Financial SaaS company Lenddo and Entrepreneurial Finance Lab have merged in an effort to provide a menu of credit scoring and identity verification products to 20-plus emerging markets.
“We’re thrilled to join forces with Lenddo and create an undisputed, global category leader in alternative data for credit decisioning,” said Jared Miller, CEO of EFL.
“This merger will allow us to apply the right data at the right time on a per client basis, allowing people to use their digital profiles and personality traits to increase their financial options. Financial institutions across emerging markets will be able to predict risk like never before through the combination of our data sources and innovative risk modelling techniques.”
Lenddo and EFL have separately facilitated more than five million credit assessments which have allowed more than 50 lenders to prove more than $2 billion of credit to people with limited information.
The new entity will work with banks, telcos, retailers, microfinance institutions and insurers to work with individuals and small businesses. People with little or no credit history can choose when to use their personal digital data to access financial services.
“With this merger, we’re delivering on our shared commitment to power leading financial institutions with cutting edge technology to serve emerging markets,” Lenddo cofounder and CEO Richard Eldridge said. “We’re excited to advance our mission of financial inclusion on a global scale and work as one, united organization to bring together the best new digital and non-traditional data sources to improve access to financial services.”
The first joint effort goes live in Asia and Latin America Oct. 17 with more releases coming soon.