Access to credit is a key link between economic opportunity and economic outcome. Without the ability to obtain credit in times of need, businesses are harder to start and run, apartments are harder to rent, and emergencies can become disasters.
Until now, consumers in emerging markets have had limited access to credit in any form. Even when credit is technically available, it often requires days or weeks of form-filling and waiting. Mines.io provides an end-to-end platform where consumers can apply for a loan through a mobile phone, be instantly approved, and receive funds within minutes. This is made possible by a proprietary credit scoring system, which uses sophisticated algorithms to analyze multiple data sources and cost-effectively predict default risk for both banked and unbanked consumers.
Invented in Stanford University by Nigeria-born Professor Kunle Olukotun .
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Kunle Olukotun has been a Professor of Electrical Engineering and Computer Science at Stanford University for the last 20 years and is an expert in parallel hardware and software systems.
They just received seed funding from Fintech Collective.