Juvo releases Financial Identity as a Service for 3.9 billion underbanked consumers

FiDaaS is a technology suite that builds financial identities by utilising alternative data sources, along with incremental data generated from direct-to-consumer lending. These financial identities allow the 3.9 billion people around the world without a credit history to qualify for financial services from financial institutions and merchants, often for the first time. 

Juvo’s FiDaaS platform currently updates 5.6 billion data points every single day for 200m consumers on four continents. While many adults have no formal credit history, 9 in 10 adults worldwide use mobile telecom services. Working with mobile operators, financial institutions and merchants, Juvo is able to access a wealth of alternative data in the form of everyday mobile transactions and interactions and use machine learning technology to establish financial identities.

Juvo utilises global cloud infrastructure and technologies such as Lambda architecture that enables FiDaaS to ingest and structure both real-time and batch data at scale. These data points help to close the information gap that prevents institutions from trusting creditworthy consumers, purely due to insufficient data.