Crowdvouching platform Suretly announced on Monday it has launched the beta version of its app and will start projects with several microfinance companies from CIS regions. This news comes less than two months after the platform secured $2.9 million in ICO.
As previously reported, Suretly’s exchange helps individuals to obtain to loans at lower interest rates, provided they receive guarantees from a large number of users. The loans themselves are said to be provided by service partners – micro-financing institutions – rather than by Suretly or its token holders. Suretly users, therefore, act as a collective service, which makes a joint decision on whether to grant or deny a loan.
“Suretly focuses on short-term loans and involves the three core parties in the process: lenders, borrowers, and vouchers. For financial organizations, this solution helps to cover any potentially unpaid debts. Borrowers get loans with lower interest rate. Also those who have difficulty in availing loans because of poor credit history will still get an opportunity to apply for a loan. Vouchers invest and get profit. Everyone wins in this system.”
Suretly reported that during the ICO last month, it secured its minimum funding requirements in just a few hours. Before the ICO, the first version of the Suretly app was successfully tested. Upon release of the beta app, its system will already be populated with borrowers. The user of Suretly app decides if he or she wants to vouch for the financial credibility of the borrower by swiping right (if yes) or left (if no) in order to receive financial compensation.
The company is set in Russia, Kazakhstan, and the U.S.