Addressing the problems of ‘thin file’ and the underbanked
September 22, 2020
MD Americas, Chief Strategy Officer
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Singapore FinTechs GoBear and CredoLab Partner to Bridge Divide Between Banks and More than 110M Underbanked in Key Emerging SEA Markets
Singapore-based CredoLab secured $7m in a Series A funding round in August 2020. Now the company is expanding into the US and other global markets. Michele Tucci of CredoLab discusses how the company evaluates smartphone and web metadata to create bank-grade digital scorecards. The use of such ‘alternative data’ addresses the problems faced by ‘thin file’ and underbanked customers in access to credit – not a small issue when, for example, 27% of the US population has so little credit history, they’re considered ‘unscorable’.
Listen to our CPO Michele Tucci's podcast with IBS Intelligence.