In an era where fintech is reshaping financial accessibility, Abhishek Soni, the Co-Founder and CEO of Upwards Fintech, stands out as a visionary entrepreneur. His journey from the academic halls of IIT Delhi to the boardroom of a pioneering fintech company is a narrative of ambition, innovation, and a deep commitment to financial inclusivity.
Abhishek’s story begins in Kota, a city known for its educational institutions. Born into a Marwari business family, he was imbued with an entrepreneurial spirit from a young age. This background, combined with his education in Chemical Engineering from IIT Delhi, graduating in 2011, laid the foundation for his future endeavors. The competitive environment and peer influences at IIT Delhi played a crucial role in shaping his entrepreneurial mindset.
Post-graduation, Abhishek ventured into management consulting, acquiring valuable insights and skills over four years. His first entrepreneurial venture in social commerce paved the way for the inception of Upwards. Co-founded with Nimesh Verma in 2017, Upwards Fintech emerged from a shared vision to innovate in the fintech and lending space. The decision to focus on fintech was driven by the vast potential in lending, digital transformation opportunities, and investor interest in the sector.
Upwards Fintech: A Journey of Resilience and Innovation
The brand name ‘Upwards’ encapsulates the company’s mission to elevate individuals’ lives through accessible credit, reflecting their commitment to empowering customers in their personal and professional endeavors. Starting Upwards was fraught with challenges, particularly in convincing lenders to back a venture led by non-bankers. Through perseverance, a clear vision, and a robust value proposition, Abhishek and Nimesh overcame these hurdles. These early experiences instilled a culture of grit and resilience within Upwards, shaping its trajectory.
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Upwards offers digital personal loans up to Rs 10 lakhs for various purposes, aligning with the company’s philosophy of responsible and meaningful lending. This product suite caters specifically to lower to middle-income households, the ’emerging middle class,’ which forms the company’s core target audience.
In the personal loan market, Upwards stands out with its innovative, app-based interface. Offering substantial loan amounts with quick turnaround times, the company simplifies the loan process by requiring minimal customer information. This efficiency is achieved through a blend of advanced engineering and machine learning algorithms, ensuring a seamless and rapid lending experience.
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The use of over 500 data points and complex algorithms enhances the lending experience, providing instant creditworthiness assessments and loan decisions. Under Abhishek’s leadership, Upwards has focused on expanding its market reach through digital marketing, affiliate networks, and channel partnerships. This approach has solidified its presence within its target demographic.
Cybersecurity remains a critical challenge in the personal lending sector. Upwards combats this by investing heavily in cybersecurity infrastructure and collaborating with regulatory bodies to protect its customers and uphold industry standards.
Future Plans and Financial Milestones
Upwards has experienced significant growth, with a 6x scale increase in the last year. The company is on track to achieve profitability in the next two quarters and aims to become a Rs 1500-2000 crore Assets Under Management (AUM) business in the next 18-24 months. Upwards has already launched two new tech products with excellent customer uptake while maintaining a healthy portfolio with Non-Performing Assets (NPAs) below 3%.
The company has raised approximately Rs 32 crores ($5M) from institutional investors, including Shunwei, Mayfield, and India Quotient. This funding has been instrumental in navigating challenges and fueling business growth.
Upwards Core Mission and Vision
Abhishek’s vision for Upwards is to create the best and quickest digital personal loan experience for underserved customers. This mission aligns with the broader goal of financial inclusion for India’s emerging middle class, positioning Upwards as a potential leader in the BFSI landscape.
Innovation at Upwards is driven by a dedicated allocation of time and resources towards experimentation and pilots. Abhishek emphasizes the importance of a culture where team members are encouraged to propose new ideas and embrace the possibility of failure as a part of the learning process. This approach is deeply ingrained in Upwards’ hiring philosophy, seeking individuals who are not just skilled but are also deeply invested in the company’s vision and capable of driving innovation.
Awards and Recognitions: Celebrating Excellence
Upwards Fintech and Abhishek Soni have been honored with several prestigious awards, reinforcing their credibility and success in the Fintech space. These accolades include:
- Times 40 under 40, 2023
- Economic Times (ET Edge) Promising Entrepreneurs, 2023
- Forbes Select 200 DGEMS, 2023
- Most Innovative Lending In Asia 23 (GFM)
- Top Startups Acquisitions of 2023 (Inc42)
- DNA NBFC Awards
- Technology Excellence Awards (Quantic)
- Fintech Company & CEO of the year (Brainalytics)
Balancing Leadership, Personal Life, and Personal Interests
Maintaining a work-life balance is a challenge for leaders, and Abhishek shares his perspective on this aspect. While he acknowledges the importance of family and prioritizing them in the long term, he doesn’t emphasize the concept of work-life balance. Instead, he believes in putting in extraordinary effort for extraordinary outcomes, especially as a startup competing against large incumbents.
Abhishek’s work ethic is reflected in his active involvement in Upwards, with communication and work happening seven days a week. He believes in results-oriented work, offering flexibility to team members as long as they deliver on their mandates.
Outside of work, Abhishek is an avid reader, aiming to complete 12-15 books annually. He also enjoys playing squash and occasionally plays the guitar. His reading list includes influential titles like “The Hard Thing About Hard Things” and “The Trillion Dollar Coach,” which have shaped his professional outlook.
Guiding Principles and Advice for Future Entrepreneurs
Abhishek’s entrepreneurial journey is guided by the ethos of giving one’s all to achieve success. He advises aspiring entrepreneurs in the fintech sector to embrace failure, remain endlessly curious, and stay focused on solving problems for the customer.
Abhishek Soni‘s leadership has positioned Upwards Fintech as a trailblazer in the fintech industry, championing financial empowerment and inclusion. His journey from the educational hubs of Kota to the forefront of financial technology is a narrative of relentless ambition, innovative thinking, and a commitment to making a positive impact on society.
As Upwards continues to grow and evolve, its influence on the financial landscape in India and beyond remains a testament to Abhishek’s vision and leadership.
