LenddoEFL alternative data credit score



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About

LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together the best sources of digital and behavioral data to help lenders in emerging markets confidently serve underbanked people and small businesses. To date, LenddoEFL has provided credit scoring, verification and insights products to 50+ financial institutions, serving 7 million people and lending $2 billion USD.

LenddoEFL makes it possible to anyone, anywhere to get access to credit and other life-changing financial services through alternative data and AI.

Project description

What problem are you trying to solve?
Roughly 2.5 billion people and 200 million SMEs around the world lack access to a full range of financial services from the 30,000+ registered financial institutions. Financial institutions would like to serve these people but cannot due to lack of credit history. This has adverse effects on financial inclusion and economic growth, and has left an estimated $3.5 trillion financing gap globally.
Impact

We started LenddoEFL to address the inequality in access to finance caused by information asymmetry, especially in emerging markets. Traditional credit scoring systems are blind to these people and small businesses globally. We knew there had to be another way to tell if an individual or entrepreneur is credit worthy.

What is your solution to this problem?
LenddoEFL has developed a truly universal, digital credit scoring technology, able to effectively score anyone, anywhere, at any time, on any device, regardless of collateral or credit history.
Our clients are Financial institutions – Banks, Insurance companies and other lending/commerce platforms – who want to serve underbanked consumers and small businesses. Using LenddoEFL technology, we have helped our clients lend 2 billion US dollars to the unbanked and underserved customers, assess over seven million unique individuals, across 20+ emerging markets.

In October 2017, LenddoEFL was formed by the merger of Lenddo and EFL, marking a breakthrough in financial access. Lenddo and EFL were leaders in credit decisioning for emerging markets, having each pioneered new ways to serve more people. LenddoEFL is the pioneering company allowing lenders to leverage new sources of data – digital, behavioral, mobile, psychometric, and more – to make better decisions and include more people.

What is your latest update on your innovation?
In October of 2017, we announced the merger between Lenddo and EFL with a goal to #Include1Billion people in life changing financial services. You can learn more about the merger here: https://include1billion.com/faq/

Since merging, we are continuing to innovate to find better ways to help lenders approve more people, reduce default and speed up credit decisioning across emerging markets.

Our work has recently landed us a spot on the Fast Company World’s Most Innovative Companies in Finance List: https://www.fastcompany.com/company/lenddoefl
We also got coverage in the Economist: https://www.economist.com/special-report/2018/05/03/mobile-financial-services-are-cornering-the-market
And coverage in Forbes: https://www.forbes.com/sites/andrewjosuweit/2018/04/25/could-psychometrics-predict-your-financial-behavior/#c1335606e8bb

We also launched a new partnership with CTOS, the Malaysian credit bureau: http://www.it-sideways.com/2018/04/fintech-heavyweight-ctos-expands.html

Why are you going to win the Best Innovation for Development Award?
Our alternative data credit score truly ensures we Leave No One Behind. We help lenders be more inclusive, giving everyone the tools they need to get access to financial services.

Hear for yourself from our clients and the individuals and SMEs that they have served with our innovative tools:
Mynt, Philippines: https://www.youtube.com/watch?v=RX4tJTLic0Y
Business Partners, South Africa: https://www.youtube.com/watch?v=XkdViqZrFiE
Te Creemos, Mexico: https://www.youtube.com/watch?v=c0b57p9ln

Team

Amie Vaccaro

Organization

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