Here fintechreviews.co.uk takes a look at Juvo. Juvo is a firm that aims to build the credit rating for underserved members of communities. To build credit ratings for financially excluded people, Juvo uses the use of prepaid mobile cards.
Most companies harnessing this type of big data use it to gain an advantage over their rivals, but Juvo uses this technology to help people who have been left out of the financial system. When an individual runs out of minutes or texts on their phones, they top up, which with Juvo will earn them financial credit.
Steve Polsky, Juvo´s CEO says: “We see an incredible opportunity to walk hundreds of millions of people along the path to financial services, starting with their everyday interactions with their mobile phones.”
Investment in a better future
Fintechreviews.co.uk reports that recently, Juvo secured a $40 million investment in their company after a series B investment drive. Investors are putting their money into building the credit ratings of people who usually may have not had the chance.
“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission,” Juvo CEO Steve Polsky says. “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services, and consumer mobile services.”
With Juvo´s new cash injection, they intend to reach more users around the world, expanding it´s already large 500 million subscribers. Juvo wants to do this by growing into more countries, going far beyond the current 25 where Juvo is available.
The technicalities of allowing better credit
Juvo teams up with financial service providers such as banks and other institutions and mobile phone providers. Through their top-up app the subscriber can build their financial credit. Some underserved parts of the community don´t have access to credit cards or similar financial services that would usually serve to build credit, so Juvo could build their credit enough for them to achieve the potential of having a credit card in the future.
For more news and reviews, keep your eyes on fintechreviews.co.uk.