Singapore-based fintech startup CredoLab today announced that it has raised a US$1 million funding from global venture capital firm Walden International.
The funding round followed another US$1 million investment the startup has raised in June 2017 led by fintech VC firm Fintonia Group.
CredoLab builds a credit assessment mobile app called the CredoApp, which tracks consumers’ “anonymised digital footprints” and implements predictive analytics to generate their digital credit score cards.
The service targets unbanked customers with low-cost smartphone ownership at emerging markets, with the goal to improve their delinquency rates and a higher percentage of consumer loans approved.
Founded in 2016, CredoLab already has customers in 15 countries across Southeast Asia, China, Latin America, Africa, and the Commonwealth of Independent States.
In a press statement, the company explained that they plan to use the new funding to focus on strengthening their expansion in Asia and Africa.
“I am extremely pleased to count a firm with the technical expertise and global reach of Walden International among our investors. Our next stage of growth will focus on expanding globally and actively seeking partnerships with alternative data
providers to generate high quality leads for banks and consumer finance companies,” said CredoLab Co-Founder and CEO Peter Barcak.
Founded in 1987, Walden International has a total of US$2.6 billion in committed capital. The firm has invested in over 500 companies in 12 countries, with in excess of 100 IPOs on 15 stock exchanges and more than 70 M&A exits.