The startup develops mobile and web-based alternative credit scoring platforms that utilize predictive analytics for real-time credit risk assessment. This technology enhances financial inclusion by providing access to credit for consumers with limited or no access to traditional financial services.
Funding
$9.2M 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.
GGFounders
Product
Problem
Traditional credit scoring methods often exclude individuals with limited or no credit history, hindering their access to financial services. This lack of traditional data makes it difficult for financial institutions to accurately assess risk and extend credit to a significant portion of the population.
Solution
Credolab provides a data and analytics platform that leverages first-party, privacy-consented metadata from mobile apps and websites to enhance risk assessment, fraud detection, and marketing effectiveness. By analyzing device and behavioral biometrics metadata, Credolab delivers predictive scores and granular insights, enabling businesses to make better decisions across the customer lifecycle. The platform's technology unlocks over 80,000 data points, processed through advanced machine learning algorithms, to provide real-time scores and insights via a unified API. Credolab's solutions augment traditional data sources, allowing for more accurate risk assessment and improved financial inclusion.
Target Audience
Credolab primarily serves banks, financial companies, fintechs, and credit bureaus seeking to improve risk assessment, fraud detection, and marketing strategies.
Features
- Risk scores that evaluate the probability of default, including for thin-file applicants
- Fraud scores that assess similarities to confirmed fraudulent applicants or users
- Propensity scores that identify the probability of users to apply, accept an offer, or churn
- Bonus abuse scores that estimate the probability of users exploiting loyalty points or bonuses
- Collections scores that predict the probability of repayment from delinquent customers
- Insurance scores that calculate the probability of policy lapses and claims
- Device insights to understand smartphone behaviors
- Behavioral biometric insights to evaluate user behaviors in app or web
- IP address insights to analyze IP address activity
- Browser, device, and IP address velocity to measure frequency of applications
- Application insights to segment users based on their apps
- Mobile SDK and web-based integration options