Loic Le Pichoux is the CEO and a Co-Founder of Klear, a unique platform combining Peer-to-Peer Lending and Financial Education. Loic brings 20 years of experience in Cetelem and BNP Paribas Personal Finance, having occupied various C-Executive positions in many countries. He had been the CEO of Cetelem in Algeria and was the CEO of BNP Paribas Personal Finance in Bulgaria just before leaving this big banking group. Gathering a team of experienced professionals from the industry having previously worked with him, Klear was created in Bulgaria with the idea to build a sustainable activity, fair and transparent.

Can you tell us more about what is fintech for you and what is your fintech role? What excites you the most in the Fintech industry?

FinTech is all about providing better financial solutions to customers. First, you need the proper mindset: being obsessed with outstanding user experience. Then the Technology will help you to build solutions where the inside complexity has the only goal of delivering simplicity outside for the customer. At Klear, we are focused on applying that concept to Personal Loans. So far, banks have not been challenged because all alternative lenders are serving subprime customers who are not targeted by banks. We took the challenge to go on the playground of the banks to apply FinTech principles to Personal Loans with conditions competing with banks. What I like most in the FinTech industry is meeting like-minded people with whom you can talk, share ideas, dreams, debates, and somehow cocreate new things.

“The FinTech industry is vibrant. At the beginning of the Association,
we were a few entities active in this sector. 5 years later, it is now a complete ecosystem!”

How do you find the Fintech industry in Bulgaria? What do you think are the greatest opportunities and challenges?

The FinTech industry is vibrant. At the beginning of the Association, we were a few entities active in this sector. 5 years later, it is now a complete ecosystem! The greatest opportunity relies on the fact that incumbents are heavy corporations, and they still lag with the increasing digital expectations of consumers. There is plenty of room to provide better service. On the other end, they are well-established and powerful, and it is a real challenge to make customers shop around outside their bank…

“Gathering people is creating emulation, generating ideas, and opening business partnership opportunities inside the ecosystem.”

What role do you think BFA plays in the development of the fintech industry in Bulgaria?

The most important role is to gather people. The more we are, the stronger we’ll be to push innovations and make changes happen. Gathering people is creating emulation, generating ideas, and opening business partnership opportunities inside the ecosystem. There is also an important PR mission to raise awareness among the whole society. And finally, it’s a channel to say to the regulators “hey, we exist, and by the way, we have some ideas that may be worth listening to…”.

“The most importnat role [of BFA] is to gather people. The more we are, the stronger we’ll be to push innovations and make changes happen.”

Why did you decide to join the BFA Board of Directors? What do you want to achieve during your term on the board?

The first reason is to be part of a community, to contribute in any possible way, and to foment mutual aid inside the ecosystem. I’ll be happy if our actions lead to greater awareness and if we see many more FinTech startups achieve success in the near future.

What are you most excited about seeing in the fintech sector in the approximate future?

The most exciting is to see innovations going live. Pursuing innovation is a strong driver for all of us. It brings positivism! And I’m especially focused on innovations, products, or services, that bring a positive impact on society. Because Technology is just a means, you can do great things or use it for unfair purposes. That’s why I believe that consumers will pay more and more attention to this dimension as much as they care about the quality of the service and the price.