Uncovering Data For Credit Worthiness Earns DemystData $5 Million
Summary
In the modern, credit-rating-dominated world having little or no credit history — what the financial services industry calls a “thin file” — makes life much, much harder. “Our software brings together a single, cohesive profile of an individual or small business and then we supply that to our clients.” Simply put, DemystData — named for its ability to demystify the reams of data available to financial services firms — integrates social, telecommunications information, and corporate data to create the risk profile associated with an individual or small business. The promise of the technology was convincing enough to bring in SingTel Innov8, Notion Capital, P2P Equity Partners, and Errol Damelin, the founder of UK-based payday lending service Wonga, as new investors in the company’s Series A round. While Hookey wouldn’t disclose specific customers, an announcement listed online, peer-to-peer, automotive, and working capital lenders from the U.S. and UK among the industries using DemystData’s software, along with large banks from across the Asia Pacific region. For Asian banks, DemystData represents the best way to get a better sense of the risk associated with lending to consumers and small businesses, according to Arbor Ventures founder and managing partner Melissa Guzy.
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