CredoLab raises $7m in Serie A funding
Singapore-based digital credit scoring firm CredoLab has raised $7 million in a Series A funding round led by GBG.
The round also saw participation from Walden International and Access VC among other new investors.
The firm develops digital scorecards for banks, lenders, ecommerce firms and others. It says that it uses the “best sources of permissioned data”. It claims to have powered almost $2 billion in loans.
Since 2016 the firm has raised $10.1 million over three funding rounds.
“We have already seen a significant shift from physical originations to digital ones,” says Peter Barcak, CEO and founder.
“We have become an essential part of the recovery strategies of our clients as they restart lending in the post-COVID-19 environment.”
CredoLab plans to use its latest investment to enhance its products. It will also focus on consolidating its leadership in Southeast Asia and expanding its market reach in key countries across Asia, Latin America, and Africa.
Barcak adds: “In the next 12 months, with more resources at hand, we intend to expand our sales network and further target non-banking financial institutions.”