Credolab, a Singapore-based fintech startup has expanded its services to South Africa. The expansion came in a bid to globally champion financial inclusion in emerging economies.
CredoLab was founded in 2016 and offers its services through a mobile app that provides bank-grade digital scorecards for consumers, lenders, insurance companies, and retailers.
Their app makes use of Artificial Intelligence to predict Smartphone users’ behaviour for credit scoring. Since its inception in 2018, Credolab has collected over 50,000 data points from consumers’ smartphones and turns it into more than 500 thousand behavioural features.
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The Credolab’s Sales Director for Europe and Africa, Michel Massain described the expansion as apt and the right step for Africa. He noted that South Africa as a country is in desperate need of help for financial inclusion and access to finance for its startups. This need spurred the firm’s expansion to the country.
Massain stated that the platform will make credit available using its AI-enabled mobile app to provide credit scoring for lenders. He also noted entrepreneurs with a thin or no credit history will be able to access funds through the digital scorecards provided by the firm. This also applies to millennials, new graduates and the self-employed.
The Credo Lab’s CEO and Cofounder, Peter Barcak also expressed his satisfaction with the expansion to South Africa. Peter noted that the expansion is a gateway to the African continent where there are lots of unbanked people. There are plans for further global expansion shortly.
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