CredoLab, a leading developer of bank-grade digital credit scorecards based on smartphone metadata, has secured USD 7 million in its Series A round funding led by GBG, the global specialist in Identity Data Intelligence.
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In addition to GBG, the round saw participation from Walden International, an existing investor, and Access VC among other new investors.
CredoLab develops bank-grade digital scorecards for banks, lenders, e-commerce, travel, ride-hailing, e-wallets, insurance, and retail companies; or essentially for any business that needs to make better credit decisions. CredoLab uses the best source of privacy-consented, and permissioned data: smartphone and web metadata to help its clients to expand the market share and decrease their cost of risk in real time. Since its inception in 2016, CredoLab has powered almost USD 2 billion in loans issued by 70+ clients across 20+ countries.
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”Despite the obvious slowdown caused by COVID-19, we have already seen a significant shift from physical originations to digital ones and an increased appetite in using alternative sources of data” said Peter Barcak, CEO & Founder of CredoLab. “CredoLab has continued to provide a stable behavioural score that has kept its predictive power even in the presence of payment holidays when lenders can’t rely on credit bureau scores. We have become an essential part of the recovery strategies of our clients as they restart lending in the post-COVID-19 environment in a risk-controlled way.”
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