With the advent of big data and fintech, financial services are on the cusp of a major transformation. Startups like Cash Credit are leveraging these technologies to expand access to financial services for the unbanked population globally. This innovator from Sofia, Bulgaria, proves the potential of tech-driven non-bank financial institutions in revolutionizing financial services.
Cash Credit, founded in 2011 by Georgi Krumov, is a technological finance institution that partners with Mobile Network Operators (MNOs) globally to provide competitive financial services for the unbanked. The company uses a unique credit scoring approach, making rapid and secure credit decisions for consumers while offering convenient service and billing via partner MNOs. This startup is shining a light on how big data can transform the fintech industry, especially for those who have traditionally been left out of the financial system.
Key Takeaways
- Cash Credit is leveraging big data and fintech to transform financial services for the unbanked population.
- The company has created a unique business model by partnering with MNOs, offering integrated services that are fast, secure, and convenient.
- Cash Credit’s innovative credit scoring approach is a game changer in the industry.
An important differential for Cash Credit is its proprietary credit scoring approach, which allows a more precise customer evaluation while remaining a completely automated process. This unique approach sets Cash Credit apart in the crowded fintech space. The other differentiator is its business model, partnering with MNOs in Bulgaria – MTEL and GLOBUL, to offer micro-financing as a part of their product portfolio. The beauty of this model lies in its integration, offering numerous benefits to both the clients and the operators.
Cash Credit’s approach to credit is swift, technological, and secure, and above all, convenient for the customers. The service is accessible in all MTEL, GLOBUL, and GERMANOS stores, making it a readily accessible service for mobile operator customers. Mobile operator staff grant funds within a few minutes at the mobile operator’s stores. The synergy between the fintech and telecom industries gives Cash Credit a distinct advantage in the market.
In a world that is becoming increasingly digital, Cash Credit demonstrates how big data and fintech can revolutionize financial services, particularly for the unbanked population. The combination of big data, telecommunications, and fintech represents a potent force that can significantly increase the accessibility and affordability of financial services around the world.
Looking at the future, Cash Credit is well-positioned to expand its services across borders, driven by its strong partnership model, innovative credit scoring technique, and focus on unbanked consumers. This Bulgarian startup is providing financially underserved markets with a powerful platform, which could not only bridge the financial inclusion gap but also spur economic growth. For more information on the innovative activities of Cash Credit, be sure to follow them on Twitter and check out their website.
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