CredoLab raises $7 million in Series A investment round led by GBG
CredoLab, a Singapore-based developer of bank-grade digital credit scorecards based on smartphone metadata, has secured US$7 million in its Series A round funding led by GBG, the global specialist in Identity Data Intelligence.
CredoLab, a Singapore-based developer of bank-grade digital credit scorecards based on smartphone metadata, has secured US$7 million in its Series A round funding led by GBG, the global specialist in Identity Data Intelligence.
In addition to GBG, the round saw participation from Walden International, an existing investor, and Access VC among other new investors.
"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 develops digital scorecards for banks, lenders, e-commerce, travel, ride-hailing, e-wallets, insurance, and retail companies.
It uses smartphone and web metadata to help its clients to expand market share and decrease their cost of risk. Since its inception in 2016, CredoLab has powered almost $2 billion in loans issued by more than 70 clients across more than 20 countries, including Viet Nam.
“GBG’s fraud and compliance solution allows financial institutions to onboard and transact with their customers quickly, safely, and securely. CredoLab’s AI-based proprietary technology will complement our existing offering but also provide critical behavioural risk reference data from good customers that are financially excluded,” said Chris Clark, Chief Executive, GBG.
With the objective of democratising credit scoring, CredoLab plans to use this investment to enhance its product features and expand the understanding of customers’ digital risk DNA. CredoLab will focus on consolidating its leadership in Southeast Asia and expanding its market reach in key countries across Asia, Latin America, and Africa.
In Viet Nam, CredoLab has a partnership with GoBear to launch Easy Apply, an app that enables financial institutions to extend credit to a larger pool of customers since 2018. — VNS
