Klear is an innovative Peer-to-Peer financing platform. It meets people who are interested in better returns for their savings and people who are looking for a loan with fairer interest rates. Klear was created with the ambition to have a social impact. The idea of ​​the team is to create, together with the participants in the process, better conditions for everyone in the chain. These relationships are based on values ​​such as fairness and transparency. And their corporate mission is to help people manage their personal finances more successfully.

Klear’s team is small and consists of 8 people.They all have extensive experience in the financial industry. Thanks to many years of practice in granting loans and collecting overdue debts, they became experts in credit risk management. In addition to their professional experience, the people in the team are united by the desire to help society with their skills and knowledge in the field of finance. They share the belief that working with financial resources must be fair to borrowers, investors and the financial institution.

Based on these beliefs, they focus their efforts on attracting customers who like the “sharing economy concept”, in which fairness and transparency are the most important. Klear’s target customers are people in the active age of around 35, who have a university degree, urban type and use modern technologies. Those who like the ability to make all loan application and approval processes quick and easy, and those who want to manage their investments conveniently online.

Klear successfully manages to meet these user needs by integrating features into its online platform that allow all processes to take place through it. Each loan applicant fills-in a short online form in which he attaches the necessary documents for consideration of the application. And the signing of the contract is done with sms authorization. The process is also much easier for the investor. The applicant registers online and replenishes his account with BGN 100 or more. He buys a share of loans and thus receives rights to the relevant part of the agreed payments.

You are probably already wondering about the interest rates !? Klear is creating a system for extremely advantageous parameters for all participants in the platform. The interest rate on loans is on average 10% lower than that of banks. On the other hand, the conditions for investors are much better and above those for standard deposits, namely with an annual return of about 6% and lower than usual risk. It seems that Klear has done its best to build a truly fair interest rate system. The win-win-win rule applies 100% in their relationship with all participants in the process.

They share with us that during the state of emergency there were no significant changes in their work process. Part of their team has been working outside the office even before the crisis. The only change  was to move the work of the others from home. The owner of the company mentioned to us that only he visits the office to take care of a customer, restart his computer or water the flowers. 🙂 The main drawback is the lack of interpersonal relationships in the team and the opportunity to talk during the lunch break and after hours.

They faced a real challenge of integrating a new colleague into the team and introducing him to the work. But they are able to quickly resolve this case with training sessions and general meetings of people through online communication platforms. During their daily meetings, everyone has the opportunity to share the progress and problems of their work. And also to speak openly about the emergency situation, the difficulties and worries associated with it. They are reassured that they continue their work, that they maintain their salary levels and the team remains in its full composition. They also start working on a new project, which turns out to be a great way to get out of the gloomy mood and look ahead with hope and determination.

Klear’s work with its clients also has no significant impact, given the nature of the business – mutual lending online. During the isolation, they prioritize relationships with their current clients who have loans. They decided to support those of them with financial difficulties and declining revenues due to the changes in market conditions. The company offered them renegotiation of credit terms without additional costs.

Klear also fully explains the new situation to their other category of clients – the investors. As a result, some of them decided to withdraw their investments, but to Klear’s delight, for the most part, investors remained on the platform. This has a very inspiring and motivating effect on the whole team. They understood that their customers trusted them and that they are in solidarity with the decisions and actions taken by the company.

Klear also reported some problems in this sharp change of market conditions. Their lending business is declining sharply as the company provides personal loans to finance projects such as home renovations or car purchases. During this period, due to the fear and the real reduction of income, most of their potential clients postponed their plans and loan applications have decreased significantly.

In conclusion, Klear said that despite the difficulties and the reduced volume of work, they also found the positives in the new market conditions. They found out that the whole team can work effectively from home. They managed to take the first steps in building their new project, which everyone is very excited about. Its essence is to expand their business in affiliate lending. So far, they only offered loans to individuals and investors can participate in their financing (Peer-to-Peer). Their new idea is to create conditions for investors to provide corporate loans to companies (Peer-to-Business lending). This sounds really inspiring and innovative, as a product with good returns for their entrepreneurial thinking customers.

And here is our inspiration from Klear:

1. The motivation to create a foundation for business and build partnerships in a win-win-win environment, where everyone wins, has a sense of togetherness and satisfaction.

2. The pleasure of doing business with fair and transparent conditions so that the customer can make a purchase decision based on informed risk. As a result, companies with this type of corporate policy receive solidary, loyal and satisfied customers. And isn’t every company dreaming about just that !?

What inspired you?

Mariana Petrova

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