Sramana Mitra: Were all these customers in Switzerland? Samy Liechti: We have different currencies and languages here. We were not prepared for payments outside Switzerland. We only had Swiss Francs. All of a sudden, we had our first German customers. Then we started the same for Germany. Little by little, we introduced other currencies and
Sramana Mitra: Is your offering for any kind of credit or is this for a specific kind of credit? Al Goldstein: We provide two products today in two markets where we operate in the US and the UK. Our first product is an installment loan product. This type of loan ranges from $1,000 to $20,000
Sramana Mitra: If you were to tell us what you’re seeing in your customer base, what are some of the big trends that you’re seeing right now? Rick Wilson: There are some broad industry trends that are fairly ubiquitous. Most online stores today are becoming multi-channel. They’re going to be selling through their own store,
Sramana Mitra: How did you get to these articles? Were you doing PR outreach to the press? Samy Liechti: We did a press release. At that time, we did that by fax. Then we put together a list of potential journalists. Then we had a little luck. By the time we launched, the Internet hype
Al Goldstein: The real estate business was a lot more competitive and a lot more difficult. What we saw was a huge opportunity in providing credit alternatives to near-prime or mid-prime borrowers. Half of the credit spectrum are all customers making about $50,000 to $60,000 a year and with credit scores between 600 and 700.
Rick Wilson: On one hand, you have this free-wheeling, open source world where as long as someone knows what they’re doing, they can literally do anything. On the other hand, you have what I call apple-ification where all of the hard choices have been made for you. There’s some brilliance to that for sure. The
Sramana Mitra: How did you do it? How did you launch? What did you do specifically? Samy Liechti: We knew that marketing will be very hard. We knew that a subscription business will only work if people like the quality of goods they receive. We knew that we wanted to build a brand, and we
Consumer Credit is a $10 trillion dollar industry that Al and his team are trying to turn on its head. Aided by Big Data and machine learning, they are creating a direct to consumer lending model that may have far reaching impact on the financial services industry. Sramana Mitra: Let’s start at the beginning of