Fintech Startup Quid Shoots Past 5 Million Users in Under a Year

PNN

New Delhi [India], May 20: The Mumbai-based AI-powered fintech platform and marketplace, Quid, has achieved a noteworthy milestone, surpassing 5 million users within one year of its launch on the Google Play Store.

Quid, an AI-powered fintech marketplace, makes borrowing accessible to every Indian and bridges the much-needed gap between borrowers and RBI-approved banks & NBFCs.

The new-age fintech startup streamlines the process for individuals and business owners to discover financial products, which include unsecured personal loans, business loans, and credit cards tailored to their requirements, while empowering non-financial apps with tech uplift to drive digital growth.

Founded by Jitesh Shah in early May 2024, who holds over 20 years of industry expertise in scaling multinational financial companies and marketplaces, said, "We identified a major gap when it comes to accessibility to financial opportunities between individuals aged 20 - 50 and lending institutions. At Quid, our mission is to bridge this gap with a platform that delivers transparency, convenience, and easy access to credit on a single platform."

The fintech platform distinguishes itself from other players with its AI-driven tech stack, such as the Personal Loan Matchmaker that allows borrowers to find financial products tailored to their requirements. The most striking feature of using the Quid app is that an applicant can complete the loan application process in just under 59 seconds.*

"We believe in an embedded finance ecosystem where users can manage their financial needs without juggling between multiple platforms. Quid delivers this seamless experience and puts the power of choice and convenience in the hands of our users," Shah added.

The fintech platform is already working on its next phase of evolution. "We are addressing the challenges of rising NPAs (Non-Performing Assets) for lending institutions by developing and testing AI-driven recovery solutions with our partners," said Shah.

The Quid app is steadily growing its user base and has a robust 4.5-star rating on the Google Play Store. Following its success on Android, it plans to soon launch on the iOS App Store.

The fintech platform remains focused on advancing financial literacy, improving credit accessibility with next-gen solutions, and promoting financial inclusivity for underserved and emerging segments of the Indian population.

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