Introducing Redux

At RedCarpet, we serve those that banks cannot see - we focus entirely on the 80% of India that is invisible to traditional finance because of lack of credit bureau scores (among other reasons). We believe in this India as the next big market - the only reason these people are not creating jobs, being entrepreneurs or atleast being an active consumer of our economy is the lack of credit. <br/><br/> Today, we would like to share a proud next step in our journey to empower the unbanked. We have received a full Certificate of Registration from the Reserve Bank of India for Redux Credit Finance Pvt Ltd - our brand new NBFC. <br/> A NBFC stands for a Non Banking Financial Corporation. It is a certification granted by the Reserve Bank of India after heavy scrutiny and permits the company to operate as an iinndependent lending entity... similar to a bank (with some restrictions). <br/><br/> Redux will allow us to operate and launch many more innovative financial products for India. We were the first company in India to innovate on using prepaid cards as a loan utilization mechanism. We are still the innovators on how we structure our repayments and interest rates to ensure maximum flexibility for our customers on their journey to build financial freedom. <br/><br/> We strongly believe in our partnerships with banking and NBFC institutions as the core of our focus...and Redux makes it possible to enter into simpler and longer term relationships with all our partners. It also makes us more empowered to share risk with our own lenders - we believe that the foundation of our technology and operations is very unique and we want to demonstrate that by underwriting the risk of the customers that we are privileged to serve. At RedCarpet - We Believe in You. <br/><br/> We chose to bear the regulatory effort of a full fledged NBFC to be able to unlock the full potential of our proprietary underwriting technology as well as our dedicated focus around honest customer service and collections.<br/> When we chose to go down the hard path of becoming a NBFC, we had two paths open to us - do horse trading and acquire an existing NBFC from shady owners (which shortcircuits a lot of scrutiny by the RBI) or go down the longer+harder path of registering a fresh NBFC from scratch. We were advised to purchase an existing old NBFC because it will let us do things faster. Why go through all the trouble and time of registering a new NBFC ? <br/> However, when we talk about Design for Honesty as our core philosophy at RedCarpet, we dont just mean silly banners on social media. It was important to us to do both - build trust with our customers and also with the institutions and regulators in India - the RBI, the Niti Aayog and everyone we work with. We are here for the long term. And to change India, you have to have a solid foundation of trust under you. That's why we spent close to a year working with the RBI to build trust that they could see fit to grant us a brand new NBFC license. <br/><br/> Our journey to become a full NBFC comes with a lot of deep due diligence by the RBI into our internal working processes... all the way upto how we secure our data. We have always been overcompliant in our data protection and privacy architecture - going as far as to incorporate hardware based encryption for a lot of our sensitive data... as well as making sure that all our data is kept within the boundaries of India (in Mumbai to be precise). <br><br>

We chose the name Redux for three special reasons. Red is of course the color that ties together the RedCarpet family! Redux is also the name of one of our favorite technology library/platforms that we have used for many years and served as the foundation of our user interface. It is our symbolic way to show the unique blend of technology and finance that makes RedCarpet special. <br><br> Redux is also the english variation of the latin word reducere - meaning "brought back, restored". At RedCarpet, we believe that lack of credit is the underlying reason why India is not able to reach its full potential to bring about better quality of life for its citizens. From a farmer being shunned by banks for grain loans.. to a student unable to get funds to buy a laptop, we see it as our responsibility to restore financial access to the disenfranchised. <br/><br/> Redux is just one tiny step.