Kyepot is a social platform focused on financial inclusion to enable the unbanked and the underbanked to borrow, save or lend money

Country: UKKyepot

Year: 2015

Concept

  • Targeting emerging market populations primarily in India and Africa, the mobile-based platform aims to reduce the amount of unbanked and underbanked people by allowing users to contribute to and borrow from a group pool of savings
  • The idea is to use channels and devices that are becoming popular, such as mobile phones, web, and mobile internet connection, to reach people and areas that were previously unreachable
  • Kyepot partners with financial institutions to distribute group savings products to end consumers
  • The company’s founder noticed that banks weren’t teaching users how to save money and launched Chit (his previous startup) and Kyepot to curb this trend and give greater financial freedom to users

Consumer Benefits

  • Financial inclusion: unbanked and underbanked users can now borrow, save or lend money
  • Mobile: access means that rural or remote users who were previously cut off have access to banking services via their devices
  • Social: groups and communities with common goals create motivation among peers and a sense of achievement
  • Reliable: by providing real-time financial performance, users can track and monitor their savings and lending

How To Use

  • After Demo Day at Startupbootcamp in Singapore, Kyepot is still at the seed funding round and looking for more partner distributors
  • The company is continuing to hire developers and is working towards a public launch

Illustration