In case you missed it, CredoLab, a Singapore-based developer of bank-grade digital credit scorecards based on anonymous smartphone metadata, recently announced a partnership with us. We’re excited to join forces with them, and to help further their mission of working with banks and non-bank lenders to improve financial inclusion and access to credit for consumers and small businesses left out of the traditional financial system.
Under the agreement, CredoLab will integrate iovation's FraudForce into its product suite: CredoApply, CredoApp and CredoSDK. By leveraging FraudForce, iovation's fraud detection and prevention solution that contains intelligence based on our experience with more than 6 billion devices, CredoLab says we are helping them offer a one-stop-shop solution for banks and lenders to accurately score the unbanked, the new-to-credit and any applicant with a "thin file". FraudForce will reduce fraudulent loan and credit card applications while optimizing digital customer onboarding for banks and non-bank lenders worldwide.
CEO & Co-Founder of CredoLab Peter Barcak says, “iovation provides next generation digital data analysis to help confidently identify good customers and fraudsters."
As we continue to build trusted connections around the globe in the pursuit of making the internet a safer place to conduct business, we couldn’t be more proud to partner with CredoLab. We are looking forward to helping them stop fraud and further their company mission to improve the standard of living for people that have have limited or even no access to mainstream financial services. And with CredoLab claiming that they’ve powered almost $1 billion USD in loans since 2016, that could go a long way for those who have traditionally not had access to financial services.