ConfirmU offers alternative credit scoring services for lenders by analyzing gaming behavior data to evaluate creditworthiness. This method enhances financing access for individuals with limited credit histories, enabling more accurate lending decisions.
Funding
$5K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional credit scoring methods rely heavily on historical payment data, which excludes a significant portion of the population, particularly those with limited or no credit history, from accessing essential financial services. This reliance on past credit behavior creates a barrier for individuals who may be financially responsible but lack a credit track record. Lenders, in turn, miss out on potential revenue from creditworthy individuals who are unfairly excluded by conventional scoring systems.
Solution
ConfirmU offers an alternative credit risk assessment solution that analyzes psychometric and behavioral data through an interactive game to evaluate an individual's financial conscientiousness. By assessing traits such as intelligence, planning skills, and organizational abilities, ConfirmU provides lenders with insights into an applicant's willingness to repay, regardless of their credit history. This approach enables lenders to extend financial services to a broader range of consumers, including those with "thin files" who are typically excluded by traditional scoring models. The data gathered is validated against payment performance data to ensure accuracy and reliability.
Target Audience
ConfirmU's primary customers are lenders, financial institutions, and credit bureaus seeking to expand financial inclusion and improve risk assessment for individuals with limited or no credit history.
Features
- Interactive game-based assessment to evaluate psychometric traits related to financial conscientiousness
- Hybrid model combining psychology, psychometrics, technology, data science, gamification, and risk analytics
- Analysis of behavioral traits including intelligence, planning, and organizational skills
- Validation against extensive payment performance data
- Credit risk model deployed for consumer and SME risk assessment
- Proven correlation of >80% for selected psychometric traits and >75% for behavioral traits related to financial conscientiousness