Quiklo
Micro-lending platform for students enabling electronics purchase on emi.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
Quiklo, legally known as Olmec Technologies Pvt. Ltd., was a financial technology company based in Bengaluru, India, that operated as a microlending platform for students. Founded in 2015 by Mrigank Shekhar, Kush Srivastava, and Rahul Saxena, the company aimed to provide financial empowerment to a demographic with limited access to traditional credit. The venture secured a total of $2.3 million in funding over four rounds from investors including Accel and Tracxn Labs. Its most significant funding round was a Series A in October 2016, which raised $1.48 million.
The company's core business was providing collateral-free loans, structured as Equated Monthly Installments (EMIs), to students for educational expenses and the purchase of consumer electronics like laptops and mobile phones. Educational financing covered a range of needs, from yearly college fees to costs for test preparation and vocational training. The business model involved a partnership with banks and non-banking financial institutions (NBFCs) to disburse the loans. Rather than giving the loan amount to the student, Quiklo facilitated the direct transfer of funds to the educational institution or electronics vendor, streamlining the process for all parties.
Quiklo's platform was built around a proprietary credit risk engine that utilized over 1,000 data points from non-traditional sources to underwrite loans for individuals without a formal credit history. This allowed for rapid loan processing, often within a single day. The company reported processing approximately Rs 5 crore in loans monthly with a non-performing asset rate of around 1.5% in mid-2017. Despite its early traction and backing, Quiklo ceased operations and was noted as a 'deadpooled' company, having been acquired by HappyEMI in August 2018.
Keywords: student loans, education finance, consumer lending India, EMI for students, collateral-free loans, fintech India, alternative lending, NBFC partnership, credit risk engine, student credit, electronics on EMI, Bengaluru startup, Accel portfolio, Olmec Technologies, Mrigank Shekhar, Kush Srivastava, Rahul Saxena, HappyEMI acquisition, microlending platform, test prep loans