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In Bangladesh, out-of-pocket healthcare expenses has raised nearly to 80% since COVID-19. There are around 60 million employed population in Bangladesh among which 50% earns an average salary of 26000 Tk. People pay for healthcare services from their regular salary, credit cards or bank loans and health insurance. Due to different regulatory policies, only 30% users get back money from health insurance companies. Many of the borrowing policies incur interest rates as well. Moreover, very few corporate offices provide health insurance or healthcare benefits to their employees. Therefore, there are no other financial services to assist patients (employees) in healthcare expenses. 

Through our digital platform we make it easy for the employees (B2B2C) to avail microcredits to pay for their healthcare bills. The payment method is done digitally, no cash is involved. To make services more accessible and affordable, patients will be able to take services directly from our merchants. As the credit limit depends upon the salary of an employee, they can return the money through EMI process without interest rate. All the process and transactions will be completed through our mobile app.

For our digital merchants, there is an embedded payment system and for the physical merchants, we will be providing QR code based interactions through our app. A dashboard is provided to all the parties to track expenses and dues.

To facilitate microcredits we are approaching Non-Banking Financial Institutions and Micro Finance Institutions, because, legally only these entities are able to lend micro loans.  

We are currently providing our services as an option for employee benefit. In Bangladesh, there are around 45 Million people with salary below 1000 USD monthly. Most of these people do not hold a credit card and also have no coverage of health insurance. They mostly are in personal debt due to sudden medical costs and other costs. From our initial customer interviews we have identified that our target population has no healthcare savings. Therefore, our service puts their mind at peace as they know they can get access to money if sudden medical emergency occurs. Our services will give them financial space to breath.

Last year in February, 2021, I have won a Solveathon powered by MIT Solve in my country, as the best healthtech service. Since then I have been working on my healthtech startup till November, 2021. My initial healthteach idea failed because I focused less on customers but more on the solution. In November, 2021, I decided to join a fintech company for some personal reasons, where I first noticed the problem that we are trying to solve now. Therefore, at the end of the November, 2021, we pivoted into fintech. During the time of building my healthtech startup, I have learned a lot about healthcare industry and patients’ behaviors, moreover, I have built close connections with other healthtech founders who are helping till date.

Abu Nayeem Tasneem has been working in the banking industry as a software developer for the last 3 years. He has built payment gateway for a bank and currently holds a position as a Cybersecurity officer in the same bank. His family owns diagnostic centers and pharmacies outside Dhaka, therefore, he has knowledge on both healthcare industry and financial industry along with the corporate world.

This time, I am amending the mistake that I did last time. We are customer focused. Our initial idea and app design has been totally done after proper customer interviews and merchant interviews. Although we know that with time design and process changes but we are certain that customer is the king. 

As we are first time founders, expert advice and mentorship is of great importance to us. Therefore, through Solve, we want to be a part of the large network of mentors and experts to seek advice from. We also want to learn and put better impact measurement practices inside our organization along with better data management system. 

Currently there are no embedded finance system for the healthcare industry of Bangladesh. We bring the innovation of embedded finance and digital microcredit service to the mass people through our platform. 

Our plan is to keep balance between female and male number of employees in the organization. We want to foster a culture of learning, sharing and growing together as a team. 

Our business model follows two revenue streams; one is a commission based model where we will earn money from the Merchant Discount Rate (MDR), from the merchant and second is a subscription based business model where we will take a yearly fee from the employer for every employee. 

We plan to become sustainable using our revenue that we will earn form our customers. But to start the business we are approaching investment capital and grants.