Koyo raises $4.9M in equity and debt to use open banking to offer loans to people with ‘thin’ credit files

INSUBCONTINENT EXCLUSIVE:
Seedcamp
Other investors include Christian Faes (founder and CEO of LendInvest), and Charlie Delingpole (founder and CEO of ComplyAdvantage).Founded
in late 2018 by ex-Frontline Ventures VC Thomas Olszewski, and launching later this year, Koyo is attempting to tackle the problem whereby
because these types of customer have little or no information in their credit file, and the vast majority of lenders rely on the three main
explains Olszewski
decision based on the transactions in that customers account, rather than just looking at the credit score
So, if we see the customer has regular income, has a reasonable expenditure relative to the size of their income, that customer may be
are unable to get a loan from a bank, there are providers such as Amigo Loans, and 118 Money or Sunny
While this may be expensive to people who have access to high street bank loans, it is a really exciting proposition for this market
Along with Olszewski, they are CTO Guy Evans (former CTO of LendInvest), Head of Risk Kevin Allen (former CRO of Ratesetter) and Head of
Marketing Peter Kent.