SUPERTECH SEEDS – KRED24
Case study with FinTech founder and SuperTech Seeds winner, Mangaraju Pandi.
Enabling international students and skilled workers to access financial services
Every year more than half a million international students and skilled workers come to the UK. They often find it difficult or near impossible to access essential financial services such as bank accounts, credit cards and loans. MBA student and serial FinTech founder Mangaraju Pandi speaks to SuperTech about how, working with the SuperTech Seeds programme, has allowed him to create a new AI backed solution that helps international students and skilled workers access these services.
Tell us a little more about you
I founded my first FinTech start up in 2015 which focused on B2B payment solutions, securing a successfully exit in 2016. I then went on to co-found the QR based payment platform Click&pay, which was bought by Zaggle in 2018. I came to the UK in 2021 to study for my MBA at Aston University.
What is the challenge you’re looking to solve?
One of the biggest challenges I faced when arriving in the UK was setting up a new bank account and being accepted for a credit card. While I had a strong credit history in India this didn’t translate to the UK, meaning I wasn’t able to get access to the essential financial services needed to get by. I’m not alone in this, every year more than half a million international students and skilled workers, many of which have built up strong credit histories in their home countries, come to the UK. It’s a market that’s worth £9.9 billion that is currently going unserved.
How does Kred24 address this issue?
We’re on a mission to reinvent how credit works for international students and skilled workers. By reviewing credit scores and open banking data from home countries we can assess the risk profile of the customer. This allows us to help new arrivals access bank accounts, phone contracts, credit cards and loans all while building a UK credit history.
What has it been like working with SuperTech?
SuperTech has helped us turn the concept into a fully functioning app, accessible via iOS, Android and the web. It’s been incredibly useful from a networking, feedback and mentoring perspective. I would say that the support we’ve received to get to this point has been invaluable.
What advice would you give to other entrepreneurs?
Building a capable team is incredibly important. You shouldn’t expect to be able to deliver everything yourself. A good team with a mix of expertise is essential. When looking for people to partner with try and find those with a passion and a zeal to work.
What are your thoughts on no-code?
No-code is game changing in terms of being able to build technology and launch to market as soon as possible. Start-up founders often struggle to find really good developers with a strong technical background to take their idea forward. Being able to test in the market is key and to do that you need a baseline or minimum viable product, which no-code lets you create incredibly rapidly.
What next for your business?
We are further developing our app and are seeking authorisation from the Financial Conduct Authority to operate in the UK. Once secured, we will then be looking to raise investment for further development.
To register for updates on Kred24 visit: www.kred24.com.
To find out more about SuperTech and how to get involved in the SuperTech Seeds programme visit: www.supertechwm.com/seeds.