CreditMonk: Making Credit a Good Word
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Ridhi Kanoria Doongursee, Founder
Business in India runs on credit. Establishing a solid payment history can help increase your chances of landing a small business loan or line of credit at favorable terms.
In this backdrop, launched in 2016, Mumbai headquartered CreditMonk.com is a shared information network that allows trade parties to provide information relating to creditworthiness and rate the payment habit of companies one has worked with.
Ridhi Kanoria Doongursee, Founder at Credit Monk. com explains through astonishing numbers that 98 percent of businesses sell on credit, and 97 percent face late payments. 78 percent of MSMEs are funded using personal funds and bank credit is difficult to come by. Along with trade credit payment issues and bank credit limited availability, MSMEs in India are struggling to grow.
As a community, all suppliers or creditors would benefit from the platform as it has the capability of filling in the missing links. The platform facilitates trade credit between SMEs, inter-SE and also between SMEs and large corporates with full knowledge of extent of credit risk being undertaken. It also provides greater visibility to the institutional lenders on credit behavior of borrowers outside of the institutional credit mechanism. While delivering all these benefits,
CreditMonk’s platform helps reduce the working capital cycle and also helps raise finance on the receivables without dependence on collateralization.
CreditMonk is the only website giving information on the market reputation of a business with a focus on ‘intention to pay’ and not just ‘ability to pay’. The intention to pay is the core of CreditMonk’s offering. “We shift the credit graph for businesses from ‘opaque and helpless’to‘transparent and actionable”, adds Ridhi.
Customer/Vendor Rating Services, Enablement of Trade/Supply chain finance,Sales Receivables Collection Services, Credit Insurance (in the future),and Subsidized ancillary services such as legal notice, MSME registration, IEC Code etc; are few of the new parameters that CreditMonk is diving into in the years to come.
With a clear intent, the CreditMonk team is working to play an integral part in making business in India easier and more productive and to lift CreditMonk to a global shared information network that is the primary source of reviews on the payment practices and work culture of businesses in order to ensure credit sanctions freely and without undue stress.
CreditMonk’s platform helps reduce the working capital cycle and also helps raise finance on the receivables without dependence on collateralization
CreditMonk is the only website giving information on the market reputation of a business with a focus on ‘intention to pay’ and not just ‘ability to pay’. The intention to pay is the core of CreditMonk’s offering. “We shift the credit graph for businesses from ‘opaque and helpless’to‘transparent and actionable”, adds Ridhi.
Customer/Vendor Rating Services, Enablement of Trade/Supply chain finance,Sales Receivables Collection Services, Credit Insurance (in the future),and Subsidized ancillary services such as legal notice, MSME registration, IEC Code etc; are few of the new parameters that CreditMonk is diving into in the years to come.
With a clear intent, the CreditMonk team is working to play an integral part in making business in India easier and more productive and to lift CreditMonk to a global shared information network that is the primary source of reviews on the payment practices and work culture of businesses in order to ensure credit sanctions freely and without undue stress.
