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UK FinTech firm Hello Soda expands to USA

byadmin
September 24, 2015
in FinTech, News

UK FinTech company Hello Soda has announced its expansion into the United States with the opening of a New York office and recruitment of two new heads of sales.

Hello Soda is expanding its UK business overseas after experiencing huge demand for technology platform PROFILE which helps reduce fraud and improve responsible lending and borrowing.

The cloud-based, unstructured data engine gives organisations insight into a customer by analysing their digital footprint. It takes customer information from social media platforms and blends it with other third-party data sources to create real reputation scores with a human element, helping lenders reduce fraud and make fairer decisions around affordability, pricing and terms. Hello Soda’s new credit scoring methods are helping to transform the credit industry.

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Hello Soda has been attracting interest from some of the world’s biggest alternative lenders, banks and insurance companies following its development of the PROFILE platform which helps reduce fraud and improve responsible lending and borrowing using Bayesian Belief Network principles to create 4D data. Plugging a gap in the industry, the technology helps companies understand a person as an individual and aims to take advantage of the fact that traditional credit rating models are based on historical financial performance, and do not take into account a person’s ‘true’ and real-time circumstance.

But it’s not just creditworthiness that Hello Soda’s platform is being used for, propensity to commit fraud, employee vetting, and insurance claimants’ trustworthiness are just some of the issues the technology is being put to use to resolve.

(image credit: Larissa Brown)

Tags: United States

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