Digital credit scorecard developer CredoLab nabs $7m funding

The fintech said that it has powered almost $2b loans since 2016.

Singapore-based digital credit scorecard developer CredoLab has secured $7m in its series A funding round led by data intelligence company GBG, an announcemenet revealed.

Other participants in the funding round include existing investor Walden International and Access VC, amongst other new investors.

CredoLab develops bank-grade digital scorecards for banks, lenders, e-commerce, travel, ride-hailing companies, e-wallets, insurance, and retail firms.

Since its inception in 2016, CredoLab said that it has powered almost $2b in loans issued by more than 70 clients across 20 countries.

Also read: How CredoLab reduces banks' credit risks through smartphone metadata

“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 and Founder of CredoLab.

CredoLab plans to use the investment to further enhance its products, including expanding its understanding of customers’ digital risk DNA.

The fintech said that it will focus on consolidating its leadership in Southeast Asia and expanding its market reach in key countries across Asia, Latin America, and Africa.