Credit scoring startup wins BBVA financial inclusion award

Credit scoring startup wins BBVA financial inclusion award

A Chilean start-up that allows users to build a credit score based on their history of paying utility bills has won the BBVA Open Talent 2015 Special Financial Inclusion Award.

As part of the award, will present its product at September’s Alliance for Financial Inclusion (AFI) Global Policy Forum, held in September in Maputo, Mozambique.

Launched in July 2015 by MIT graduates Jorge Camus and Sebastian Ugarte, was created to help individuals who have no credit history and so are excluded from mainstream financial institutions.

The online tool uses a customer’s payment record for everyday bills such as electricity and gas to build up a credit profile that will help them apply for services such as loans and mortgages. Data from the service is already being used by three major Chilean financial institutions.

As well as presenting at the AFI meet, will also participate in September’s BBVA Open Talent 2015 finals, where it will line up against 14 other shortlisted firms from Latin America to compete for EUR30,000 in prize money and the chance to further develop its product with the support of BBVA.

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