Startup Stage: Proof of Concept/Prototype

Support Required: Funding Mentoring Others

Structure of the Company: PVT Ltd.

Website: https://www.finlock.in/

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Business Overview

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Executive Summary: FinLock is a cybersecurity startup that develops AI-based intelligent solutions to protect people from online frauds. Products offered for both B2C and B2B customers

Market need: Both me and my co-founder have been victim of online frauds and our whole families have gone through the trauma and stress in the process of fraud reporting and loss recovery. At the time, we researched a lot on the possible avenues for help but quickly realized that there was no comprehensive solution to address this evolving threat. There was limited awareness about steps to be taken on being victims of fraud – where and how to report and how to recover lost money? On further investigation and talking to other victims, we found that this problem is not small. It is pervasive in India with more than 27 million cases happening every year and majority of them were linked to identity theft - A type of fraud that happens when a fraudster steals your personal or financial information like banking details, passwords etc. through a simple call, text message or website link. Less than 7% of these cases are reported by victims. Talking about B2C customers, currently, there is no solution for individuals to protect them from online frauds that happen through fake SMS, text messages, phishing websites, fake calls, malicious apps. In B2B, we are providing unique fraud detection technology to enterprise users.

Product/Service description: In B2C, FinLock offers an AI-powered mobile app (currently Android) that offers comprehensive protection from online frauds for people. It combines three important aspects of Fraud protection - Real-time detection, Post-fraud reporting and Loss recovery (through cyber insurance). Currently, other products in the market do not cater to the prevailing online frauds in India and have a customized solution to address only a small subset of frauds. We, on the other hand, offer a holistic solution to the user, giving them the required peace of mind when they are online. Finlock offers subscription based plans for individual users priced at Rs. 99/month or Rs. 999/year that gives upto Rs. 5 lakh cyber insurance cover In B2B, Finlock has phishing url detection, fraud SMS detection, UPI fraud detection, malicious app detection solutions in the form of APIs and SDKs on pay per use model

Customers/Users: B2C - Our target market is android phone users (95% of smartphone users) above the age of 20+ years in India. But we can't expect to reach all of them in one go. Initially, we will target users who have been victims of online frauds or know someone in their family or friend circle who got defrauded. These users understand the trauma that one undergoes when fraud happens and will value our product the most. B2B - Target customers are enterprises who are concerned about cybersecurity of their companies

Revenue Model: B2C - FinLock mobile app is a subscription-based protection service with free and premium plans. All new users are given a 30-day free trial of the premium features and at the end of the trial, users can either continue on a free plan with limited protection or opt to pay for the premium plan with advanced protection. The price of premium plan will be Rs. 99 monthly or Rs. 999 yearly. B2B - Pay as you go model for APIs and SDKs based on the usage of the solutions

Current traction: B2C - More than 13000 people have downloaded the app and we have 35 paid users B2B - we are doing pilot with 2 companies for URL detection API

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Promoters' Information

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Products/Services