Dealflow | June 29, 2017

LeapFrog takes equity stake in credit-scoring firm Cignifi

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Over 90% of people in low- and middle-income countries lack formal credit histories. But more than two billion have mobile phones.

Cignifi, launched in Cambridge, Mass. in 2010, scores credit based on non-financial mobile data to help unbanked customers secure loans.

Cignifi has served 100 million people in 13 countries, including Mexico, Ghana, and Brazil, and is aiming to reach a billion people. The undisclosed investment from LeapFrog will enable it to expand into insurance and other financial sectors.

Cignifi has raised at least $7 million in equity funding rounds, backed by Omidyar Network, which also participated in this round.