CredoLab, a Singapore-based fintech startup which specializes in developing bank-grade digital scorecard has announced that it has raised US$7 million in a Series A funding in a press release dated September 9, 2020. The round of financing was led by U.K-headquartered Identity Data Intelligence firm GBC PLC.
Other investors that participated in the round include existing investor Walden International, which had previously invested $1 million in CredoLab in 2018, and Access Venture Capital and other new investors.
CredoLab will use the proceeds of the round to consolidate its leadership in Southeast Asia (SEA) and to expand to the U.S. and select countries across Asia, Latin America, and Africa, the statement noted.
Started in 2016, CredoLab develops bank-grade digital scorecards built on mobile device data. Its pay-per-use solutions are available to banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers. Using alternative data sources, the company enables financial institutions to achieve goals like financial inclusion, accurate credit scoring, and reach new customer segments.
Chief Executive of GBG Chris Clark said, “GBG’s fraud and compliance solution allows financial institutions to onboard and transact with their customers quickly, safely, and securely. We have experienced first-hand CredoLab’s capabilities from our ongoing commercial partnership.”
“The company’s AI-based proprietary technology will complement our existing offering but also provide critical behavioural risk reference data from good customers that are financially excluded,” he added.