May 22, 2020
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The “FinTech Leadership During the COVID-19 Crisis” is part of the video series brought to you by MEDICI Studio and FinStep Asia. In this Q&A, Gaurav Hinduja & Sashank Rishyasringa, Co-Founders at Capital Float, answer a few questions about dealing with the COVID-19 pandemic as an organization. In this webinar, we cover Capital Float’s business introduction, its new product launches, and its style of leadership and management.
This video Q&A was hosted and moderated by Syed Musheer Ahmed – Managing Director of FinStep Asia, and Amit Goel – Founder of MEDICI. The video series aims to showcase FinTech leaders at this time of the crisis and how they and their teams are navigating these uncertain times.
Capital Float in a nutshell
The focus is really on two things:
How is Capital Float coping with the Covid-19 crisis?
As soon as we started seeing this coming our way in late February and early March, we got into a warzone mode, and we did a few things:
Besides these, we developed a playbook that focused on three or four things:
We have also come up with exciting product features that we will be rolling out shortly.
What happens with loans?
For us, one of the programs that are seeing continued use is the partnership with Amazon, where we provide a line of credit for purchases. Historically, that has been used to purchase a wide variety of things. However, in the last few weeks, it has been primarily focused on purchasing essentials like gloves, masks, groceries, etc., on Amazon.
However, fundamentally, I think things are quite slow from a lending perspective – not just at Capital Float but across the sector. The critical question now on everyone’s mind is what the shape of the recovery looks like after the lockdown.
Any new product launches?
There are three things that we’ve already launched.
A few more will be coming down the pipe soon, but we will update you once we are close to launching some of those.
How are you managing from a management and leadership perspective?
How have you been dealing with your investors in this crisis? How have they been for you?
They have been very supportive. We were lucky enough – as you may have heard on the news a couple of days ago – that we were able to close a round of funding from our existing investors. So, at a time like this, that makes it all the more critical.
What would that be if there were one thing you’d want from regulators or the government?
I would say credit transmission as the lockdown gets lifted; the resuming of the credit flow to the last mile to SMEs and consumers is going to be the most critical aspect for the economy to recover. This should be done digitally and not physically. A digital loan is effectively a socially distanced loan, and it could be a game-changer for the economy to get back on its feet over the next few months.
To watch the full discussion, click here.