Credi.com Empowering 'The Bank of Mum and Dad' - After $ 50m of Loans in 6 Months - Commencing Global Rollout
PERTH, Australia, December 14, 2017 (Newswire.com) - The bank of Mum and Dad is not just about a loan for getting on the property ladder for first-time buyers. It is the tip of a large financial iceberg.
Since launch, Credi has documented over $50m of loans. CEO Tim Dean commented, “It's early days, but the loans we are seeing broadly mirror our research - from a $650K loan between family members to upscale a residence to loans for cars, holidays, laptops, Apple watches and even to fund a startup!"
What started as a toolkit for a parent to manage loans to older children to help them out financially is now rolling out globally - with thousands of users managing loans between friends family and colleagues - for everything from getting on the property ladder to starting a business - almost always at rates way lower than from commercial lenders.
Tim Dean, Credi CEO
Credi is now available in over 51 countries including the US, Canada, Uk, South Africa , and India
Research carried out for Credi by RMIT shows that the informal lending market extends into billions of dollars per year globally - and the " bank of Mum and Dad " is one of the worlds largest financial institutions.
- In the UK 50% of first-time home buyers get help from friends and relatives
- Globally, millions of start-ups that are not established enough for bank finance are funded by friends and family
- Credit from family and friends is the second most common form of credit in the US
Loans between related parties are built on relationships. As long as a relationship remains good, the terms of the loan are met, but should the relationship sour, the loan sours also.
Credi launched in April 2017 as a loan management platform to enable members of the public to build, negotiate, share and manage personal loans on one platform. Credi.com delivers loan documentation, negotiation to agreement, repayment reminders and ongoing loan management.
Tim Dean CEO says, "We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by looking after reminders, calendering and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans."
"Doing nothing to formalise an agreement is fraught with risk. The absence of clearly understood and agreed terms can lead to misunderstanding and confusion. Repayments are missed and / or not properly recorded. Credi does all of this and way more in one place - seamlessly. Two parties can set up, negotiate and agree in minutes," Dean added.
Credi is built for individuals but is releasing a partner version for finance professionals early in 2018, targeting accountants, book keepers and financial planners. Tim Dean commented, "We have a number of businesses lining up for our partner version. We will roll-out a comprehensive loan management system, adding to the Credi platform, including secured loans, entity management and automated bank payment reconciliation, that they can promote to their customers and in due course administer for them."
About Credi Pty Ltd
Credi is a financial technology business. Our mission is to change the way people lend their money to each other. We want to empower people to help each other and take control of their financial relationships without creating friction and stress.
Learn more at https://credi.com or email media@credi.com.
Contact: Tim Dean CEO - timkdean@credi.com, media@credi.com | www.credi.com
Source: Credi.com