CONTRIBUTORS TO THIS PROFILE
InVenture has built, distributed and monetized the first personal finance, credit scoring and licensing service for the underbanked in India, Kenya and South Africa. Founded in 2011 by an ex-investment banker and UN researcher, Shivani Siroya, InVenture has grown from a simple SMS-based money management tool into a suite of Android, voice, SMS and web apps for both the underbanked and the businesses that want to reach them. InVenture uses patent-pending algorithms to formalize financial identities and credit scores for individuals with no previous historical data. InVenture significantly reduces default rates and customer acquisition costs for the new generation of businesses seeking to serve the emerging middle classes. The company's purpose is to create a global 2-sided 24/7 marketplace of 1+ billion underserved individuals and the businesses that want to reach them.
To-date over 25,000 individuals have used InVenture's personal finance application InSight to formalize their identities, prove their spending capabilities and concurrently increased their savings by 3.5% on average. Then, on the other side of the marketplace InVenture has developed partnerships with and services for lending institutions, mobile service providers, NGOs, governments and foundations to sell and provide services that are not currently available for the 2.5 billion people currently lacking formal financial identities. InVenture has licensed credit scores to lenders in three countries seeking new qualified customer pools and offered InSight users loans between $500 and $19,000 US.
Current Team (6)Update
Santa Monica, CA 90401
- 06/12/14 -theguardian.com
- 06/10/14 -forbes.com
- 01/30/14 -businessinsider.com
- 11/08/13 -nytimes.com
- 10/09/13 -techcrunch.com
- 04/16/13 -qstreetstartups.com
- 11/26/12 -techcrunch.com