Mobicule: Making debt collection friendly

This fintech startup wants to reduce friction points for BFSI sector

Mobicule: Making debt collection friendly
Siddharth Agarwal, founder and managing director, Mobicule

Started as an enterprise mobility software provider, Mobicule, which has found its niche in the BFSI sector has been doubling down on its capability in monitoring debt recovery and executing debt collection, along with digital KYC/document scanning and strategising employee performance within an organisation.

“Telecom, utilities and e-commerce are the other major verticals we operate in. Our product stack which fits directly into lending businesses is a result of catering to the needs of the segment – from onboarding customers with digital KYC, to issuing credit and monitoring it, setting KPIs for collection executives and finally to enabling them to collect the debt,” says Siddharth Agarwal, founder and MD, Mobicule.

Currently, the startup targets businesses with a book size of Rs 10,000 crore and above and aims to target businesses with Rs 1,000 crore in book value in the near future. “The larger the business, the higher the ROI on our platform as our systems are designed for scale and large businesses can realise their true potential,” says Agarwal.

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Working in the financial sector and with customer data also demands the company to be compliant with many regulations set by the national authorities. “When we say debt collection, we have strong RBI regulations on how to do it,” says Agarwal. According to him, everything that a collection agent does must be recorded on the company’s platform and every transaction should be done with the procedure set by RBI on the platform via authorised payment gateways integrated with it.

“For instance, the collection agents should capture the place of meetings with the customer. The software alerts both the lender and customer to be ready on important dates to fulfill collection. Recording calls, customer interactions, adhering to timings set by RBI to do collections are all implemented on our platform, fully automated,” says Agarwal. “Since collection has traditionally been sensitive, in some cases becoming ugly, we aim to reduce friction between the agents and customers to make it a better overall experience and be friendly to the customer,” he adds.

Recently, the company has also launched the scanning product directly to consumers with an aim to be the better replacement for banned apps which carry the scanned customer data to servers outside India. “Since we store all data locally, this is a major business opportunity for us. Our algorithm is also fine tuned to avoid duplicates and frauds. This is useful when it comes to KYC as our system is fail-proof in detecting all national IDs in the country today,” says Agarwal.

Mobicule charges its customers per user and per transaction and customises the platform and as per the requirements of their existing systems. Currently, the startup is funded by angels and is bootstrapped to the founders. Agarwal aims to reach $15 million in revenues in the next three years.

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First published on: 05-12-2022 at 05:05 IST