London Inc. June 2022 - 31

REGULAR VIEWERS OF Law and Order quickly
learned New York City seems to have a bodega on
every block. The small, family-operated grocery
stores have been the site of many of a murder
and investigation over the last 22 years and 462
episodes.
Adam Rice is as much a fan of Law and Order
as anyone else. His bodega interest, however,
is focused elsewhere. India has more than 12
million Kirana shops, the country's version of the
bodega. Had there been an Indian Law and Order
spin-off, no doubt much of the action would have
been Kirana-based.
Rice's interest in Kirana shops goes beyond
a general curiosity about shopping patterns in
foreign countries and possible tie-ins to American
courtroom dramas. Kirana shops, as it turns out,
may well be the key to the next phase of growth
for his company, Asset Direct of Canada Inc.
After starting the company in 2015, he is working
hard to, " change the world, " by offering personal
financial products to hundreds of millions, if not
billions, of people struggling to get credit.
On first inspection, it's difficult to match Rice's
ambitions with his firm's headquarters. Asset
Direct is housed in a typically nondescript Farhi
building in downtown London. Its most intriguing
feature may well be the oversized white board
in the conference room, where multi-coloured
charts, graphs and concepts merge to give visitors
a look into Rice's active imagination and dreams.
But it's not just about dreams. His larger-than-life
goals are matched by a degree of
determination best demonstrated more than a
decade ago. In 2011, he was seriously injured in a
motorcycle accident in China. His recovery was
long and painful, interrupted many times by an
addiction to painkillers and almost everything
else imaginable.
He's had more second chances than a trust fund
kid (which he's not) and nearly died several times.
Sober now for more than eight years, he employs
18 people, half in Canada and half in India. His
co-founder, Chris Healy, is a partner and COO.
Other owners include some venture capitalists
and angel investors.
" We've been very successful connecting people
with fintech lenders and other financial products
in Canada, " he says.
The company does that through its
LoanConnect brand (www.loanconnect.ca),
linking credit seekers with companies such
as LowestRates.ca and GreedyRates. It has 45
partners in total; in 2020 it generated $3 billion
in loan applications in Canada. Since it began
operations, more than 600,000 Canadians have
secured funds using its portal.
" We've developed the tools to connect people
who don't have access to credit or might be looking
to build a credit rating. Three years ago, we commissioned
some research to see where our model
would best work around the world. The answer
was India, Brazil, South Africa and Australia. "
Since India does business in English and dwarfs
the other potential markets, Rice decided to focus
there and made several Covid-complicated trips
in the last two years. He's seen more Kirana shops
than your average Indian citizen, understanding
the unique relationships shop owners have within
their communities.
" ONLY SEVEN PER CENT OF INDIANS
CAN GET A LOAN FROM A BANK,
AND ONLY THREE PER CENT
HAVE A CREDIT CARD. THERE ARE
INCREDIBLE OPPORTUNITIES.
WE'RE USING THE SAME MODEL
WE'VE USED IN CANADA, BUT THE
POTENTIAL IS SO MUCH LARGER "
-Adam Rice
It's those relationships Asset Direct - branded
as CreditLinks India - will lean on to introduce
itself to millions of Indians. But that's just the
delivery system. His plans are much bigger than
that.
" Only seven per cent of Indians can get a loan
from a bank, and only three per cent have a credit
card. There are incredible opportunities, " he
says. " The market is ready for a product that helps
people build a credit history. We're using the same
model we've used in Canada, but the potential is
so much larger. "
It's not just potential borrowers Rice is targeting
in India. He's also keen to work with the owners
of all those Kirana shops. They can sign up and
sell financial products, using CreditLinks to back
them, " building their own book, " as he puts it.
" Someone gets a credit card, and one of our
lender partners issues a loan accessed through
the card. They use the funds for their business
or whatever they need, pay it back and establish
a credit history. Once they do that, the card
JUNE 2022 | londonincmagazine.ca | 31
http://www.loanconnect.ca http://www.LowestRates.ca http://www.londonincmagazine.ca
London Inc. June 2022

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