Finance Breaking news GBG leads $7 million investment in alternative scoring specialist CredoLab last financial news
Breaking-Finance.Com - Identity data specialist GBG has led a $7 million funding round in Singapore's CredoLab.
Breaking-Finance.Com - Identity data specialist GBG has led a $7 million funding round in Singapore's CredoLab. CredoLab develops digital risk scorecards for banks, lenders, e-commerce, travel, ride hailing, e-wallets, insurance and retail companies by using privacy-consented and permissioned, smartphone and web behavioural data.Built on over 22 million credit applications across more than 70 lending partners, CredoLab's artificial intelligence based algorithm crunches millions of features to find the most predictive micro-behavioural patterns, before converting them into risk scores.
.Prior to the funding, GBG had entered into a commercial partnership with CredoLab to utilise GBG's Instinct digital risk management and intelligence platform. With GBG Instinct, banks, lenders, and mobile wallets are able perform multiple data callouts including to CredoLab's cloud service. The partnership has already seen an uplift in digital scorecard predictiveness by up to 40%, a drop in cost of risk by up to 22% and an increase in approval rates of up to 32%, says the firm.
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