SimplyFi Russian tech company announced the launch of the programme of unsecured express loans via P2P (peer to peer) platform for small and medium-sized businesses.

According to the press service of the company, SimplyFi’s new product gives Russian company the opportunity to apply and receive loans up to RUR 300 000 (around USD 5000) from private investors completely remotely through a fully-electronic application process, transferred to any bank account.

The product aims to meet current demands of small businesses such as replenishment of working capital and the closing of cash deficiencies.

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Through a scoring system developed on the basis of technological analysis of big data, decisions on applications are made automatically within two hours. The company will only need tax ID and a statement of turnover in the settlement account. SimplyFi provides a 100% guarantee for the raising of funds once an application is placed on the market.

In order to create the algorithm, the company analyzed thousands of active clients from the SME sector. The analysis was divided into 50 parameters which influence the financial situation of the business. Based on these parameters, SimplyFi automatically assesses each company and assigns to it a credit rating.

“Experience has shown that in the present day the banking sector is not interested in lending small sums to SMEs for the short term due to the high cost of such services for banks, accordingly a large portion of the market remains unclaimed. However, thanks to the development of fintech and the sector of non-banking financial organizations, this market is beginning to develop with huge potential,” SimplyFi CEO Alexey Basenko said.

SimplyFi LLC is part of the SimpleFinance group, which was founded in 2015 and offers a unique range of financial products for small and medium-sized businesses in Russia. Representatives from SimplyFi are part of the Central Bank’s working group, and participate in the creation and testing of regulatory mechanisms for Russia’s P2P platforms for the future.

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