Qarar partners with CredoLab to bring alternative credit risk score solutions to the middle east
April 6, 2021
Ombú Tech Services + CredoLab: Experts Come Together to Provide Technological Solutions to the Financial Business
CredoLab Raises USD 7 million in Series A Investment Round Led by GBG; Plans expansion in US and other markets
Mobile and web digital footprints to detect fraud and credit risk using big data, machine learning algorithms, artificial intelligence and sophisticated algorithms
Dubai, UAE, April 2021: Qarar, a leading regional credit risk and decision analytics company, announces a new partnership with CredoLab, the most seamless, transparent, and accurate alternative-data credit risk scoring provider in the market today.
Lenders often face a shortage of relevant data to score and assess a big pool of the population. Consequently, lenders are often unable to make decisions on the so-called ‘thin files’ due to a lack of data. Thin file customers then remain excluded from formal finance.
Qarar’s partnership with CredoLab will focus on applying its Embedded Scoring solution to assess credit risk and detect early fraud, relying on alternative Mobile and Web data. The partnership combines Qarar’s credit risk expertise and market knowledge with CredoLab's modern approach to risk assessment that provides highly predictive insights to businesses while preserving the privacy and focusing on seamless customer experiences.
Peter Barcak, Founder and CEO of CredoLab said: “We are delighted to welcome Qarar to our growing partner network. Qarar’s expertise in credit risk management and decision automation tools together with their well-established presence and client base in the Middle East and North Africa will add great value to expansion plans in the region.”
Zaid Kamhawi, CEO of Qarar, commented: “CredoLab has developed an impressive alternative data scoring solution that we believe has particularly strong potential in countries where there is a high transient population and an underbanked population. Alternative data for credit scoring has proven to help organisations be more inclusive in their lending decisions and accurate in their credit decisions when used alongside traditional scoring models. Through our partnership with CredoLab, we aim to help our clients expand their acquisition strategies with confidence. "
Qarar is the region’s leading decision analytics company. Headquartered in Dubai and serving customers across the Middle East and North Africa, Qarar helps companies in the banking and finance sector to solve business challenges with a mix of predictive analytics, advisory, and decision technologies.