate banker with 12 years of experience from in SME Banking. I'v very passionate about using the latest advances in technology to benefit small and mid-sized enterprises. I also intend to challenge traditional and conventional banking with more ethical and sustainable financing structure.
Owner member
No
Member role
Employee
Name surname
James Hanson
Title
CTO
Short Bio
Senior software engineer with 14 years experience from the IT-sector and software development. Prior experience from Cybercom as Senior Backend Engineer.
Owner member
No
Member role
Co-founder
Name surname
Per-Olov Carlsson
Title
Interim CFO / Chairman of board
Education
Master's Degree
School name
Stockholm School of Economics
Birthdate
06 January 1951
City
Stockholm, Stockholm, Sweden
Short Bio
Started up several banks from scratch. Prior experience also include acting CFO Swedbank. A very experienced Asset Manager and interim CFO for Swedish as well as international companies.
Owner member
No
Member role
Co-founder
Name surname
Emil Böje Pedersen
Title
Data Scientist/ Machine learning
Education
Master's Degree
School name
(Phd) Danmark Technical University
Birthdate
01 June 1988
City
Stockholm, Stockholm, Sweden
Short Bio
Phd in applied physics from Danmark Technical University. Data scientist and AI-expert with background from Klarna, Telia and Spotify.
Owner member
No
Member role
Co-founder
Name surname
Marita Ljung
Title
Business Advisor
Education
Master's Degree
School name
Mälardalens högskola
Birthdate
09 October 1961
City
Stockholm, Stockholm, Sweden
Short Bio
20 years of senior management experience from the banking sector and the government office as State Secretary at the of Industry & Enterprises Ministry in Sweden.
Owner member
No
Member role
Employee
Name surname
Zahra Haschemzadeh
Title
ESG Specialist/ Data Scientist /Advisory board
Short Bio
PhD candidate at Lund university specialized in sustainable finance, financial mathematics and ESG-measures.