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Image Credits:SOLO / Georgina Merhom, founder and CEO of SOLO.
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Image Credits:SOLO / Georgina Merhom, founder and CEO of SOLO.
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Credit bureau bank on outdated third - party data are only receive a diminished piece of the puzzle , Georgina Merhom says .
“ The cite bureaus are extremely relevant , but when it ’s used to identify that a person did n’t pay one bill on clock time , it ’s a punishment . If you are only following the money , you’re able to lack out on a raft of signals , ” Merhom told TechCrunch .
Merhom wants to squash the position quo withSOLO , a first - company information collection and reportage engine , that integrate user - permissioned data source , let in fiscal dealings , online records and digital footprints to tell a more staring story about someone ’s fiscal behavior . User - permissioned data point sources , that consumers provide with their permission , come from a variety of places . This includes bank account ( via Plaid , Teller , TrueLayer ) , commerce and defrayal gateways ( Amazon , Shopify Square , Stripe , PayPal ) , invoicing / charge systems ( QuickBooks , Bill.com ) and customer relationship management weapons platform , Merhom said .
In addition , user - permissioned data rootage put back the self - reporting process , brokers hope between the institution and consumer and identifies opportunities that the camber would have otherwise overlooked , Merhom enounce .
Originally a information scientist in the cybersecurity industry , Merhom was developing and training algorithms on the moody web to detect illicit activity . That work taught her that a wider miscellany of data , as well as the context of use in which the data appears , can paint a much total moving-picture show . Merhom used that tidings to start Zivmi , a cross - border requital app in Egypt that she cease up selling to the National Bank of Egypt .
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She got the idea for SOLO while at Zivmi and working with freelance without banking concern chronicle . Using other platforms like GitHub and Upwork , Zivmi was able to verify a soul ’s experience level , client military rank and overall study history .
As the business of run with the unbanked grew , Zivmi started underwriting its customers and develop the technology to do that . Merhom tell that ’s when she recognized the need to make a new form of credit rating chest of drawers .
Building a better credit bureau or come up new path to swear data from mass without a lot of credit entry is not a new construct . Altrois doing it through fall back payments , Kredivocreated a neobank to facilitate build credit , Bloom.io help businesses create fiscal products and report consumer reference behavior andMasa Financeis building a decentralized credit bureau .
southeastern Asian credit fintech Kredivo scores $ 270 M Series D
Merhom and full stack developer Luis Troni were building SOLO for two years and late debut it to a radical of one C of fiscal institution . Now they ’re out to secure 100 bank pilot in the U.S. this year and will finally go after some venture capital . Merhom said there are already some agreement in the works , but could n’t reveal further .
Their destination is to assess metrics , including lessen app processing clip from up to two month to minutes , reduce costs by up to 70 % and increase time value per customer .
“ It costs banking concern $ 29 billion a twelvemonth to process applications , and that ’s not even include the money they pay credit bureaus , ” Merhom said . “ If we can show we have reduced costs , bank no longer need to have a loan officer cross - referencing the bank assertion to accounting and hear to recalculate . And if our customers can identify opportunities in their portfolio and deal more to them , then we ’ve come after at what we ’re doing . ”
The # MyTechBestfriend fallout continues
