MICROCAPITAL BRIEF: Credolab, Provenir Seek to Boost Financial Inclusion with Predictive Software

Two financial technology (fintech) companies, Singapore-based Credolab and US-based Provenir, recently formed a partnership intended to increase financial inclusion. Provenir, which provides a “unified risk decisioning solution” for lenders, will offer its clients the “predictive credit scores, marketing predictions and fraud alerts” that Credolab’s Software Development Kit (credoSDK) creates from “behavioral metadata” collected via Android and iOS apps.

Credolab CEO Peter Barcak reportedly said, “Credolab believes that traditional lending processes exclude many people because they target applicants with pre-existing credit history, typically in the middle- and high-income groups…. our aim is to make credit available to all by giving lenders access to a previously untapped, highly predictive source of behavioral data.”

Established in 2016, Credolab uses mobile and web metadata to “develop bank-grade digital scorecards” for 150 financial institutions in 30 countries as of 2023.

Established in 2004, Provenir reports processing 3 billion transactions per year.

By Ben Barba, Research Associate

Sources and Additional Resources

Finovate article
https://finovate.com/credolab-and-provenir-partner-to-boost-financial-inclusion-with-behavioral-data/

Credolab homepage
https://www.credolab.com/

Provenir homepage
https://www.provenir.com/

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