ConfirmU

ConfirmU is a B2B2C fintech company addressing the challenge of financial inclusion for individuals and small businesses lacking a formal credit history. Founded in 2018 by Yatir Zaluski, Raju Chithambaram, Nemmara Chithambaram, and Clare McCaffery, the Singapore-based startup operates with a subsidiary in India, FlipScore India Private Limited. The company's creation was inspired by the observation that even qualified professionals can be denied credit simply because they've moved to a new country and left their credit history behind, a problem affecting an estimated 3 billion consumers globally.

The core of ConfirmU's offering is a gamified, psychometric-based credit scoring system. Instead of relying on past financial data, the company provides a white-labeled mobile SDK that lenders can integrate into their loan application process. Applicants play a short, three-minute game designed to assess their 'intent to repay' by measuring behavioral traits and personality characteristics linked to financial conscientiousness, such as planning skills, honesty, and risk appetite. This approach is language-agnostic and aims to be non-invasive and free of bias. The underlying model combines principles from established personality tests like the Myers-Briggs Type Indicator and the Big Five model with machine learning algorithms to generate a credit score. The company states this method has shown a high correlation with traditional bureau scores where they exist and has been validated against loan repayment performance data.

ConfirmU's business model is primarily B2B2C, providing its SaaS solution to financial institutions, telcos, insurance companies, and retailers. These clients can then extend credit to a wider pool of applicants, including the unbanked and 'thin-file' consumers, thereby tapping into a significant market opportunity. The company generates revenue through this model and has established operations in markets like India, Kenya, and Cambodia. Notable milestones include a partnership with global credit bureau Experian to explore the impact of psychometric traits in credit assessment in India and a five-year exclusive contract with Visa Vietnam. The company has secured $150K in funding over several rounds from investors including MOX, Orbit Startups, and DIFC.

Keywords: alternative credit scoring, psychometric testing, financial inclusion, fintech, B2B2C, credit risk assessment, gamification, unbanked, thin-file borrowers, emerging markets, loan underwriting, SDK, behavioral analytics, machine learning, insurtech, risk profiling, SME lending, personality traits, digital lending, financial conscientiousness