- For banking data, most microfinance banks access data by either requesting a PDF statement and then manually accessing that statement, or they can plug into the likes of Mono [a banking platform for businesses] and access transaction data. With the latter option, they only have access to the data, so they still have to assess customers’ creditworthiness.
Creditchek has just announced the latest closure of their funding round. In a LinkdeIn post by Kingsley Ibe, the co-founder at Creditchek. The round was led by Atom Capital with participation from Aidi Ventures, Emmanuel Gbolade of Termii, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures and Ogundiran Kayode.
Creditchek is a financial platform designed to assess and verify the creditworthiness of consumers in Africa. The company’s platform helps to verify credit status using pre-approved data received from bank statements, government, and other real-time financial sources and offers financial data verification services for retail businesses, fintech, and microfinance institutions, enabling companies to avoid loan stacking through historical profiling and determine appropriate financing.
The company offers three product features that digital lenders can integrate into their applications or websites and a no-code platform for traditional less savvy businesses to use;
Income Insight — This feature uses bank-verified historical transactional data to assess the user’s financial status, get key insights on cash flow & ascertain income to determine appropriate financing.
Credit Insight — This feature leverages historical credit data from multiple sources to give key insights into the borrower’s credit and debt status.
Identity — This feature enables businesses to unearth the true identity of their customers by leveraging BVN, NIN and other real-time sources.