Karbar by Dana

Dana Fintech

About this app

Dana is an embedded FinTech platform that generates an alternative credit score to help financial institutions (lenders) make a credit decision when you (end-user) apply for buy now, pay later (BNPL). We are not a lender, but a platform to connect lenders with you (end-user).

Banks and Financial institutions can not finance underserved SME businesses and individuals due to the lack of credit data. Dana helps the underserved generate an alternative credit score based on mobile device data and SMS transactions. Financial institutions can make credit decisions based on Dana credit scores. On the other hand, the underbanked end-user gets access to finance through our platform.

**Buy Now Pay Later**
To make the BNPL process comprehensible, step by step process with an example is presented below :
Jony, a student, has to build a score first to check eligibility and credit limit. The Dana mobile app collects data from mobile devices and personal information to generate Jony's alternative credit score. After building a score, Jony can apply for BNPL within the credit limit. Suppose Jony gets a credit limit of BDT 20,000. So, he can buy a product whose price is below BDT 20,000 with the BNPL facility. Then, Jony selects the desired product and tenor.
- Interest Rate: 8%
- Processing Fee: 2%
- Repayment Duration: 3 to 12 Months.
The Dana app shows the monthly EMI amount immediately. For Example, Jony applied for a product worth BDT 10,490 for 6 6-month tenor. Depending on the selected tenor and 8% interest rate, the monthly EMI will be BDT 1,789.

After submitting the BNPL application, our partnered financial institution checks the application and approves it. After approval, Jony has to complete the eKYC process with his government-approved ID.
The supplier delivers the product to Jony’s given address.

**Credit Card**
Users can apply for a credit card after building a credit score. The user’s credit card limit will be generated based on their credit score.
- Users have to give consent for the credit card limit.
- Then have to complete e-KYC.
- Have to give home and office addresses for verification.
- After address verification, the lender will provide the credit card to the user.
****

What data do we collect and why?
The Dana mobile app will access and process such User data, which can effectively evaluate end-users' solvency and interest in obtaining financial services.

SMS – Dana analyses only keywords of transactional SMS sent by financial institutions to assess end-users' creditworthiness, validate income, and predict repayment capacity and willingness. Our app does not store any kind of SMS and also does not read any personal SMS.

Camera – Pictures from your Device's camera. Camera permissions to verify your identity by accessing your camera to take pictures of your ID to complete the eKYC.

Storage – Storage access enables to upload of necessary documents for alternative credit scoring.

How do we use and protect your data?
We use user data to assess the creditworthiness of borrowers for the desired product purchase and generate credit scores. Our partner financial institutions use Dana’s assessment in their decision process.
We also use end-users' data to:
Obtain an assessment of creditworthiness, including but not limited to an assessment of the probability of default of your obligations in the framework of contracts for the provision of financial services.
Assess your interest in receiving financial services through algorithms and mathematical modeling.

We securely handle all personal and sensitive user data, including transmitting it using modern cryptography (for example, over HTTPS). We don’t use data for advertising purposes. We will never sell end-users' data to third parties. Read our Privacy Policy on our website: [https://dana.money/privacy](https://dana.money/privacy)