Bhumika Vagrecha - Great Companies Women Entrepreneur Award Winner 2023
Name: Bhumika Vagrecha
Business Name: FinMind Corporation
Location: Lewis, Delaware, USA
Establishment (Year): 2021
Category/Industry: Information Technology
Profession/ Specialty: IT, FinTech
Website : www.Finmind.in
Social Media : LinkedIn
A SaaS platform called FinMind uses its own algorithms to automatically assess, appraise, and anticipate business credit risk. FinMind, which was created after 5 years of study, supports both public and private businesses of all sizes. The algorithm used by FinMind has a track record of seeing early warning signs, and it helps to identify credit default and strengthen credit at least a year in advance. Users can reduce credit risk and take quick action, potentially preventing large credit losses.
Unique Selling Proposition / Competitive Advantage:
With its quick turnaround, straightforward deployment, in-depth automated analysis, and flawless track record of anticipating credit defaults, FinMind's product clearly differentiates itself from the competition.
Challenges Faced During the Journey:
FinMind encountered several challenges when it first launched in 2021 because its competitors were well-known, major corporations, and its primary target market was banks and financial institutions. Although being a bootstrapped B2B firm, FinMind’s potent product proved successful in saving their customers time and money, which slowly gained pace. As a result, FinMind was accepted into highly sought-after startup programs, and FinMind now have over seven highly regarded banks and asset management organizations as customers throughout the world that rely on their insights and research before making any decisions.
Advice for Women Entrepreneurs:
Bhumika’s piece of advice for all the women entrepreneurs is, perseverance is the key. Be strong, work hard, and things will fall in place sooner or later.