Case Study

SoLo Funds doubles conversion rate with Microblink

December 30, 2021

Microblink’s technology is playing a huge part in speeding our time to sign up. Borrowers on SoLo are able to create an account in less than two minutes, which we believe is a first-class statistic.

Rodney Williams – co-founder, SoLo Funds

SoLo Funds is a fintech with a social impact. The marketplace lending app connects borrowers in need of emergency capital with lenders looking to support their community and gain extra income in return. Unlike other apps that deliver cash in an emergency, SoLo Funds is not directly involved in the lending process. Instead, it’s focused on building the best possible experience for both sides of its user base, providing resources to protect lenders and putting borrowers in control of the loan.

‘’Most Americans live paycheck to paycheck and can’t afford an unforeseen expense. We’re here to help people find a way out when their dog gets sick or their car breaks down, and they need help fast,’’ Rodney Williams, co-founder of SoLo Funds, says.

When people need a loan in an emergency, they don’t want to be bothered with lengthy applications or cumbersome onboarding processes — every second counts. When SoLo Funds was building their app, they knew that signing up on the app had to be a seamless experience.

‘’We want to empower people to be able to quickly access funds on their own terms. When you find yourself in an emergency situation, you don’t have hours to spend waiting on approval. If you’re not able to sign up right away, you’ll go elsewhere.’’

Borrowers use the SoLo app to request loans in an open marketplace. Lenders who choose to fund them usually receive a small tip in return.

Solution: Building a first-class registration process 

SoLo Funds borrowing members are primarily gig economy workers, teachers and everyday people that society relies on for important services. The sign-up flow therefore needed to be easy for a broad segment of the population to use. 

Microblink’s Document Scanning is built on pillars that optimize the user onboarding experience.

  • Intuitive interface that guides users through easy to execute steps no matter what their familiarity with technology is. 
  • Accuracy and precision that is battle-tested to provide successful data extraction even if the conditions are not ideal (low light or odd camera angles, for example). 

By focusing on designing a solution that meets SoLo Funds users where they are, Microblink is able to positively impact the core success metrics for the product. 

Impact: Sign-up rates that speak for themselves

‘’Microblink’s technology is playing a huge part in speeding our time to sign up. Borrowers on SoLo are able to create an account in less than two minutes, which we believe is a first-class statistic.’’

SoLo Funds uses ID scanning in its mobile apps to automatically capture personal information from users’ identity documents.

When SoLo Funds was starting out, their conversion rate from download to sign up was around 10%. Today, it’s around 25%.

Having a strong sign-up flow in place means that SoLo Funds is able to expand its user base more rapidly while maintaining the trust among its community. This in turn drives more transactions on the marketplace and makes the platform more attractive to lenders and borrowers alike.

Beyond faster onboarding, Mr Williams says Document Scanning is also helping SoLo Funds accurately and securely verify its users. This is an important component for them to manage from a risk management perspective. 

“We’ll continue to work with partners like Microblink to sustain our growth and keep putting our users first. Because, at the end of the day, these are Americans who are struggling, and we want to make it easy for them to get the help they need.’’

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