CredoLab, Credit Scoring Company Begins Operations in Kenya
Singapore’s credit scoring fintech company, CredoLab has launched its operations in Kenya aiming to drive financial inclusion by credit scoring more people.
Michel Massain, Sales for Europe and Africa at CredoLab says, “With the trend in Kenya of banks shifting from traditional banking halls to digital platforms, our alternative credit scoring technology is perfectly timed to help lenders provide access to sections of the population that have been traditionally financially excluded.”
“You need a credit score to participate in the economy, but what about people who are new to credit and new to bank? How do they get a credit score? How can someone with no credit history get a credit score? And how can they start a business if they can’t lend money to do so?”
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CredoLab develops digital scorecards for banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers from smartphone device metadata.
Their technology crunches nearly 500 thousand features from opt-in smartphone metadata to find the most predictive behavioural patterns before converting them into credit scores.
These enable any lender to make the most granular assessments possible of their applicants.
It also has operations in South Africa.
The company was established in Singapore in 2016 and has powered almost USD 1 Billion in loans issued after analyzing about 1 trillion data points across 15 countries. The company is backed up by funders such as Fintonia Group, FORUM, and Walden International.
