CredoLab Raises USD 7 million in Series A Investment Round Led by GBG; Plans expansion in US and other markets
CredoLab Raises USD 7 million in Series A Investment Round Led by GBG; Plans expansion in US and other markets
09/09/20, 12:34 PM
Location
singaporeRound Type
series a
CredoLab, a leading developer of bank-grade digital credit scorecards based on smartphone metadata, has secured US $7 million in its Series A funding round led by GBG, the global specialist in Identity Data Intelligence. The funding will enable CredoLab to focus on consolidating its leadership in Southeast Asia and to expand its market reach in the United States and key countries across Asia, Latin America, and Africa.
Company Info
Location
singapore, singapore, singapore
Additional Info
CredoLab develops bank-grade digital scorecards for banks, lenders, pay later, e-commerce and ride-hailing players, and any other industry at the intersection of financial services. Built on over 22 million loan applicants across 70+ lending partners, our AI-based algorithm crunches millions of features from opt-in, anonymous smartphone and web behavioural 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. Our clients have seen 20% higher new to bank customer approvals, a 15% reduction in non-performing loans, and a 22% dip in fraud rate.