SympliFi, a U.K.-based Fintech company and Juakali, a France-based firm offering a cloud digital transformation platform for banks, have entered into a partnership to offer SympliFi’s digital collateral solution as an embedded feature in the Juakali platform.
Nearly 2 billion people in developing countries struggle to access affordable credit products and often depend on payday lenders and family members living abroad to fill this credit gap. As these consumers become more digital-first, traditional lenders are often left behind in the race to digitally bank these underserved consumers.
Juakali enables traditional banks to digitize and automate all aspects of their daily operations, from onboarding to lending, at a fraction of the cost of other solutions. The SympliFi partnership will allow Juakali’s bank users to seamlessly utilize SympliFi’s digital collateral solution as part of their loan application process. Borrowers will now be able to select friends and family members living in Europe and the US as guarantors on a loan, in a fully digital process.
The partnership unlocks a massive opportunity to enable banks to leverage the $540bn of remittances sent to developing countries on an annual basis, to increase lending to the millions of remittance receivers who struggle to qualify for loans. The solution reduces the need for costly money transfers, and empowers borrowers to access funds on their own locally and build valuable credit history.
Speaking about the partnership, Julien Mahuzier, CEO of Juakali, said: “We found it an amazing opportunity to work with SympliFi on this project. Our offers are complementary and our social impact-driven agendas align perfectly. Guaranteeing loans is a major challenge for the banks we work with and SympliFi addresses it smartly. The Juakali platform’s unparalleled flexibility allows banks to use this solution easily to the benefit of the underbanked.”
“The mobile phone has enabled billions of people to benefit from a digital and borderless world, except in their financial life. The partnership addresses this problem at scale and deepens access to finance, with a truly innovative solution. The Juakali partnership also marks a first step in our embedded finance strategy, and we are excited about the opportunity to partner with more businesses to help unlock value for their customers.” said Maurice Iwunze, CEO of SympliFi.
SympliFi is a financial technology company providing an alternative to remittances, by eliminating the need for money transfers. The company enables immigrants around the world to help loved ones in their home country instantly access low interest loans, instead of sending money, by providing a digital collateral. SympliFi is based in London with operations in the E.U., Nigeria and Senegal.
Juakali is a leading tech provider enabling the field data collection and digitization of banks and microfinance institutions’ business processes, so that they can get rid of pen & paper. Using Juakali, financial service providers can automate valueless tasks, enhancing their productivity and lowering their risk. Juakali currently operates in 12 countries in 10 Africa and Asia, working with some of the leaders of the industry.