CredoLab Expands into Latin America

CredoLab Expands into Latin America with Key Hire and a Strong Business Growth in 2020

CredoLab’s revolutionary technology, which helps banks and finance companies to analyze credit information in real-time from users’ mobile phones, has positioned itself as a leader in the sector in Latin America and the world.
Over the past year, it gained 28 new customers and it proved to be the embedded scoring solution companies trusted to manage their loans.

The COVID-19 pandemic that passed through 2020 and that keeps the world still in crisis today, reinforced the change in consumer habits and the turn to digital. Online banks and fintech were forced to democratize credit to serve a whole segment of the unbanked population, which was particularly affected by the economic consequences generated by the coronavirus.

Thanks to technology, financial institutions can confidently assess the creditworthiness of their customers even in the absence of a reliable credit bureau score. The same technology is already used to provide access to financing options by Buy Now Pay Later apps, online travel reservation companies, airtime payment providers, retailers and, increasingly, by telecommunication companies, insurance, and e-commerce platforms. In this framework, CredoLab, the alternative credit scoring platform that evaluates the creditworthiness of consumers using the data provided by mobile phones, closed 2020 with marked growth.

The company announced that the datasets uploaded to evaluate users increased 73% compared to 2019 and the number of scores generated grew by 82%, indicating that entities relied on digital solutions to stay afloat in 2020.

As part of this expansion and consolidation in the region, CredoLab recently appointed María Carolina Rezemini Martins as the new Regional Sales Director for LATAM, based in Brazil, who will also be in charge of commercial relations in Colombia and Peru.

The credit scoring algorithm can be customized to find creditworthy customers in any market and for any unsecured lending product. In a seamless way, the solution calculates real-time credit risk scores by looking at the way each customer use their smartphone versus how delinquent customers do. It is important to note that the company provides access to a reliable alternative credit score without compromising the users’ privacy, without reading or accessing personal information, and always with the consent of the user.

CredoLab’s goal is to increase financial inclusivity globally, by transforming the credit decisioning process and creating a path for creditworthy individuals to access mainstream financial services. By using customer behavioural data we empower businesses to underwrite applications from unbanked, new-to-bank and new-to-credit (NTC) customers (e.g. self-employed, millennials, thin files, etc.). CredoLab’s alternative credit scoring platform delivers results with a high degree of predictability & accuracy in real time while ensuring complete privacy protection.

Established in Singapore in 2016, CredoLab has powered over USD 1 billion in loans issued across 20 countries