CredoLab has secured USD 7 million in its Series A funding round led by GBG, a global specialist in Identity Data Intelligence. The funding will enable CredoLab to focus on consolidating its leadership in Southeast Asia and to expand its market reach in the US and key countries across Asia, Latin America, and Africa.

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CredoLab develops bank-grade digital scorecards for banks, lenders, ecommerce, travel, ride-hailing, e-wallets, insurance, and retail companies, or essentially for any business that needs to make credit decisions. CredoLab uses a source of privacy-consented and permissioned data – smartphone and web metadata – to help its clients to expand their market share and decrease their cost of risk in real time.

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With the objective of democratizing credit scoring, CredoLab plans to use this funding to further enhance its product features and expand the understanding of customers’ digital risk DNA. The company provides a solution for businesses to evaluate and approve customers whose creditworthiness might not otherwise be easily ascertained. This is increasingly important as more commerce and banking has moved online and to mobile in the post-pandemic economy.

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Read original article in THEPAYPERS.

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