With additional information to the standard data from credit bureaus, the new solution intends to assist businesses in better understanding the profile of their clients.
Since current credit ratings are created using information from Cadastro Positivo, klaviScore will make use of financial data from millions of people that are frequently not included in the market. This results in a relatively constrained understanding of each consumer and frequently compromises accessibility to quality financial solutions. With the help of bank transaction data and a more comprehensive understanding of each person's habits, klaviScore was developed to enhance the market's credit scores.
The company's tools will be able to share data because of the per-user credit score charging mechanism. Additionally, a 'cascade' discount will be applied: the more connected users there are, the bigger the discount.
The platform is initially free to use for one month for all klavi users and potential customers who offer credit to individuals. By the end of 2023, klavi is anticipated to calculate the credit scores for more than five million people.
For many years, Brazil's shared financial data system was built on the negative registry, with Serasa and SPC being the two most well-known debt registry companies there.
With the Cadastro Positivo amendment in 2019, it was anticipated that the availability of credit and utility contract data (such as card, loan, and telecom spending) would substantially change the data analytics landscape for financial services as a whole. The most common form of credit in Brazil is the credit card, but only 65 million Brazilians possess one. Therefore, those with little banking experience or who only accept cash payments are still invisible to the market. Because of this, despite bettering the credit system and risk assessment, leveraging this kind of data to customise offers, lower rates, and create new products is nearly nonexistent.
With the emergence of Open Finance, borrowers can now submit loan requests to banks other than their own by sharing statements and credit information.
klavi was founded in 2020 and provides solutions for companies of all sizes while collecting insights from Open Finance data. The company's target market includes C-level executives, directors, product managers, credit, and innovative organisations that want a solution for information portability and processing.
The company received USD 15 million in August 2022. Through chances for innovation in business-to-business (B2B) services and its data processing sector, as well as by encouraging the development of new products, the series A round is used to improve its technology area. With CIP S.A., the fintech is also compiling data from other sources and has already started creating the first score using bank slip data.
Later, in November 2023, klavi was able to secure further funding for its USD 15 million Series A round. The most recent round of investors joined an organisation that already included CIP, Vivo (via Vivo Ventures), GSR Ventures, Iporanga Ventures, and Parallax Ventures.
klavi has been included in the Global Mapping and Infographic of Players in the Open Banking and Open Finance Ecosystem 2022-2023. To find out more, we encourage you to download our latest report.
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