About this episode
In this 131th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Shuli Mantsur, Director of Partnerships at Become. Become is an aggregation company that provides a single-stop source for business owners to go to one website and potentially apply for multiple lines of business with multiple lenders.
Episode Highlights:
● 00:42 – Shuli Mantsur explains Become.
● 02:30 – Become is like Expedia for business lending.
● 05:35 – What kind of businesses are they attracting as borrowers?
● 06:45 – How robust are their risk models at this point?
● 09:21 – How many data points are they taking in?
● 10:59 – Become can analyze why a client didn’t get approved for loans and suggest what they need to do to get funding in the near future.
● 12:05 – What does the customer experience look like?
● 15:27 – Do they provide support after the funding process?
● 16:37 – What has the response from lenders been like when they started?
● 18:35 – What would he change in his business or industry?
● 19:38 – What have been the biggest challenges he has faced?
● 20:39 – What keeps Shuli Mantsur excited each day about his work?
3 Key Points
1. Become started in Australia in 2016 and opened up in the United States as well in 2017.
2. Become is very analytical and creates customized filters.
3. Become is taking in over 50 data points.
Tweetable Quotes:
● “We came up with a way for customers to come into a platform and sort of make it a one-stop shop where they can fill in just one application, ours, which is all-encompassing.” – Shuli Mantsur
● “You don't need your application filled in as well. Use ours. Everything you ask is in yours, we ask in ours. Within I think 6-7 months, we partnered up with all the biggest lenders in Australia and pretty much took over the market, as far as a marketplace.” – Shuli Mantsur
● “We are partnered up with about 20 different lenders and two microlenders, and basically the main difference between these two is one will look with young businesses and start-ups and the others most likely won’t.” – Shuli Mantsur
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● JasonPereira.ca – Sign up for Jason Pereira’s newsletter
● Become.co – Website
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