Yooli (www.Yooli.com), China’s crowd-funding services website, and FICO (NYSE:FICO) jointly announced that Yooli has selected FICO risk management technology as a core element of Yooli’s risk management infrastructure.
Yooli is a PtoP (person-to-person) crowd-funding online platform that provides finance products for Chinese microfinance investors. Individual borrowers or small business owners can submit loan applications at Yooli.com, and the approved applications are then posted for lenders to judge the risks and potential value, and hence make investment decisions. The borrowers are requested to pay monthly interest upon receipt of the loan.
China’s crowd-funding business has grown significantly over the past two years. According to Fuscent, there are more than 150 crowd-funding online businesses with annual turnover of RMB 5 billion yuan in China. During a period of rapid growth, the industry has been hindered by increasing fraud risk and insufficient risk management, which has exposed lenders to potential risks. Yooli provides a transparent and safe system by partnering with FICO and other industry-leading solution providers to create a more efficient system while managing risk.
About Yooli: Yooli was founded in May 2012 by professionals from finance and technology industries. It is committed to becoming the leading crowd-funding website in China. www.yooli.com.
Source: FICO Press Release