credolab partners with Circulo de Credito for credit-scoring solutions

credolab has partnered with Circulo de Credito in a bid to raise financial inclusion levels in Mexico.

credolab has partnered with Circulo de Credito in a bid to raise financial inclusion levels in Mexico.

The partnership is set to provide credit, risk, and fraud scoring solutions, to businesses and individuals across the LATAM nation, to help them achieve their economic and financial goals.

Circulo de Credito will exclusively offer credolab’s Digital Behaviour Analysis Solution through its API marketplace. This solution includes behavioural insights about risk and fraud, available for over 3,500 B2B clients, including banks, retailers, and FinTechs, giving these users stronger predictive power, improving the risk and fraud assessment of any borrower’s likelihood to default.

Peter Barcak, CEO of Credolab, commented: “The lack of predictive data is still one of the main pain points of any financial institution. What we do at CredoLab is help to make proper decisions and generate highly accurate risk portraits for previously ignored potential borrowers by using a previously untapped source of new data – the smartphone.

“Partnership with Circulo de Credito allows us to promote a greater scope of financial inclusion in Mexico by helping lenders understand their clients better.”

credolab uses machine learning algorithms to detect more than 10 million behavioural patterns, such as battery usage and the most frequently downloaded app category.

So far, this has made credit and financial institutions accessible to over 20 million Mexicans, to make 200 million credit decisions.

Juan Manuel Ruiz Palmieri, CEO Circulo de Credito, added: “Being the most innovative Credit Bureau in LATAM, our primary objective is to promote financial well-being and foster trust between lenders and their beneficiaries.

“By partnering with credolab, we are able to extend our assistance to more companies and individuals, empowering them to understand crucial financial information, which in turn will help them achieve their economic and financial goals.”

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