CredoLab raises USD 7 million to expand its market reach in Europe, Asia, Latin America, and Africa

Singapore, 1^st September 2020: , a leading developer of bank-grade digital credit scorecards based on smartphone metadata, has secured USD 7 million in its Series A round funding led by , the global specialist in Identity Data Intelligence.

In addition to GBG, the round saw participation from Walden International, an existing investor, and Access VC among other new investors.

CredoLab will focus on consolidating its leadership in Southeast Asia and expanding its market reach in key countries across the EU, Asia, Latin America, and Africa.

Elaborating further, Peter Barcak said, "Last year we had some great names come on board in the UK, Brazil, India, South Africa, and Nigeria. In the next 12 months, with more resources at hand, we intend to expand our sales network and further target non-banking financial institutions."

CredoLab develops bank-grade digital scorecards for companies that need to make better credit decisions including banks, lenders, e-commerce, travel, ride-hailing, e-wallets, insurance, and retail companies. CredoLab uses the best source of privacy-consented, and permissioned data (smartphone and web metadata) to help clients to expand their market share and decrease their cost of risk in real time. Since its inception in 2016, CredoLab has powered almost USD 2 billion in loans issued by 70+ clients across 20+ countries.

"Despite the obvious slowdown caused by COVID-19, we have already seen a significant shift from physical originations to digital ones and an increased appetite in using alternative sources of data," said Peter Barcak, CEO & Founder of CredoLab. "We have become an essential part of the recovery strategies of our clients as they restart lending in the post-COVID-19 environment in a risk-controlled way."

Chris Clark, Chief Executive, GBG said: "GBG's fraud and compliance solution allows financial institutions to onboard and transact with their customers quickly, safely, and securely. CredoLab's AI-based proprietary technology will complement our existing offering and also provide critical behavioural risk reference data from good customers that are financially excluded."

With the objective of democratising credit scoring, CredoLab plans to use this investment to further enhance its product features and expand the understanding of customers' digital risk DNA and push the adoption of its solutions in other industries at the intersection with financial services and help them grow faster, post-pandemic.

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