Thought Leaders in Financial Technology: Karthik Manimozhi, CEO of RentMoola (Part 4)

Sramana Mitra: The COVID incidence is not a fault of their own. It’s a market failure. The question is, what happens after January, for instance when the eviction moratorium expires. COVID is not done. The economic impact is pretty dire.

Karthik Manimozhi: It is. This is where different people take different routes. The renters are not a single monolithic group of people. We are talking of people living in large cities, small cities, and small towns. We have people in different age groups.

Thought Leaders in Financial Technology: Karthik Manimozhi, CEO of RentMoola (Part 3)

Sramana Mitra: If I understand correctly, what’s happening right now is that the mortgage companies are giving some relief to the property owners and the property owners are giving some relief to the renters.

Then you have all the other factors like credit card payments and deferred payments that are getting saturated in this market. Globally, it’s a pretty dire situation. How long can this go on?

Thought Leaders in Financial Technology: Karthik Manimozhi, CEO of RentMoola (Part 2)

Karthik Manimozhi: COVID has created some real structural and institutional issues. Certain sections of the population are disproportionately affected by COVID than others. What we’ve seen is three waves hitting the rental market.

Thought Leaders in Financial Technology: Karthik Manimozhi, CEO of RentMoola (Part 1)

COVID-19 has disrupted people’s lives in unprecedented ways. The world is facing the prospect of mass homelessness as people have lost their jobs and face eviction by their landlords.

This discussion delves into a powerful opportunity for FinTech to make a difference.

Thought Leaders in Financial Technology: Rich Longo, President of NXTSoft (Part 4)

Sramana Mitra: The example that you gave of Neilsoft versus Salesforce is not the right example for you. The right example is Salesforce itself and its Force.com platform where a lot of people have built a lot of applications. 

Rich Longo: Yes, Force.com is a perfect example. You could look at others that built their solutions on Force.com. They recently went into an IPO situation and they have been successful.

Thought Leaders in Financial Technology: Rich Longo, President of NXTSoft (Part 3)

Sramana Mitra: Let me ask a bit of a 30,000-foot level question to synthesize what you have said so far. Is your company set up as a platform and you have all these different use cases that you build on top of that? Or is it a product company? How is it structured?

Rich Longo: It is a platform company. We have what we call the Omni platform which represents all of our data components. Within the platform, we have the connectivity component OmniConnect, conversion piece OmniData, and our data analytics and risk management component Omnilytics. 

Thought Leaders in Financial Technology: Rich Longo, President of NXTSoft (Part 2)

Sramana Mitra: The pain point that you are solving is speeding up the loan appraisal and processing process. Is that an accurate synthesis?

Rich Longo: We cover the entire life cycle of the origination process – from the beginning with a customer entering a loan application to the loan getting serviced and the closing of the loan application.

Thought Leaders in Financial Technology: Rich Longo, President of NXTSoft (Part 1)

NXTSoft is the Mulesoft for FinTech. Read on to understand the positioning better.

Sramana Mitra: Let’s start by having you introduce yourself as well as NXTSoft.

Rich Longo: I’m the Chief Strategy Officer and Division President of our data and connectivity business. NXTSoft is a data, connectivity, and cyber security business that is focused on protecting, connecting, aggregating, monetizing, and automating the data. Our solution is focused on those four areas.