Co-Founder/CEO
float
float provides automated management for consumer health expenses, acting as an autopilot for financial administration. The platform streamlines tracking, budgeting, and utilization of flexible spending accounts (FSAs) and health savings accounts (HSAs). This service helps users maximize their healthcare benefits while minimizing administrative burden.
- Enterprise Software
- Financial Technology
Updated 7 months ago
Funding
Funding rounds are not available yet.
Founders
Product
Problem
Credit unions often struggle to accurately assess the creditworthiness of members, particularly those with limited credit histories or who are new to credit. Traditional credit scoring models may overlook consistent on-time payments for recurring expenses like rent, utilities, and subscription services, leading to inaccurate risk assessments and missed lending opportunities. This can disproportionately affect low-to-moderate income individuals and those with thin credit files.
Solution
Float provides a platform that enables credit unions to report members' on-time payment behavior for rent, utilities, and subscriptions to major credit bureaus, thereby enhancing their credit profiles. By incorporating these alternative data sources, Float helps credit unions gain a more comprehensive view of a member's financial responsibility. This leads to improved credit scores, increased loan approval rates, and the identification of previously "hidden prime" members who may have been overlooked by traditional scoring methods. The platform integrates seamlessly with existing systems, requiring no changes to the credit union's underwriting processes.
Target Audience
Float primarily targets credit unions seeking to improve member credit scores, increase loan approvals, and deepen relationships with their member base, particularly those serving low-to-moderate income communities.
Features
- Automated reporting of on-time rent, utility, and subscription payments to major credit bureaus (Experian, Equifax, and TransUnion).
- White-label implementation requiring no dedicated IT support or code changes.
- Secure, end-to-end encryption and industry-leading data privacy/protection practices.
- Compliance with all relevant regulations for identifying and reporting member payments.
- Member portal for tracking reported payments and credit score improvements.
- Integration with existing credit union systems and workflows.
- Identification of "hidden prime" members through enhanced credit scoring.