Singapore startup CredoLab secures $1m from Walden International

Walden International HK office

CredoLab, a Singapore-based digital credit risk management firm, has announced the closing of a $1 million investment round from global venture capital firm Walden International.

The investment follows the company’s pre-series A funding of over $1 million in June last year led by Fintonia Group.

CredoLab, which is currently focused on Southeast Asia and China, provides alternative credit scoring solutions to financial institutions and retailers to reduce delinquency.

The company utilises its proprietary mobile application, CredoApp, to extract a unique digital footprint from a consumer’s mobile phone. The company uses proprietary data science algorithms to extract and analyse close to 50,000 data points, and turns these completely anonymized digital footprints into highly predictive digital credit scorecards.

In the last 12 months, CredoLab has partnered with almost 30 consumer lending institutions and generated millions of data sets and credit scores for clients across Southeast Asia, China, Latin America, Africa, and the Commonwealth of Independent States.

With this new investment, CredoLab will focus on underserved regions, including Asia, where more than half of the world’s underserved lives, and Africa, where less than 20 per cent of the population has access to formal financial services and where smartphone penetration growth is among the highest in the world.

The deal will see CredoLab join Walden’s list of over 500 companies in 12 countries. The venture capital firm boasts over 100 IPOs on 15 stock exchanges and more than 70 M&A exits

“Our next stage of growth will focus on expanding globally and actively seeking partnerships with alternative data providers to generate high quality leads for banks and consumer finance companies,” said CredoLab co-founder and chief executive officer Peter Barcak.

Walden, whose funds total $2.6 billion in committed capital, invests in internet and digital media, semiconductors, software, IT services and emerging technologies industries.

Last month, the firm participated in a $762,000 seed investment in Singapore-based software-as-a-service (SaaS) company Dexecure and led a $2.57 million Series A funding round in Singapore-based restaurant management platform provider TabSquare.

Also Read:

Singapore: CredoLab raises over $1m in pre-Series A round led by Fintonia Group

Singapore: Arbor, Eight Roads back fintech startup Silot’s $2.87m pre-Series A

Singapore’s SaaS startup Dexecure raises $762k from Cocoon, Walden

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.