Fintech start-up SaveIN has got a patent for its social finance platform aimed at digitising informal, social and relationship-based loans among family, friends, colleagues and business partners.

“We want to positively impact the financial health of Indians, by leveraging their own trusted network and providing access to need-based and contextual financial products,” SaveIN founder and ex-banker Jitin Bhasin said in a release.

According to CMIE’s Consumer Pyramids Household Survey (CPHS) 2020, 77 per cent of urban Indian households reach out to family, friends and acquaintances in times of need.

There was a 100 per cent increase in the last year (2019-2020) in the number of urban households borrowing from family and friends.

SaveIN, an online platform, is trying to bank on this by catering to those Indians who lend and borrow money among each other.

SaveIN had recently raised an undisclosed amount in a pre-seed funding round from a clutch of Indian and international angel investors and industry captains across banking, consulting, block-chain, credit bureau and fintech.

It is in discussions to raise more capital to expand its market reach, accelerate product development and strengthen its in-house team.

Claiming to be India’s first social finance platform, SaveIN said it plans to reach over 5 lakh users by the end of this financial year.