In our previous article, we learned about the marketing strategy of Paytm, an Indian multinational fintech company. In this blog, we will go over the marketing strategy of CreditMate, an overdue payment collection fintech.
The purpose is to learn and gain insights into Creditmate and how the Paytm Creditmate platform uses technology and AI to set the global standard in collections management.
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In this blog, we will go over the marketing strategy of CreditMate India in full detail. Let us begin our deep dive by learning about the company’s story, target audience, and digital presence.
About CreditMate – Company Overview
CrediMate is a Mumbai-based Fintech company that collects past-due payments. It was founded in September 2016 by Jonathan Bill, Ashish Doshi, and Aditya Singh. CreditMate is a collections platform with the goal of helping India’s credit industry in collecting faster, smarter, and better. The CreditMate platform offers customized collection strategies that are supported by digital payment products and a nationwide cash pick-up and drop network. Creditmate’s API-driven seamless integration enables creditors to improve NPA, geographic reach, and customer experience more efficiently.
However, Mumbai-based CreditMate began as a fintech lender but is now particularly focused on collection. Moreover, the mission of CreditMate is to empower borrowers with better credit scores and lenders with better lending performance.
CreditMate funding-
CrediMate has raised total funding of $5.5M over 3 rounds.
- First-round: On Oct 25, 2016, It raised $500k from India Quotient in the seed funding.
- Second round: On Nov 21, 2017, Paytm invested in it for an undisclosed amount.
- The last Creditmate funding round: Closed on June 5, 2018, from a Series A round.
As you can see, CreditMate is funded by 2 investors. Paytm and India Quotient are the most recent investors.
In October 2021, the Paytm group took 100% ownership of CrediMate. Paytm acquired Creditmate for an undisclosed amount. Paytm acquired CreditMate on Oct 4, 2021. Hence, the transaction name of the Credimate is Creditmate acquired by Paytm.
| CEO | Jonathan Bill, Ashish Doshi, and Aditya Singh |
|---|---|
| CMO | Aditya Singh |
| Area Served | India |
| Industry | Financial services |
| Market Share/ Revenue | US$ 5.5M |
| Vision | To empower borrowers with better credit scores and lenders with better lending performance. |
| Tagline | Collections. Evolved. |
Marketing Strategy of CreditMate
Segmentation, Targeting, and Positioning
- Paytm CreditMate is primarily a financial service provider company. Presently, its key business is collections of overdue payments. Also, it helps the lending industry collect faster, smarter, and better.
- Talking about the segmentation of CreditMate, it has segmented its business into Lenders and Collection Agencies to help Lenders collect better and to empower collection teams with technology and Data-Driven-Strategies to help them grow and achieve more. Moreover, it segments borrowers with their AI-driven algos.
- The target audiences are financial institutions, leading Banks, NBFCs, digital lending firms & Fintechs. Creditmate leverages its technology to reduce bounce rates of leading banks and also helps leading fintech companies who want to reduce their collection costs by migrating from physical to digital channels.
- Creditmate is well-positioned in the market to meet the needs of borrowers because it provides unique services to its customers. Following is the reaction of its client:
Marketing Campaigns
Creditmate does not have a great online presence even though they haven’t conducted any kind of campaign. They don’t conduct any kind of advertisement campaign to promote their financial service.
Creditmate can use the same marketing techniques as its competitors are using. The marketing campaign which they can follow from their competitors is advertising on television, launching an advertisement in newspapers, launching a short corporate film, and other marketing ideas.
Creditmate can launch such advertisements and other media campaigns to increase its presence in India and other foreign countries.
Social Media Marketing
CreditMate is active on social media platforms, LinkedIn only including. CreditMate has no presence on other social media platforms like Instagram, Facebook, and Twitter.
Below is the number of followers they have on the professional networking platform-
- LinkedIn: 1,241 followers.
However, Paytm CreditMate is also not active on its Linkedin handle. LinkedIn is a professional sort of networking platform and career development social media platform. The LinkedIn platform is for professional networking and purposes.
Having a social media presence makes it easier for your relevant and target customers to find and connect with you. Marketers with a solid social media strategy and the ability to create engaging content can engage with their consumers. Hence, having a social media presence is essential.
If you’re curious to learn Social Media Marketing from industry experts, go to IIDE Social Media Marketing and Facebook & Instagram Ads Course.
SEO Strategies
According to SEO rankings, the number of keywords- below 500 is bad, above 1000 is good, and 10000+ is amazing. As we can see, www.creditmate.in has 70 organic keywords, and it is considered very poor. Hence, the digital marketing of Creditmate is not gaining any good insights.
Further, the organic traffic per month is 2,096 which is also very low and sees a shoot from Jan 2022. As a result, CreditMate must put more effort into its SEO strategies for a better marketing strategy of Creditmate. While the brand must work hard enough to strengthen its position in Google SERP results.
SEO helps in achieving your long-term goals for your brand. A good ranking and a favourable placement help in raising the profile of your brand. In short, SEO strategies are crucial for the good marketing strategy of Paytm CreditMate because it makes your website more visible to the relevant audience.
Influencer Marketing
The process of identifying, engaging, and supporting individuals who initiate conversations with a brand’s customers is known as influencer marketing. It is a growing trend used in public relations campaigns. In recent years, this strategy has become increasingly focused on social media, allowing brands to market through social media influencers. Influencer marketing will also be a big trend in 2022 and beyond.
Influencer marketing, which mixes brands and influencers working together, maybe a strong strategy that may help businesses develop. It is a marketing approach that’s been employed successfully by thousands of organizations and brands for over a decade and is still growing.
However, CreditMate has not collaborated with any influencers yet.
E-commerce Strategies
CreditMate has a website where they offer their best products and services when it comes to E-commerce strategies. Creditmate provides the following solutions that support your collection needs and suitability:-
- SaaS Platform: Automates and streamlines your collection process
- Full stake collections: Run collections for you
- Pre-delinquency Reminders: Help reduce your bounce rate
- EMI Payment: Provide a seamless payment experience to your borrowers.
Mobile app
Paytm CreditMate features a mobile application available on the Google Play store called CM Collect. This Creditmate collection application is for collection agents, partners, managers, and field staff. This Creditmate collection app is only for Creditmate registered agents. Therefore, you initially need to register yourself to use this app. This app is handy-to-use. This app went live on Feb 1, 2019. Besides, this app gives various payment options, and you will also get instant payment receipts.
Content Marketing Strategies
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This ends our elaborative marketing strategy of CreditMate. Let us conclude our learning below from the marketing strategy of CreditMate.
What’s Unique in Creditmate Marketing?
We saw in the marketing strategy of Creditmate that the company through technology and Artificial Intelligence set the global standard in collections management. The Fincollect Network of CreditMate is India’s first collection aggregator.
The major problem with the marketing strategy of CreditMate, as we witnessed, is their lack of marketing efforts. They have been looking for their official website while ignoring other social media platforms where the public is more active. Only a few people are aware of CreditMate to date.
Marketing is one of the most important aspects of every company, and it is now undergoing a rapid transformation. With the growing importance of digital marketing, it’s essential to educate yourself on this subject.
Check our Online Digital Marketing Course if you want to learn more and improve your skills. Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of CreditMate has given you a good insight into the company’s marketing strategies.
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