Aug 25, 2020
CredoLab, a Singapore-based fintech startup, today announced that it has secured US$7 million in a series A funding round led by UK-based GB Group, an identity management, location intelligence, and fraud prevention company.Existing investor Walden International and Access VC, among other new investors, also participated in the round.
CredoLab, a Singapore-based fintech startup, today announced that it has secured US$7 million in a series A funding round led by UK-based GB Group, an identity management, location intelligence, and fraud prevention company. Existing investor Walden International and Access VC, among other new investors, also participated in the round. Founded in 2016, CredoLab develops bank-grade digital credit scorecards based on smartphone metadata for digital banks, peer-to-peer lenders, ecommerce firms, travel companies, ride-hailing players, e-wallets, insurance firms, and retail companies, among others.
How much traction has it gotten?
Since its last fundraise, the company has signed 55 new clients in 15 new countries, Peter Barcak, CEO and co-founder at CredoLab, told Tech in Asia. Since inception, it has also powered almost US$2 billion in loans issued by more than 70 clients across over 20 countries, according to the firm. Despite experiencing a contraction in revenue amid Covid-19, Barcak shared that CredoLab is seeing an increased demand for its digital solutions, including its digital onboarding platform, CredoApply, and CredoWeb, a web toolkit that assesses creditworthiness using browser data.
What challenges has it faced recently?
The biggest challenges for the company were around improving accounts receivables, shortening the long enterprise sales cycle, and negotiating with clients looking for free proof-of-concepts, says Barcak. It’s also looking for talent to support its growth outside of Singapore.
What are its future plans?
The company plans to use the new funds to further enhance its product features and research customers’ digital footprints online. In addition to strengthening its alternative credit scoring algorithm, it will push the adoption of its solutions in other industries as well. CredoLab will also expand across Asia, Latin America, and Africa while focusing on Southeast Asia, according to the firm. “Last year we had some great names come on board in Brazil, India, South Africa, and Nigeria. In the next 12 months, with more resources at hand, we intend to expand our sales network and further target non-banking financial institutions,” said Barcak.
What is its funding history?
Read original article in Tech In Asia.
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Credolab wins Platinum Award for AI Platforms in Juniper Research’s Future Digital Awards – Fintech & Payments