Why I feel Fundkiss is the NEXT. BIG. THING. in FinTech in Mauritius

When Paul Perrier, Fundkiss’ co-founder and now its CEO as well, wryly introduces Fundkiss as the new dating app for SMEs, you begin to see why this small company has huge potential. With a little over 70 projects funded and just in excess of MUR 34 million disbursed, Fundkiss is already looking like the new Tinder for borrowers and lenders in Mauritius.

With the regulator for non-banking financial services, the Financial Services Commission (FSC) of Mauritius, just having released the rules for Peer-to-Peer (P2P) lending as of mid-August this year, I feel it is time to take another look at Fundkiss and understand why this crowdlending platform is poised to party all the way to the bank. 

So, here are 5 reasons why I feel Fundkiss is the next big thing in Mauritius when it comes to all things FinTech:

Fundkiss has strong foundations

Those who have met him will understand when I say Paul Perrier is the perfect pin up person for Fundkiss. When I hear him say the KISS in 'Fundkiss' is all about ensuring that they ‘Keep It Smart and Simple’, it doesn’t come as a surprise – because he is someone who can walk the talk. 

Whether it is the short but impactful content on their website or the PowerPoint presentations he has now mastered to sell the idea that is Fundkiss to lenders and borrowers alike, it is clear that Paul is a man with a mission, and one in a hurry to see crowdlending strengthen its foundations and take it to the next level. 

Michal Szymanski, the CEO of the Mauritius Africa FinTech Hub (MAFH) – of which Fundkiss is a loyal member and with which association it shares its office premises – tells me he has never seen the Fundkiss co-founder and CEO leave the office before nightfall. Go get them, Paul!

Fundkiss is all about fun

The team at Fundkiss is young and dynamic – and it shows! I attend an event for borrowers and am floored by the fun spirit that animates the people that form the heart and soul of Fundkiss. 

On the wrong side of 35 myself, I begin to fear that I won’t be able to keep pace with these kids who appear to be ready to take on the world, but I am soon taken in hand by Sivanee of the Borrower Sales team, who lifts the energy levels of the room just by her presence. She introduces me to the rest of the team, Abhijeet, Eliel, Narmine and Amar and the sheer joie de vivre that animates the group is a pleasure to behold.

If that is the kind of reception that borrowers get when they meet the face of Fundkiss, I am not surprised that the party is going strong and shows no signs of abating since Fundkiss first got licensed for this momentous journey in July 2017 under the Regulatory Sandbox License (RSL) rules by the Economic Development Board (EDB) of Mauritius.

Caption: Teams Fundkiss and Strategic Insight get together to make SME magic happen (Credit: Fundkiss Facebook)

Fundkiss has plenty of funds in the kitty

With the first institutional investor joining the party in August 2020, shortly following the National Budget announcement that the SME Equity Fund would invest through the crowd lending mechanism to the tune of up to Rs 200,000 per project – it is clear that Fundkiss is getting ready to go places.

In an island economy where 99% of all enterprises are SMEs, contribute 35.7% to Gross Value Added (GVA) in economic terms and support nearly 50% of employment creation, it is more evident than ever to the government of Mauritius, especially in a post-COVID context, that access to finance – the key stumbling block for SMEs – must be increased. 

Also, armed with the understanding that the private sector is best equipped to go about the task of funding SMEs in a manner that is viable, profitable and sustainable in the long term, kudos to the public sector for empowering a private player such as Fundkiss to meet the needs of the missing middle of SMEs. With funds in the kitty for its borrowers to avail as and when found eligible for the same, Fundkiss is now further than ever along the road to meeting the milestone of 100 SMEs financed by November.

Fundkiss is getting into new rules

While Fundkiss has so far been operating under the framework of the RSL, an interim approval, and their relationship with the EDB had been going strong, it was clear that a more permanent liaison needed to be in place. 

After seeing the stupendous success of the crowdlending model, especially in a post-COVID context where the platform had to take on the services of credit consulting firm Strategic Insight in order to supplement its own credit assessment efforts – and all in view of the sheer demand for SME finance – the regulatory framework in turn has evolved to keep pace with expressed market needs.

For those observing the crowdlending landscape in Mauritius, it was an occasion worth celebrating when the FSC finally unveiled the new P2P lending rules on 15 August 2020. It took COVID-19 and a year of having provisionally announced the imminent launch of the rules to make it happen, but it is finally time to say ‘Vivre Crowdlending!’ (long live crowdlending) to echo the words of Mardayah Kona Yerukunondu, FSC Chairman and First Deputy Governor of the Bank of Mauritius. 

Indeed, the new (dating) rules for Fundkiss will allow it to bring evermore lenders and borrowers together in matches made in heaven and solemnised over their vibrant platform.

Fundkiss is getting a facelift!

With the current website already a pioneer in a country where websites primarily come across as an afterthought, Fundkiss is already planning to unveil a new website in time for the New Year. There are two pressing reasons for the new website to be launched:

1. Moving from phygital to digital: The current website has a phygital interface in order to pander to the pre-Covid market in Mauritius where customers were not used to a fully digital experience and were also not aware of Fundkiss as a brand. Today, in a post-Covid context and with Fundkiss having been in active operation for nearly 2 years, an end-to-end digital experience encompassing all steps from onboarding to final repayment are both possible and desirable.

2. Featuring actual borrower photos: Needless to say, when Fundkiss was launched, the enviable portfolio of over 70 SMEs that it boasts today was a mere pipe dream. It is the need of the hour for the website to be updated with the photos of actual SME borrowers, and for the audience to see the difference Fundkiss has made to their lives, rather than still be forced to view the stock photos that were used in the first version of the website.

What lies at the heart of Fundkiss?

At the heart of Fundkiss lies its founder Paul Perrier, Team Fundkiss, and a passion for FinTech that goes above and beyond what the jurisdiction has seen before. 

It is this passion that makes Fundkiss strive for ‘great’ in an operating ecosystem where ‘good’ is the gold standard, refuse to settle for being second best in an economy where banks are considered unequalled and indomitable, and go all out to connect SME borrowers and lenders in an experience that seeks to make them ‘fall in love with lending’.

Kudos to Paul, Team Fundkiss and the EDB of Mauritius for making this FinTech miracle happen on our island!

Caption: Paul Perrier (left) of Fundkiss stands next to Dominic Proven?al, Chairman of the SME Equity Fund, symbolising their collaboration to support SMEs in Mauritius (Credit: Fundkiss LinkedIn)