Oystr provides a fintech platform that utilizes alternative financial data and APIs to enable micro-lending for both banked and unbanked customers in Africa. By managing compliance, liquidity, and credit assessments, Oystr allows financial institutions to efficiently launch and scale micro-credit products while minimizing operational risks.
Funding
$120K 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
Many individuals and small businesses in Africa lack access to traditional banking services and credit history, making it difficult for them to obtain micro-loans. Existing lending processes often rely on limited data, leading to inaccurate credit assessments and increased risk for financial institutions. Compliance, liquidity management, and operational overhead further complicate the efficient scaling of micro-credit products in the region.
Solution
Oystr provides a credit infrastructure platform that enables loan operators in Africa to launch and manage micro-credit products for both banked and unbanked customers. The platform offers a suite of APIs and tools that streamline loan origination, alternative credit assessment, data verification, and loan disbursement and collection. Oystr handles compliance, licensing, and bank relationships, allowing lenders to focus on innovation and portfolio growth. By leveraging alternative data sources and real-time financial APIs, Oystr facilitates more accurate credit decisions and reduces the risks associated with micro-lending.
Target Audience
Oystr targets financial institutions, micro-finance providers, and businesses in Africa seeking to offer micro-loans to banked and unbanked customers. The platform also caters to developers looking to integrate credit services into their applications.
Features
- Oystr TH: Verifies customer identity and financial data using alternative data points and open banking APIs.
- Oystr Float: Enables the launch and management of micro-credit products, including loan origination, credit assessment, and disbursement.
- Oystr Credit: Provides access to liquidity and compliance support for embedding micro-credit services into existing products.
- Direct Debit API: Automates debits from multiple bank accounts.
- BVN API: Provides details about an individual's records and transaction history with banks.
- Guarantor API: Simplifies the onboarding of guarantors.
- Credit Assessment API: Provides real-time access to credit information for quick evaluation of creditworthiness.
- KYC Verification: Facilitates identity verification to reduce the risks of identity theft and fraud.