Lagos, Nigeria. October 11, 2021 – Focused on improving financial inclusion in Nigeria and other emerging markets through automated credit scoring tools that close the consumer credit gap and help financial institutions provide credit facilities to those financially excluded, Canadian fintech start-up Periculum has raised a $ 620,000 pre-seed funding round. This will help him expand his team, improve product development, and expand operations in Nigeria and other markets.
Founded in 2019, Periculum helps its banking and lender clients identify fraud risks, assess creditworthiness and analyze existing data. Periculum provides real-time credit decision-making, analysis and underwriting solutions to financial institutions, including banks, non-bank financial corporations, and fintech companies. By providing information on client creditworthiness and automating the loan decision process, Periculum clients can collect and analyze borrower information and assign a credit score faster, with real results on financial inclusion. in Nigeria and other markets.
Periculum offers data aggregation APIs and platform solutions that aggregate data from partners, including Mono and the CRC Credit Bureau, to provide comprehensive financial and data profiles of potential borrowers and third party entities. Some of its clients include Fundii, Lendaba, and Venero.
According to the Nigeria Inter-Bank Settlement System Plc (NIBSS), only 48 million Nigerians, as of May 30, 2021, had a BVN. With an adult population of 105 million according to the World Population Review, 57 million Nigerians are currently beyond the reach of financial services. Unfortunately, the credit bureaus that provide information to banks only cover 13.9% of the population in Nigeria, without any information on the creditworthiness of most potential borrowers.
Periculum is committed to meeting this challenge.
According to Michael Temitope Collins, Founder and CEO of Periculum, “Periculum is a leading provider of data analysis and credit scoring services explicitly targeting underserved markets. We help our clients reduce their long loan processing times and default rates, and provide loans to underbanked and unbanked consumers and micro, small and medium businesses. But our data analysis capabilities go beyond credit scoring. We can help our clients with solutions such as fraud detection, information for lenders based on customer segmentation and customer lifecycle value, information for retailers and ATM operators, and several other advantages ”.
The startup was accepted into Techstars in 2021 and is part of the current 2021 Techstars Montreal AI cohort, as well as the Founder Institutes Select portfolio. He raised $ 620,000 from Techstars, Loyal VC, First Fund and White Hibiscus Capital. Periculum currently provides services to clients in Canada, Nigeria and Kenya.
For many countries in Africa, there is still a financial gap. By tackling the challenge of credit scoring, Periculum can build the financial infrastructure that helps solve the problem of access to financial services and improves development outcomes for millions of people, with better opportunities for businesses, financial institutions and lenders.