“We just decided to make with the kids”
In 2013, the graduate of the Perm Polytechnic University and MBA at Istanbul Yeditepe Üniversitesi, Weichman Mary turned at once three Russian companies, which asked her to write a business project to open microfinance institutions (MFIs) and to develop a scoring system. “I decided that the demand is there — there were no such services for MFIs, the organizations themselves were not connected to the credit Bureau, few people knew what a risk assessment”, — says Maria.
Scoring in General form looks like this. The system receives information on the borrower profile, credit history, data from the different databases of state agencies, etc. the system Then processes this information and generates assessment score. If he is passing — the decision on issuance of credit.
Three prepaid order (each about 600 thousand rubles), made it possible to gather a team of four mathematicians and friends to start developing. “In fact, it was such a cabal, we just decided to earn money with the boys” — laughing, Weigman. In February 2014, “Skorista” drew the first €100 million of investment from a business angel, a former Bank employee. MFO then relied mainly on logic and experience, and we give them a suggested mathematical model,” says Weichman.
The market MFIs grew rapidly. According to “Expert RA”, the aggregate portfolio of loans to MFIs amounted in 2013 to 39 billion roubles and in 2015-m 63 billion. the Total number of organizations at the end of last year, according to the Central Bank, amounted to 3688. For the most part this is a small business that cannot afford to develop their own scoring models. “Skorista” suggested MFIs to give this function to outsource is to evaluate borrowers for receipt of applications.
Investors and accelerators
During the spring and summer of 2014 there was an active growth “Christy”. The startup has processed the applications of MFIs and increasing client base. The performance impressed the venture Fund Life Sreda invested in June 2014 in the project $400 thousand In that time the project team had less than ten people, some of whom worked in the office in Perm (programmers and rankovici), and a part — in Moscow.
The problems began in the fall of 2014, when Russia began to gain strength the financial crisis. “The algorithm just stopped working, complains, Weigman. — People stopped paying on loans, it became clear that the need to rebuild the entire system in principle”.
Team entrepreneur have gone a mathematician, and behind him and the programmer, which frightened the outbreak of difficulties with financing. “They understood that we are finishing the last of his money,” recalls Wachman. — And confirm the efficiency of the algorithm no.
Photo: Oleg Yakovlev/RBC
Saved the company another round of investment from Life Sreda in the amount of RUB 12 million, which the company received in February 2015. Then the team was joined by a new risk Director, with whom, Wachman in June 2015 made a new algorithm for evaluating borrowers. “We used the same sample, but other variables describing the borrower more accurately. Variables are created from various data, it is not only credit history, profile of the borrower, but also data from public sources, payments for the phone. Simple variables are calculated and aggregated. For example, the ratio of the sum of closed micro-credits to the amount of the loan,” says Weichman. According to her, if initially the system took into account 500 variables, but now their number reaches 7000.
By mid-summer of 2015, the company has monthly treated about 45-50 thousand applications from MFIs, which allowed to reach self-sufficiency.
Autumn “Skorista” hit the acceleration program FUND. “We made a working algorithm, but have difficulties with sales, recalls, Weigman. — IIDF, helped us to find a new business model. We have organized support that was better to sell than the people responsible for the sale”.
According to the register, 43% of shares of OOO “Skorista” belongs to Wahman, 40% — OOO Smartmarket” (100% Vladislav Solodkiy, managing partner Life Sreda), 11% from Alexey Pure, 4% Ivan Tretyakov and 2% in FIDI.
MFIs tend to create their own systems of risk assessment. “The model created in the private data of the company more efficient than those that are created on the data market — said the Director of risk MFIs “Migkredit” Artem Bykov. — We independently processed tens of thousands of applications that use multiple scoring models to evaluate various customer segments. This is behavioral, sociodemographic, and fraud model.
But to afford its own scoring model not many people can afford. Such MFIs and work with “Christou”. Sales are mainly carried out directly: the company’s employees call up MFIs in the registry and offer to try a scoring model. Well-proven industry events and word of mouth — customers often exchange information with each other. Today “Christy” 60 regular customers, among which the “Second money”, “Blitz”, “Honestly”, “Karmana”, “Optimine,” etc., says Weichman.
Outsourcing brings “Scarista” most of the money — 60% of the proceeds it receives from processing applications to the MFI. Another 30% earns the individual scoring models for MFI’s, 10% in consulting services. In 2014, “Skorista” handled 120 thousand applications, in 2015, 350 million (revenue amounted to 4.5 million rubles). And for one April 2016 — already 60 thousand applications. The average cost of processing an application — RUB 20 total — 1.2 million rubles. per month. In the same April, the company sold two individual scoring models; the average check — 300 thousand rbl. the Monthly revenue of the project amounted to 1.8 million rubles. Profits — about 10% of revenue, says Weichman.
“Skorista” will work with the banks and outside the CIS”