Lenddo and EFL Team Up to Lead Financial Inclusion Revolutionby Company Announcement October 18, 2017
Lenddo and Entrepreneurial Finance Lab (EFL), leaders in credit decisioning for emerging markets, today announced they are joining forces. Lenders will use the combined company’s unique platform to provide individuals worldwide with unprecedented, affordable access to convenient financial products.
United by the common vision of providing financial inclusion for more than one billion new and underserved individuals across the globe, Lenddo and EFL will together provide a suite of credit scoring and identity verification products to more than 20 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 modeling techniques.”
Lenddo and EFL have individually facilitated over 5 million credit assessments since inception, allowing more than 50 financial institutions to disburse over $2 billion USD in credit to people with limited information. The combined company will work with banks, telcos, retailers, microfinance institutions and insurers to serve individuals and small businesses.The organizations will benefit from having access to the best globally-available data and leading machine learning and risk
The organizations will benefit from having access to the best globally-available data and leading machine learning and risk modeling techniques, enabling them to serve new and underbanked populations safely, quickly and cost-effectively. Individuals with little to no credit history will be empowered to choose if and when to use their own digital data, such as psychometric, social media, and mobile phone data, to access the financial services they need.
“With this merger, we’re delivering on our shared commitment to power leading financial institutions with cutting edge technology to serve emerging markets,”
said Richard Eldridge, Co-Founder and CEO of Lenddo.
“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 product offering goes live in Asia and Latin America today, with additional products and features scheduled for release in the coming months. The agreement has been approved by their respective boards with no commercial terms being disclosed. Further details about the new, combined entity will be announced later this year.
For more information, please visit https://include1billion.com.