Cignifi, a Cambridge, MA-based developer of a platform to provide credit and marketing scores for people using mobile phone behavior data, closed a Series B A-2 funding round.
The amount of the transaction was not disclosed.
The round was led by existing investor Omidyar Network, with participation from American Express Ventures and other existing investors.
Led by Jonathan Hakim, President and CEO, Cignifi provides an analytic platform to deliver credit and marketing scores for consumers using mobile phone behavior data. Working with telecommunication partners across the globe, the system looks at mobile phone data of customers who have agreed to provide access to their information for credit assessment purposes. Looking at this anonymous and encrypted information, the company’s propriety algorithm identifies calling, texting and payment patterns and habits in order to predict customers’ creditworthiness so that financial institutions can offer banking products to these underserved customers.
Cignifi is currently working with mobile operators and financial partners in Brazil, Ghana, Mexico, Chile, etc., to identify qualified leads, lower the costs of acquiring customers, and underwrite loans to consumers with no formal credit history.
FinSMEs
06/09/2014