Shrinivas Deshmukh (PowerCred)
Overview
Shrinivas Deshmukh is a prominent figure in the fintech industry, known for his role as the co-founder and Chief Technology Officer (CTO) of PowerCred, a fintech startup specializing in digital lending infrastructure and intelligence suites. Founded in 2022 in Singapore, PowerCred aims to address the credit gap faced by small businesses by providing lenders with advanced data analytics tools to make informed lending decisions. Deshmukh, with a strong background in data engineering and technology, has been instrumental in the development and technological advancement of PowerCred, making it a key player in the Southeast Asian financial landscape.
Recent Developments
In recent years, PowerCred, under the leadership of Shrinivas Deshmukh, has achieved significant milestones and expanded its operations across Southeast Asia. Some notable developments include:
- 2024: PowerCred collaborated with Google Cloud and Searce to enhance their platform's security, scalability, and efficiency, leveraging machine learning to improve fraud detection accuracy to 99.8%.
- June 2024: The company launched operations in the Philippines, where they adapted their AI solutions to local user behaviors, achieving document recognition accuracy improvements from 89% to 98.6%.
- 2023: Secured its first customer in Indonesia and began generating revenue. By September 2023, PowerCred was processing 20,000 to 40,000 loan applications daily with loan ticket sizes reaching up to US$400,000.
- May 2023: Expanded its customer base to include 16 different lending segments, ranging from automobile loans to SME financing.
- 2023: PowerCred announced its expansion into Malaysia, targeting top banks and financial institutions, focusing on improving client onboarding and engagement using their data solutions.
Personal Information
| Attribute | Information |
|---|---|
| Full Name | Shrinivas Deshmukh |
| Born | Not publicly available |
| Nationality | Indian |
| Occupation | Co-founder and Chief Technology Officer (CTO) |
| Known For | Co-founding PowerCred |
| Net Worth | Not publicly available |
| Education | B.E. in Information Technology from Savitribai Phule Pune University |
Early Life and Education
Shrinivas Deshmukh was born and raised in India and pursued an education in Information Technology at Savitribai Phule Pune University, where he graduated in 2017. His formative years were marked by a keen interest in technology and data engineering, leading him to acquire roles that honed his skills in these areas. Deshmukh began his career as a web developer before transitioning to roles that allowed him to engage with cutting-edge technologies like IoT, DevOps, and machine learning during his consulting stint in India and Singapore. His passion for entrepreneurship took root during his university days, prompted by the possibilities technology offered in solving real-world challenges.
Career and Notable Achievements
Shrinivas Deshmukh's professional journey is characterized by his significant contributions to technology and the fintech industry.
- 2016: Began his career as a web developer for OFFBEAT TRADING LLC.
- 2019-2022: Served as a Data Engineer at PALO IT, furthering his experience in data analytics and engineering.
- 2022: Co-founded PowerCred with Kunal Goel, focusing initially on Southeast Asia's SME lending and financial inclusion challenges.
- Achievements at PowerCred:
- Developed a digital lending platform that reduces loan processing time by 70%.
- Implemented AI solutions that improve fraud detection accuracy to 99.8%.
- Expanded the company’s reach to multiple Southeast Asian markets.
- Helped onboard numerous financial institutions, processing thousands of loan applications daily.
Current Work and Impact
Shrinivas Deshmukh currently focuses on enhancing PowerCred's technology suite, aiming to provide robust data analytics tools for lenders. His work at PowerCred addresses critical financial gaps faced by small businesses, facilitating easier access to credit through technology. The company's services significantly reduce manual errors and processing times, greatly benefiting financial institutions and underserved communities in the region.
Conclusion
Shrinivas Deshmukh's work with PowerCred illustrates a significant stride in leveraging technology to solve complex financial issues. Under his technical leadership, PowerCred continues to innovate and expand its influence across Southeast Asia, empowering lenders with the tools needed to service small businesses effectively. His contributions not only signify advancements in fintech but also demonstrate the potential for technology to drive financial inclusivity and economic growth in emerging markets.