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Interview with Eugene Lobachev from Suretly


Jul 04, 2017 Posted /  2682 Views


Interview with Eugene Lobachev from Suretly

Interview with Eugene Lobachev from Suretly

Q1. Hello Eugene, thank you for your time. To start the conversation, can you explain to us in a few words, What is Suretly?

  

Suretly is a provider of an international crowdvouching platform. We allows customers to make money vouching for people who are in need of instant loans. The platform works in a similar fashion than peer-2-peer lending, but our customers do not lend money to each other directly. Instead, they vouch for borrowers who apply for a loan through our lending partners.

 

Q2. How is crowdvouching more secure than P2P (peer to peer) lending?

 

The idea of peer-to-peer lending (P2P) was just perfect. It seems like people can finally lend their money to other people, who need it the most, without clumsy and costly financial institutions being involved as intermediaries.

 

High-tech on-line platforms allowed P2P start-ups to save on paper bureaucracy, high-profile managers with MBA degrees, and renting expensive offices in Manhattan. As a result, both borrowers and investors received much better rates. Prosper, which was one of the first P2P companies based in the United States, issued loans for more than $8 billion. The technology was attractive for those who needed a loan, as well as for people, who were looking to invest their savings. What happened next?

 

P2P platforms were not able to successfully deal with the regulatory pressure. They had to give up the idea of direct-user interactions.

 

In 2008, the SEC forced the largest market players to go public with their securities. This has led to a situation where investors were no longer financing borrowers directly. Instead, they had to buy medium-term bonds backed by loan repayment notes (so-called "notes" in Lending Club). Not only private individuals started acting as buyers, but also institutional investors, including banks.

 

In fact, P2P-investors invested money in unsecured (but already funded) liabilities, hoping to gain some profit in 3-5 years, provided that the loan is repaid in full.

 

Crowdvouching allows you to make a profit immediately. You have to put money out later, but only if a loan is not repaid.

 

Q3. How will business be affected with your project?
 

We offer a new alternative for payday lenders that will be beneficial to all the parties: lenders, borrowers, and vouchers that act as guarantors of the loans. As you may know, payday lenders do not have a good reputation in the States (or anywhere, really) since they charge a really high interest rate. On our side we propose a better solution: a pool of vouchers (guarantors) that act as a collective mind in order to determine whether to approve loans or not. Collective responsibility can affect the default rate, even in groups of people who don’t know each other personally. So, payday lenders will receive an opportunity to completely eliminate default risk and decrease the loan interest rate for borrowers.

 

Q4. What are the growth opportunities for the investors?

 

We have a great opportunity for scaling - our business model allows us to work cross border, so all that we need to scale our business - is a partnership with new lenders. Our addressable market is really huge - only in the United States it was $46B and it continues to grow. Our business model has been successfully working in Russia and in the next few months, we are expanding on the Kazakhstan market. After successfully entering the US market, our plan is to start expanding into various countries in Latin America, Europe, and Asia. So, we are able to increase our capitalization very fast and the growth opportunities for the investors can be really high.

 

Q5. Can you brief us about your core team?

 

Founded in 2016, our fintech startup built a unique product only possible because of our team: the best people coming from various fields: financial technology, investment banking, marketing, and computing.  Our team has a solid expertise in a micro-lending field as we had created and successfully sold one of the first online lending platforms in Russia.

 Read more about Suretly ICO here


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Tags: suretly ico Suretly ICO Interview Suretly ICO Insights Eugene Lobachev Eugene Lobachev Interview

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