Automotive FinTech start-up KUWY has impacted the online car financing landscape by introducing automation into the process. Co-Founded in 2017 by MD & CEO, B Ganesh Kumar, the organization has integrated innovation with market needs, to offer effective and efficient borrowing options. We learn more in conversation with Ganesh Kumar, the dynamic leader at the helm of the enterprise.
1. What is KUWY?
‘KUWY’ means Finance. Since inception, we have forged strategic industry partnerships and created proprietary products, to facilitate end-to-end digital loan approval, processing, and disbursal. We provide dealers with a digital, point of sale financing platform, which connects credit-worthy customers and cars to a network of registered lenders, to offer the best loan terms for instant loan approval.
2. What sparked the idea behind KUWY?
Our goal was to make automotive credit accessible, paperless and instant to all credit-worthy borrowers. This win-win situation supports car dealers by helping them to close the sale successfully and enabling the customer to avail finance with a highly reduced loan cycle time.
3. What are the fundamental problems KUWY seeks to solve for customers?
Consumers often require financing options to complete a car purchase, creating demand for loans. As of FY2021, 75% of new cars & 25% of Used Cars were financed. KUWY has digitized each step of the loan origination process by fulfilling the desire of the customer for on-demand transactions and a greater selection of choices.
4. How does KUWY stand apart?
KUWY follows a ‘People First’ policy which places paramount importance on promoting learning and entrepreneurship, happiness, and growth of employees. The exemplary leadership team offers numerous upskilling opportunities to nurture new talent into well established senior professionals At KUWY, the entire loan origination process is paperless and instant. While the proprietary ‘Loan Decision Engine’ and ‘Loan Card’ help the customer arrive at the right value, the Digital Loan Documentation & Loan Product Engine, connects customers to the right lender and right loan product.
5. Which processes in the auto finance industry have been challenging to digitize?
Going paperless for loan sanctions and embracing automatic credit decisions for lenders has been very difficult. Integration with auto lenders, data security & compliance structures slow down adoption and must continue to evolve to support a much more integrated and open environment.
6. What is the long-term vision for the company?
We hope to create an Auto FinTech Ecosystem which offers comprehensive lending & car technology services. Our products and services include structured loan products, pre-approved car management loans, CarPrice, CarInsure, CarMarket, etc. We recently launched KUWY CarCheck, a used car certification platform which uses AI, ML & Phygital (Digital and Physical) for vehicle certification, inspection, and valuation. The CarCheck platform is available in 350+ locations across India, and offers in-person valuation in just 2 hours.