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Finlok
India
2017 (8 Years)
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Security Information
What are the differences in regulations for each
License
A Grade License
Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.
B Grade License
Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.
C Grade License
Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.
D Grade License
From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.
Company Information
Get to know Finlok
Company Information
Get to know Finlok
Finlok is a peer to peer financial platform that helps users save and access credit within their social networks/communities. The platform is based on the concept of moneypools/ROSCAs and has digitised the entire experience on the back of mobile and payments technologies. We are targeting the underserved (earning 8-25k pm) in building a risk profile based on their payment/repayment behaviour, group behaviour and dynamic in addition to other parameters. The intention is to use this rating in offering other financial services such as credit, insurance and investments; we have begun executing on that through a short term credit product (similar to a salary advance/pay day loan) linked to group behaviour. The concept of using savings as security and credit worthiness for lending is the same as that in corporate loans with Debt Service Ratio (DSR); our aim is to use this for retail lending especially for users that are thin/no file customers.
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- Financial Other ServicePRIMARY
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