Featured Question: Who are Bright's main competitors?

#Q&A

Featured Question is our way to highlight great questions from the community. This week’s question was submitted by @bbcolex on Telegram. Pierre Proner, Co-Founder and CEO of Bright has answered.

Who are Bright’s main competitors and what sets Bright apart?

We are not the first to notice the problem for small businesses. This is one of the key issues that the World Bank is focused on, and their most up-to-date figures estimate a credit gap of $5.2 Trillion dollars in the emerging markets alone. There also remain significant frictions in the developed markets for small business lending.

There are others who are using their own specific approaches to tackling the problem, and we fully support all of their efforts in helping to solve such a large and important global issue.

Our approach is differentiated to others in the space by a number of ways: importantly, Bright's business model is not based on being a lender. The more scalable solution is a marketplace lending model, with Bright Network acting as an intermediary. Through our open protocol, the objective is to reduce the current friction in the lending and underwriting process and then let banks and other lenders provide much larger liquidity. The marketplace approach provides orders of magnitude greater lending liquidity than organisations set up to act as lender of record.

The other key differentiator is our technology, which is already built and battle tested, and has been developed by an engineering and data science team which includes numerous PhDs with oversight from some of the world's greatest minds in the computational risk, blockchain, credit risk and financial services spaces. Our advisers include Tomaso Aste of UCL and Robert Scanlon formerly Group Chief Risk and Credit Officer for Standard Chartered Bank, who come from very different worlds but bring decades of real world experience in understanding and managing risk for the financial services sector. You can learn more about our collaboration with our advisers in our White Paper and hear from them directly on Bright Network TV.

Be featured

Want to see your question highlighted here? Join our Telegram community to discuss the project!

bg