InVenture raises $1.2-million to help serve emerging markets’ underbanked
Wednesday, March 19, 2014
InVenture is a credit score for anyone with a mobile phone. In order to expand its phone-based personal finance software, InSight, which generates financial identities and credit scores for the underbanked in South Asia and Africa, the startup has recently raised US$1.2-million.
According to the startup, there are an estimated 4.5-billion people without formal credit scores in the world. In order to help this underbanked market, InVenture is aiming to meet the demand of the majority of people based in South Africa, Kenya and India by implementing its innovative personal financial aid technology.
This is done by implementing the company’s InSight software, which gives users the tools needed to aid, track and better understand their finances. This in turn legally extends mobile subscriber identity with cash flow management and performance analytics in order to create financial identities for individuals and small businesses.