Can AI Fix the Credit Gap? Quid Crosses 5 Million Users & Is Betting Big on It

It’s often said that in India, getting a loan is harder than needing one. Whether you’re a 24-year-old freelancer in Tier-2 India, a small business owner in Mumbai, or someone just trying to build a credit score — navigating the maze of financial products can be daunting. Paperwork, jargon, and rejections turn people away before they even begin.

But in a country where over 190 million people remain underbanked, one startup is rewriting this narrative with the help of technology — and more specifically, artificial intelligence.

Meet Quid, a fintech platform that’s making waves for all the right reasons. In just under a year since its launch in May 2024, this Mumbai-based startup has crossed a major milestone — over 5 million users on the Google Play Store. And it’s not stopping there.

The Big Idea Behind Quid

At the heart of Quid lies a simple yet powerful mission — to make borrowing easy, fast, and fair. Founded by fintech veteran Jitesh Shah, the platform is built to bridge the long-standing gap between borrowers and lenders — more specifically, between the average Indian user and RBI-approved banks or NBFCs.

“There’s a clear disconnect between people aged 20 to 50 and access to financial products,” says Shah, who has over 20 years of experience in building global financial systems. “At Quid, our goal is to bridge that gap through transparency, convenience, and speed.”

And that’s not just talk. The platform has created a real shift in how people discover and apply for credit. No long forms, no confusing comparisons — just quick, AI-powered loan matchmaking tailored to your profile.

One Tap. One Minute. One Loan.

So how does it work?

Quid’s most-loved feature is its AI-driven Personal Loan Matchmaker, which does exactly what the name suggests. It scans through multiple financial partners to suggest the most suitable loan products for a user, based on their profile and needs.

And here’s the real clincher — the entire loan application process can be completed in under 59 seconds. Yes, less than a minute. No paperwork, no phone calls, no chasing — just simple, seamless access to funds.

Whether it's unsecured personal loans, small business financing, or credit card offers, Quid acts as a digital bridge between the borrower and the lender.

A Fintech for Everyone — Not Just the Tech-Savvy Few

A big part of Quid’s success lies in its focus on financial inclusion. The platform isn’t just built for the salaried urban millennial — it’s also tailored to reach gig workers, small entrepreneurs, and the self-employed segments who often struggle to access formal credit.

“Financial services in India have historically been limited to a privileged few. Our vision is rooted in creating an embedded finance ecosystem that works for everyone,” adds Shah.

With a solid 4.5-star rating on Google Play, Quid is clearly resonating with users. And it’s only going to get bigger — the company has announced plans to launch on iOS soon, widening its user base further.

Behind the Scenes: Smart Tech, Smarter Recovery

While the front end of Quid is all about speed and simplicity, the backend is a powerhouse of tech innovation. Beyond matchmaking loans, the platform is now working on AI-based recovery solutions — a much-needed innovation in an ecosystem where NPAs (Non-Performing Assets) are a growing concern for lenders.

These smart recovery tools are being designed to help Quid’s partner institutions manage defaults more effectively, without relying solely on traditional collection methods.

Additionally, Quid is also enabling non-financial apps — like consumer platforms, travel apps, or e-commerce portals — to integrate lending features into their ecosystems, creating more touchpoints for digital credit access.

What’s Next for Quid?

With a strong first year under its belt, Quid is now gearing up for its next phase. The roadmap includes:

• iOS App Launch

• Deeper integration with partner apps and platforms

• Expanded educational content for financial literacy

• Greater focus on Tier-2 and Tier-3 cities

• Smarter, AI-powered credit assessments

But at its core, the mission remains the same — to empower underserved and emerging segments of India by giving them the financial tools they’ve long been denied.

India is on the cusp of a fintech revolution. Digital payments have taken off, UPI has become ubiquitous, and now, credit is the next frontier. But innovation must go hand in hand with accessibility and inclusion.

That’s where platforms like Quid come in — simplifying finance, demystifying credit, and delivering it at the speed of tech. In doing so, they’re not just building a business; they’re helping build a more financially equal India.

For a country of 1.4 billion with limitless ambition, that's a big deal.