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.