Data analytics and credit scoring solution First Access received a $7m Series A funding round led by Bamboo Capital Partners.
Other participants to the investment round included Bernhard Eikenberg, The Social Entrepreneurs Fund, Impact Engine, 500 Fintech, Colle Capital, and private investors.
New York-headquartered First Access offers customisable credit scoring solutions for lending institutions in emerging markets. The platform digitises paper-based operations, which allows institutions to collect rich data, monitor trends and automate processes. Machine learning capabilities help clients to gain insights and improve credit scores.
This capital injection will enable the company to support its launch and further develop its platform. Equity will also be used to increase its product, sales and client success teams. The fourth generation of the platform is available to select financial institutions, but access will be extended across the region early next year.
First Access co-founder & chief data scientist Rohit Acharya said, ?The First Access platform is a radical departure from the slow, static and expensive technology currently holding back most financial institutions in emerging markets.
?Most managers dont have the data or visibility they need into their lending business to be able to scale faster, but there is also a need to start simple and build up from solid foundations.p>
Following the transaction, Bamboo head of risk and compliance Christian Ruehmer will join the company board of directors.
The new round of funding brings the total capital raised by First Access to up to $9m.
This in investment marks the fifth transaction from Bamboo second Financial Inclusion Fund. Earlier in the year, the firm led the $14m funding round into price comparison platform ComparaOnline.
Copyright ? 2017 FinTech Global
