Case Study: FairMoney speeds up KYC onboarding and loan disbursement with Smile ID

How FairMoney sped up onboarding using Smile ID

FairMoney, a digital lender that evolved into a microfinance bank, faced challenges with slow user onboarding and unreliable data from its previous KYC provider. They urgently needed a verification partner that could offer speed, complete data access, and robust post-integration support to meet their goal of granting loans in under five minutes. This led them to seek a new vendor, Smile ID, and its Enhanced KYC product.

By implementing Smile ID's solutions, FairMoney achieved a 40% surge in successful identity retrieval and saw government ID fetching success rates double to 90%. The partnership enabled a 20x increase in daily loan disbursements and facilitated over 9 million verifications. Smile ID provided the reliable uptime, extensive data points, and seamless API integration that were critical to enhancing FairMoney's onboarding speed and risk assessment capabilities.

FairMoney

Ankit Gupta

Product Lead