AsiaKredit launches consumer lending mobile app, pera247
AsiaKredit, a Southeast Asia digital consumer lender, has unveiled pera247 in the Philippines – its data-driven consumer lending platform mobile app.
pera247 is a digital lending solution designed to provide unsecured small-ticket, short-term consumer loans for up to 90 days to the Philippines underbanked population. The platform will use big data to optimise credit assessment to make “fast and reliable credit decisions”, according to AsiaKredit.
Using AsiaKredit’s proprietary technology, pera247 incorporates predictive digital credit assessment into its algorithm to improve the availability of credit to those with limited or no banking history as well as increase their approval rates, whilst reducing its cost of risk.
From this, as part of its credit assessment process, pera247 will extract a selection of data points from both traditional and alternative sources of data, such as mobile data from an applicant’s smartphone.
If a successful decision has been made, within hours the app will act as a mobile wallet, where funds will be distributed to and linked to supported payment centres.
Previously, AsiaKredit raised $675,000 from combined Pre-Series A and seed funding, part of which will be utilised for its operational working capital and loan capital.
AsiaKredit plans to expand the service to other countries across Southeast Asia, starting with Indonesia in 2018.