Mobile bank focused on saving/borrowing in groups

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Tom Masiero
Tom MasieroHunter@blendahtom · GM of LaunchBit
Would love to get @_dannybin to jump in and answer some questions on the launch of their new ios app.
Danny Bin
Danny BinMaker@_dannybin
Thanks Tom! Hi Everyone, I am Danny. I'll be around all day to answer any questions you may have. Monk is a mobile bank that enables users to save and borrow in groups among friends and family! Let us know what you think!
Bilal Aijazi
Bilal AijaziHiring@bmajz · Founder,
This is a great concept that already happens offline in many ethnic communities. Totally makes sense to bring it into the light and let people benefit from their offline credit
Danny Bin
Danny BinMaker@_dannybin
@bmajz Indeed Bilal! Thanks for pointing this out!
albert b chu
albert b chu@chubert · Advisor, Mentor & Investor
@_dannybin @bmajz As Bilal mentioned, many ethnic/recent immigrant communities already have this informal "family lending club." Monk can be a great tool for these communities — maybe you could localize it into Chinese, Vietnamese, Spanish and other languages.
Danny Bin
Danny BinMaker@_dannybin
@chubert Yes Albert! I couldn't agree more. They are in the works :) Both my co-founder and I are long time participants in these offline groups within the Chinese and Nigerian communities. We will definitely localize our services into all of the languages you just mentioned and more. Thanks for the great comment!
Ross Beale
Ross Beale@rossbeale · Developer - iOS & Rails
Hey - loving the concept. Curious into your considerations around the legal implications of peer-to-peer lending? Are there any legal limits? Also, not checked - which countries are supported?
Danny Bin
Danny BinMaker@_dannybin
@rossbeale Hi Ross, thanks for the question! We are currently only live in the US, due to the legal limits you mentioned ;) But we are working on with our legal team to expand to other international markets. As for the legal implications, certainly! We have worked hard and continue to working closely with our legal counsel on obtaining all the appropriate licenses. Unlike the traditional P2P lending marketplaces, the saving groups on our platform are private and are mostly consisted of friends and family, so when a member borrows money from his/her saving groups, he/she is borrowing money from friends/family, therefore, we have a much much lower default rate, hence much easier for one to underwrite the loan. Hope this answers your question, let me know if you have further questions. Thanks!
Allan Yarmulnik
Allan Yarmulnik@allany888 · Mobile lead, Talkspace
Nice job Danny!
Danny Bin
Danny BinMaker@_dannybin
@allany888 Thanks Allan!