Leapgen and FinScore Join Forces to Enhance Microloan Access for Filipinos
by Fintech News Philippines December 19, 2023Local fintech firm Leapgen Lending has announced a partnership with FinScore, a Philippines-based alternative credit scoring provider. This collaboration aims to offer more accessible microloan options for individuals facing challenges in accessing traditional banking services.
FinScore specialises in alternative credit scoring using telecom data, enabling digital lender Leapgen to tailor its financial products to individual customer profiles.
Applicable to multiple loan products, FinScore generates telco credit scores derived from over 400 data variables such as top-up patterns, location, and mobile data usage, which encompasses the entire telecommunications market.
This approach considers various data points, including mobile top-up patterns, user location, and data usage, encompassing the entire telecommunications market in the Philippines.
Leapgen operates PesoHaus, an online micro-cash-loan application that allows users to access loans quickly. The company is registered with the Philippines’ Securities and Exchange Commission.
Christo Georgiev
“FinScore can assess borrowers’ repayment capacity and default likelihood solely based on their mobile number and email address. Since majority of the population has a mobile number, why not use it as an alternative tool for loan application?
This is precisely where FinScore plays a pivotal role. We are delighted to partner with Leapgen as we take affirmative action to provide the unbanked and credit-invisible population with a chance access financial services.”
said FinScore’s Country Manager and COO Christo Georgiev.
“Our partnership with FinScore underscores our commitment to providing convenient selection of online loans for Filipinos. By using alternative data, we are not only revolutionising the lending landscape but also meeting the unique needs of underserved individuals.
This innovative approach enables us to tailor our offerings to a broader spectrum of customers, ensuring financial inclusivity and making loans easy for all.”
said Kimberly So, Director at Leapgen.
