American financial identity provider Juvo has introduced a new ‘Financial Identity-as-a-Service (FiDaaS)’ platform to give 3.9 billion underbanked people access to financial services.

Using alternative data sources and incremental data provided by direct-to-consumer lending platform, FiDaaS creates financial identities for people who do not have any formal credit history.

It will enable these underbanked people to qualify for financial services from financial institutions and merchants.

Currently, FiDaaS platform updates 5.6 billion data points every day for 200 million users on four continents, claims Juvo.

To consume and structure both real-time and batch data of underbanked people, Juvo uses global cloud infrastructure and technologies including Lambda architecture.

Using these data points, institutions can fill the information vacuum that prevents them from trusting creditworthy consumers, due to insufficient data.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ultimately, the solution also helps mobile operators and financial institutions to maximise existing cash flows and reduce risks related to underbanked people.

Juvo founder and CEO Steve Polsky said: “FiDaaS is designed to underpin a new global credit infrastructure to include those that have been financially excluded but use a mobile phone.

“In tandem with our operator, bank and retail partners, we are determined to solve the credit conundrum and set a path to financial health.”