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.