THANK YOU FOR SUBSCRIBING
CredoLab Bags $7 Million to Scale International Markets
Along with its partnership with GBG, CredoLab teamed up with GoBear and fellow Finovate alum Mambu in June to help the financial platform expand to the Philippines.
By
Apac CIOOutlook | Friday, August 28, 2020
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Along with its partnership with GBG, CredoLab teamed up with GoBear and fellow Finovate alum Mambu in June to help the financial platform expand to the Philippines.
FREMONT, CA: CredoLab, a Singapore-based developer of bank-grade digital risk scorecards, raised $7 million in Series A financial round. The round was led by identity data intelligence firm GBG, a company that entered a technology partnership with CredoLab in June and is now taking a minority stake in the Singapore-based firm.
Founded in 2016, CredoLab develops bank-grade digital scorecards built on mobile device data. Its pay-per-use solutions are available to banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers. Using alternative data sources, the company enables financial institutions to achieve goals like financial inclusion, accurate credit scoring, and reach new customer segments.
Through an app, CredoLab’s AI-based proprietary algorithm analyses over tens and thousands of data points from the smartphone device, converting this digital footprint of customers to highly predictive scorecards. The company has 63 clients in 19 countries. It is a venture built by FORUM and backed by Fintonia Group, and Walden International.
CredoLab plans to use the additional capital to expand markets in Asia, Latin America, Europe, and Africa.
GBG has also entered into a commercial partnership with CredoLab to boost its delivery of customer solutions by utilizing GBG’s Instinct digital risk management and intelligence platform. With GBG Instinct, banks, lenders, and mobile wallets can leverage an orchestration layer to perform multiple data callouts, including CredoLab’s cloud service.
The previous month, CredoLab was highlighted by Fintechnews Singapore in its look at fintechs in SE Asia, making a difference when it comes to financial inclusion. This year, the company has also worked with LenDenClub, among the fastest-growing P2P lending platforms in India, and collaborated with Salary Dost, also based in India, to help the lending platform improve its underwriting process.