New ICO –- SURETLY –- Would you use Tinder for microloans?

Would you like to get a short term loan without financial institutions involved as intermediaries? Yes, me to. Is it possible? Yes, in some countries (USA, Russia, Kazakhstan), but soon (after ICO) the number of countries will be enlarged.

SURETLY

Suretly is Russian fintech startup with offices in Moscow and New York. It got its first investments from the Russia's largest economic research institute. Team was also one of the finalists in Generation-S (Europe's largest business accelerator) and in February 2017 become a part of Starta Accelerator.

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What are they doing?

New platform SURETLY have made a huge step and revolutionized the whole concept of money lending. It is based on CROWDVOUCHING, unique practice of financially securing a loan repayment. It “allows customers to make money vouching for people who need an urgent loan” which is similar to pear2pear lending. BUT, customers do not lend money to each other directly. Instead, they guarantee that borrowers will repay their loan.

Eugen Lobachev, a CEO of Suretly once noted:

“Our startup solves two problems at once: we give a financial instrument for short-term investments of small funds, and also we give the opportunity to have a short-term microloan cheaper than before to subprime borrowers.”

How it works?

The voucher can check the borrower’s profile and choose whether to vouch for the borrower if their default risk and earning amount suit them. In whitepaper they explain that:

Vouchers act as a collective mind in order to determine whether to approve loans or not.

Liability for each loan is divided among all Vouchers. Each voucher approval serves like an insurance of $10 from the total loan amount. Vouching amount range is limited from $2 to $10, so the borrower has to find out many investors to complete their whole loan amount. Also, loan can be approved, only whet the entire loan amount is guaranteed by the vouchers.

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Tinder for microloans

Suretly app looks like Tinder. In whitepaper is even said that they use Tinder’s mechanics. Investors are presented with cards of borrowers’ information (photo, city, age, and sex), the remuneration amount, and the statistical probability of the loan repayment.

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Borrowers are devided into 7 risk groups from A to G based on credit histories and/or other factors, where 'A' means low risk and 'G' means very high risk. So, investor choses if the reward/risk ratio is optimal for him. If he is comfortable with ratio, he moves cards to the right guaranteeing this borrower a small amount. If not, he moves to the left and goes on to the next borrower.

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Beta-testing results

Suretly has already tested their business model in Eastern Europe. First crowd vouched loan was issued 5 months ago, and statistics show that 21% of customers earned a profit that is higher than 10% a month and also that 76% of customers earned a profit. So it looks it has a potential.

ICO

The project previously held a pre-ICO that collected over $350,000 in less than 48 hours (about 270 investors). This absolutely is indicating clear demand.

ICO is going to be launched on 11th of July and will be offering 15 percent of the total shares. The targeted raised funding lies in between $1.5 - $10 million USD in the next round. Initial rate is 1 ETH = 10 SUR or equivalent in bitcoin, litecoin or waves. The first hour’s participants will also get 70 percent bonus. No tokens will be offered after this ICO, hence, investors must keep an eye to participate in the platform.

This money will help to accelerate penetration into new countries and markets.

Limitations

Every country’s legal restrictions must be individually checked. Also, a separate legal entity should be set up for each country.

Loan is pretty risky if a person is a new borrower. Also, even if borrower belongs to A or B risk group it can borrow two or three times and repay but then get a money and never pay beck.

What do you think? Does Suretly have a bright future? Would you invest or take a loan?

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Hey @cryptogirl1.. A well articulated post. 👍
I had tried myself something similar but didn't get too many eyeballs 😢.
Would be great if took a look and gave your expert comments on it. Thanks
@vinyprop

An abstract below:

quote
** ICOs- Are They Any Good?? **
Disclaimer: I do not have any vested interest in dignifying or demeaning the ICOs. This post is only a depiction of my take on the topic. Now with the disclaimer out of our way, let’s begin with it.

Definition:
The term ICO stands for “Initial Coin Offering” and is an event where mostly startup companies try to raise funds for their Crypto-currency projects. These companies sell out a part of their cryptocurrency, in the form of tokens, to the general public.

In an extremely vague way and in a layman’s term an ICO can also be referred to as an IPO of cryptocurrency tokens, instead of the equity shares which are presented in an IPO event.

True Flip {ICO} - Already running a transparent blockchain lottery! Bomb! Bonus 20%! Hurry! :)
The platform is already working and making a profit :)
https://steemit.com/ico/@happycoin/true-flip-ico-already-running-a-transparent-blockchain-lottery-bomb-bonus-20-hurry

Interesting concept. Many industries will be disrupted by blockchain tech. I've found about adult industry taking advantage of it, the other day. Check it out

https://steemit.com/blockchain/@drumsta/clitcoin-sex-cams-on-blockchain-lool-wtf

In this post I touch upon an interesting question - will most of project like there fail? Is it maybe too soon? And I would like to hear your opinion on this topic.
Cheers 🙂

Congratulations @cryptogirl1!
Your post was mentioned in my hit parade in the following categories:

  • Upvotes - Ranked 10 with 83 upvotes
  • Pending payout - Ranked 2 with $ 246,96

I'm glad you commented on my post - that's how I found you.

This is fascinating.

Would you use Tinder for microloans?

My answer to this, at first, was "Hell No!" But, as I read your post, it's potential became more apparent.

I do have a question, though. Can you tell me why they need a coin? What role does the blockchain play in this?

@shenanigator thank you very much. I am on a vacation and haven't been online since Saturday.

I forgot to write that. They will use coins to rise funds and after the ICO replace them for shares.

@cryptogirl1 - thank you for this informational post!! Hope this helps bring your post extra exposure to get those charity funds to grow :)

Oh yeah, followed you too! Looking forward to your awesome posts xD

Thank you a lot. I will keep on writing and engaging. Steem on.

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very cool and highly informative! the world could use more micro-loans and less business banking... Imgur

Considering it. The wave of ICOs is going to stop soon though. For every 1 video of a guy, or girl, who made 10,000% there are so many people who lost on it. I'm not saying it's wrong to profit, hell no! However, we have a problem with capital when people get burned too many times. ICOs will fade into the past, as quickly as the came in.
This one DOES look interesting and i'm tempted. Idk, might just throw a few hundred at it.

*which makes me 100% part of the problem....don't think that escaped me! haha.
Nice vid. Thank you

Hello, I don't have the guts to join this ico. Also 10 for 1 eth is $25 a coin which I think is very pricy for a product that's new and hasnt been proven to work

Wow this is exciting
Yeah for real Suretly has a bright future and I would love to invest when eventually it spread into my country.
I love this.
Just followed you @cryptogirl1.