Singapore-based digital risk scorecard developer Credolab has secured around $7 million in its Series A funding round, the media reported.
The funding round for Credolab was led by identity data intelligence firm GBC.
Other investors that also participated in the funding round include existing investor Walden International and new investors such as Access VC.
CredoLab develops digital risk scorecards for its clients such as banks, ecommerce companies, travel agencies, ride hailing startups, ewallet service providers, insurers and retail companies by using privacy-consented and permissioned, smartphone and web behavioural data.
Credolab provides its pay-per-use services by using alternative data sources. The startup enables its clients to achieve goals like financial inclusion, accurate credit scoring, and reach new customer segments.
According to Credolab, it will use the funds to expand its products’ features and its geographic footprint, and push into other industries. The startup also plans to grow in Southeast Asia and expand its reach to other markets in the region as well as Latin American and African markets.
Peter Barcak, chief executive officer and founder of CredoLab said in the statement, “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.”
With regard to the funding in Credolab, GBG chief executive officer Chris Clark told the media, “The company’s AI-based proprietary technology will complement our existing offering but also provide critical behavioural risk reference data from good customers that are financially excluded.”