krip

Krip is a fintech company that has developed a platform to provide credit scores and financial services to gig economy workers, a demographic often underserved by traditional financial institutions. The company was founded in 2021 by Richard Kim. He identified the challenges faced by freelancers and gig workers in accessing credit due to their variable income streams and lack of traditional credit histories.

The core of Krip's offering is its proprietary AI-powered engine that analyzes alternative data points, such as income, work history from multiple gig platforms, and spending habits, to generate a 'Krip Score'. This score serves as an alternative credit assessment, enabling financial institutions to make more informed lending decisions for this segment. The platform aggregates data from various sources, providing a holistic financial overview for the user.

Krip's business model is B2B2C. It partners with financial institutions, including virtual banks and lenders, providing them with the tools and data to underwrite loans for gig workers. The company also offers a mobile application for the end-users (the gig workers), which allows them to track their income, manage their finances, and access their Krip Score. This app serves as a gateway to financial products offered by Krip's partners, such as cash advances and loans.

By bridging the information gap between gig workers and lenders, Krip aims to foster financial inclusion. It addresses a significant market need, as the gig economy continues to expand globally. The company operates in the fintech and financial services sector, specifically targeting the credit scoring and lending market for independent workers.

Keywords: alternative credit scoring, gig economy, financial inclusion, fintech, AI-powered lending, data aggregation, unbanked, credit risk, financial services, freelance economy