In a move set to redefine the lending landscape, Frello, co-founded by Chris Harder and Matt Marek, has burst onto the scene with a revolutionary app that promises to make lending easy. Launched in Beta earlier this year, the app is gearing up for a wide-scale release in late summer, and the buzz among potential lenders is palpable.
Chris Harder, the CEO and co-founder, shared the inception of the idea, stating, “I brought this idea to my business partner, Matt Marek, because he had the amazing Tech team and experience to be able to bring it to life.” The dynamic duo behind Frello is on a mission to simplify lending, making it accessible to everyone, and their approach is nothing short of groundbreaking.
Easy as Pie: Frello’s User-Friendly Interface
One of Frello’s standout features is its user-friendly interface, designed to make lending a breeze for both beginners and seasoned investors. The app operates as a two-sided marketplace where potential borrowers can request loans, and lenders can bid on these requests.
Chris Harder explains, “It’s this blind bidding system that goes back and forth and empowers the borrower to choose from a whole number of offers.” This unique approach gives borrowers the power to select the best deal that suits their needs, creating a transparent and competitive lending environment.
But what about the risks? Chris reassures potential lenders, saying, “Well, we worked hard to figure out the algorithm of how much we need to take out of the lender’s profit, a tiny little bit each time, put it into an aggregate pool and be able to guarantee that we will replace your unpaid principal in the event that you don’t get paid back. We’ve got a proprietary risk score of zero out of 100. I mean, we have all the bases covered.” Frello takes a small portion of the lender’s profit, creating an aggregate pool to guarantee the repayment of the loan in the event that the borrower defaults.
And that’s not all; Frello goes the extra mile by offering a safety net for lenders. Chris adds, “Right now, when a loan is a certain number of days past due, it becomes our problem, not the lender’s problem. We reimburse that loan in the form of a Frello credit in their Frello wallet so they can take that money and go make another loan again. What they can’t do is just take it out like cash; make sure they have to take that reimbursement and make a good loan this time.” In case a borrower defaults, Frello steps in, ensuring that the lender is not left in the lurch.
The Evolution of Frello: Phase Two Unveiled
Frello isn’t content with just revolutionizing blind bidding. Phase two of the app, set to roll out shortly after the wide launch, introduces the instant loan marketplace. Here, lenders can set specific parameters, such as risk score, loan duration, and the cause of the loan.
Chris describes this innovative feature, stating, “Our bots will go auto-bid for them on all these requests. But what’s cool is because they’ve set the terms, now, technically, we can know ahead of time what they’re willing to lend and make it look like an instant marketplace.”
This evolution is not just about making lending efficient; it’s about empowering lenders to choose causes that matter to them. Chris emphasizes, “They can pick the causes they care about,” adding a human touch to the often impersonal world of finance.
A Personal Touch: Making Investing Fun and Trustworthy
Chris Harder’s passion for Frello is evident when he shares, “Very seldom do I actually come across a project where I personally care about it.” His personal investment in the success of Frello goes beyond financial gains; it’s about reshaping the narrative of investing. “I’m truly excited for this to help just revolutionize the industry of investing and kind of making it. I feel like making investing fun and trustworthy again is something that Frello really stands for,” Chris adds.
Frello is not just about numbers but about creating a community of lenders who find joy and fulfillment in helping others. Chris declares, “This truly is my legacy project. I can tell you that. This is my — what people will say — “Hey, what did he build? What did he do to really contribute to the world?” And I really believe that this will be that legacy project.”
In a world where financial transactions often feel like a distant, complex affair, Frello comes in as a refreshing breeze, bringing simplicity, transparency, and a touch of humanity to lending. As Frello gears up for its much-anticipated wide launch this late summer, the financial landscape is on the brink of a revolution. With Frello, lending isn’t just a transaction but an opportunity to empower, support, and make a real difference.
Find out more by visiting Frello’s website.
Published by: Nelly Chavez
