CredoLab, a Singapore-based developer of bank-grade digital risk scorecards, raised $7m in Series A funding.
The round was led by identity data intelligence firm GBG.
Established 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, tge 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.
GBG has also entered into a commercial partnership with CredoLab to accelerate its delivery of customer solutions by leveraging 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 to CredoLab’s cloud service.