Interview with Mukul Devpura, Co-Founder of WeCredit, a dynamic player in the financial industry

An exclusive interview with Mukul Devpura, Co-Founder of WeCredit, a dynamic player in the financial industry

Mukul Devpura, a seasoned professional in the financial sector, serves as a co-founder at WeCredit, a rising star in the financial industry. In this arena, where financial institutions forge the path to Indian economic empowerment, he plays a pivotal role in steering the company towards its mission.

WeCredit’s expertise lies in forging strategic partnerships with top-tier NBFCs (Non-Banking Financial Companies) to provide seamless and expedited access to online financial solutions, with a sharp emphasis on hassle-free loans.

Under his visionary leadership, WeCredit has transformed into a formidable presence in the financial sector, delivering invaluable services to both individuals and businesses, setting the industry ablaze with innovation.

Can you tell us about your journey and what motivated you to co-found WeCredit?

Mukul Devpura: My experience as a co-founder of Spiraea and exposure to the lending practises across the different strata of society helped me understand the intricacies of the lending business – our primary motivation for WeCredit.

During this period, we identified significant gaps and the major pain points in lending, especially in rural and semi-urban areas where people face exorbitant interest rates and the profound struggle to establish credit histories.

Traditional banks and NBFCs find it challenging to extend their reach to these remote areas, making life even more challenging for these communities. We believed that every individual, regardless of their location or circumstances, deserved a fair chance at accessing financial support.

We were driven by the belief that this increased access to credit had the power to spark entrepreneurship, fuel business growth, and provide a lifeline to those seeking personal financial stability. That for us was the biggest motivator of all- to be able to participate in India’s growth story.

WeCredit focuses on providing fast and safe loans. What unique features or strategies does your app employ to ensure both speed and security for your users?

Mukul Devpura: We use proprietary ML models to figure out the best possible offer for our users. Our streamlined registration process and tailored offers minimise rejections, ensuring a speedy experience. Additionally, we strictly partner with institutions offering end-to-end digital credit products to enhance efficiency.

The fintech industry is highly competitive and regulated. How does WeCredit navigate the complex landscape to offer financial solutions that cater to a broad audience?

Mukul Devpura: Compliance with regulations is a top priority for us. As a marketplace, we attract diverse customers through different marketing efforts. We have collaborated with approximately 25 plus NBFC and banking partners, connecting users with the right partner specialising in their specific needs.

Mobile apps have become a pivotal part of the financial sector. How does WeCredit leverage technology to enhance the user experience and streamline the loan application process?

Mukul Devpura: Our proprietary algorithms, powered by machine learning, generate personalised loan offers. We’ve simplified the loan application process, eliminating the need for multiple mobile applications. We deeply integrate with our partners’ tech stack, to provide a seamless journey to our users. 

Financial inclusion is a significant issue in many parts of the world. How does WeCredit contribute to improving access to financial services for underserved populations?

Mukul Devpura: We plan to collaborate with NBFCs and banks with a strong presence in remote rural areas, providing digital platforms to these small-town institutions. We’re already extending loans nationwide and have helped many in rural areas access financial products.

What types of loans and financial products does WeCredit offer, and how do they address the diverse financial needs of your customers?

Mukul Devpura: We offer personal loans and business loans ranging from Rs 5,000 to Rs 50,00,000, and credit cards. Our credit card offerings include options like lifetime free credit cards and premium credit cards, catering to a wide range of financial needs.

As a co-founder, what is your vision for the future of WeCredit? Are there any upcoming features or developments that you’re particularly excited about?

Mukul Devpura: We’ve identified two critical gaps in the market: users often don’t receive the best-suited lending products, and an underserved population resorts to high-rate offline loans. Our near-term goal is to expand our market presence, and in the long term, we aim to register as an NBFC and directly provide lending solutions.

What is your success tip for young and aspiring entrepreneurs?

Mukul Devpura: Identify a problem and take proactive steps to solve it. Success often lies in addressing real-world challenges and providing meaningful solutions.

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