The challenge

The current system used by The Intersect Fund was stitched together with simple tools like Excel spreadsheets and Zoho workflow creators. With their business growing and loan applications pouring they needed a platform that could scale for faster loan processing and a nation wide roll out.

The outcome

Built a complete loan processing system from scratch that would be as simple to use as an iPhone and as feature packed as a Mac Pro.

Rohan Mathew

Intersect Fund

Multunus is extremely transparent and honest about issues that arise after a contract is signed. They care not just about money, but also fairness and preserving the customer relationship.

Client

The Intersect Fund

Location

New Jersey, USA

Project Duration

3 years

Rohan Mathew started The Intersect Fund as a non-profit institution to serve the less privileged and to help make their dreams a reality.

The Intersect Fund specifically focuses on immigrant workers or long unemployed but skilled people.

But they need funds to start a small entrepreneurial venture and make a decent living. We are talking about ice-cream cart owners, the local bakers or the falafel vendors of the tri-state area.

Intersect Fund Landscape.003

Unfortunately, if you don’t have a good credit rating, access to loans to start even low investment ventures is almost impossible.

The Intersect Fund solves their problem by giving out microloans - typically in the range of $5,000 to $20,000 at very reasonable interest rates.
“Do something well or not at all”. Read on to learn how that motto of Rohan is leading the way for us to build a world class solution for Intersect Fund’s less privileged customers.

The Solution

Most of the systems till recently were built by Rohan using simple tools like Excel spreadsheets and Zoho workflow creators.

With the business growing and loan applications pouring in, Rohan needed a platform that could scale for faster loan processing and a nation wide roll out.

Most CEOs in Rohan’s shoes would have gone for an off-the-shelf solution. But Rohan, an ardent Apple fan boy, could not convince himself to use clunky, expensive and slow enterprise software.

Instead, he tasked Multunus to build a loan processing system that would be as simple to use as an iPhone and as feature packed as a Mac Pro. The entire platform would take about 3 years to build.
Here’s a sample of Closer - a critical module of a much larger system.

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signing

 

Traction

The loan processing system currently does about $5M of yearly loan disbursements in the tri-state area and Rohan’s vision is to scale the product to cover the entire nation.

Product/Key Features

  • Originator: Loan origination system to collect details from loan seeker
  • Underwriter: Loan application analysis and review, creditworthiness review, asset review to determine eligibility of loan
  • Closer: Downstream loan closing system for processing approved loans, collecting collateral documentation and signing loan agreements.
  • Servicer: Loan servicing module for the customer and lender. Monthly payments, Principal repayments and loan term revalidation.
  • Mobile apps: Tablet and phone apps to enable better origination, closing and servicing of loans.

Intersect Fund Landscape.001

 

Client

Rohan and his fellow student Joe Shure were at Rutger’s University in New Brunswick, N.J. when they realized that a large part of the labour force, like the dishwashers and busboys that kept the town running, had very little to show as economic upliftment.

They were immigrants working in factories through temp agencies, longtime residents left unemployed by recession, and a host of others who have the drive but lack the luck to succeed.

Rohan and Joe started the Intersect Fund to help finance dreams of these hard working but credit unworthy people with small loans and business training.

 

From its humble beginnings in a college dorm room, Intersect Fund is now among the largest micro-lenders of New Jersey State doing about $3-$5M of loans every year.

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Team @ Multunus

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Technology

  • Ruby on Rails
  • Bootstrap
  • Custom Javascript Framework
  • Memcached
  • PostgreSQL

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