Jumio, the leading AI-powered trusted identity as a service provider, today announces the launch of Jumio Screening. This is a fully automated anti-money laundering (AML) screening solution that integrates ComplyAdvantage, a dynamic real-time database of people and companies that pose financial crime risk. (more…)
Traditional credit scoring uses debt repayment information from financial institutions to determine the creditworthiness of a borrower. Decentralized credit scoring, on the other hand, uses a peer-to-peer network of trusted parties and personal data to attest to the identity and creditworthiness of a potential borrower, creating a secure credit scoring system for everyone, no matter their debt history. (more…)
Experian, the world leader in information services, is further expanding and investing in its innovation facility, Experian X Labs based in Singapore.
Square Capital head: We are leveraging data to extend credit to small businesses that lack access to traditional loans
Square Capital, the lending arm of Square Inc., has taken advantage of a market of small- and medium-sized businesses that lack access to traditional financing, the subsidiary’s head Jackie Reses told CNBC Tuesday.
In a sit-down interview with Jim Cramer on “Mad Money,” Reses said the financial technology company has leveraged data to serve businesses that aren’t well capitalized. Square reported making out about $472 million in 72,000 business loans in 2018, up 55 percent from the year prior. (more…)
HSBC UK has created the first live use case of open banking for credit applications using the InterConnect platform from Equifax, the consumer and business insights expert. (more…)
What would your reaction be if you wanted to get a loan and your bank asks to go through your Facebook profile? In China, this is already happening on a large scale, but it’s not banks that are doing the rating—it’s the country’s burgeoning fintech companies. And it’s not Facebook they are looking at—its social platform WeChat and shopping website Taobao. (more…)
Credit service and financial wellness company Credit Sesame has raised more than $42 million in funding. Featuring new and existing investors such as Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital, and SF Capital, the combined equity ($26.6 million) and venture debt ($15.5 million) financing will take Credit Sesame’s total capital to more than $77 million. The funding will help speed Credit Sesame’s growth, enable the company to hire more than 100 new employees over the next 12 months, and “advance its analytics, robo advisor and machine learning technologies.” (more…)
By Ryan Lawler for Techcrunch
LendUp has spent the last several years helping people who couldn’t get a loan build their credit and improve their financial well-being. Now the company is looking to empower those with little or no credit by giving them access to a credit card with low fees, financial education built in and incentives to spend less and pay off their balance. (more…)
By Matthew Lynley for Techcrunch
With apps like Robinhood and services like Wealthfront for investing, and Credit Karma to check your credit score regularly, it might seem like financial services are finally getting more palatable and mainstream. But to Nicole Sanchez, people still need to have decent credit to get to the point where they’ll use those services — and that’s a huge hurdle to cross. (more…)
Canadians are suffering from ostrich syndrome, according to a new survey from Capital One which shows that more than half have never attempted to get their credit score. (more…)
By Steven Millward for TechInAsia
“We need banking but we don’t need banks anymore,” said Bill Gates two decades ago, predicting the explosion in startups creating web and app-based financial services that we’re seeing right now. With nearly US$11 billion last year invested into so-called fintech startups across Asia, the sector is rivaling online shopping and ride-hailing among the hottest tech arenas. (more…)