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Bamboo Capital invests in credit-analytics venture First Access

A major barrier to improving financial inclusion globally is how to assess credit risk for unbanked and underbanked adults.

First Access, a New York-based company, has developed a credit-scoring system based on an individual’s digital and data footprint, including mobile phone records, and social and demographic data.

Emerging-market microlenders and other financial institutions can use First Access’ analytics platform to improve or develop lower-cost products for their borrowers.

Bamboo Capital led the fintech company’s $7 million Series A round from its second Financial Inclusion Fund.

The funding round was also backed by the Social Entrepreneurs’ Fund, Impact Engine, 500 Fintech, and Colle Capital.

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