AsiaKredit, a digital consumer lender focused on Southeast Asia, announced the launch of pera247 in the Philippines—an innovative, data-driven consumer lending platform delivered through a mobile application.
Pera247 is a digital lending solution that aims to provide unsecured small-ticket, short-term consumer loans for up to 90 days to the country’s underbanked population with no existing credit or collateral history.
Designed to provide the shortest real-time credit decision by any platform on the market, the pera247 platform uses big data to optimize the credit assessment process to make fast and reliable credit decisions. As a part of its credit assessment process, pera247 will extract a selection of data points from both traditional and alternative sources of data, such as behavioral mobile data from an applicant’s smartphone.
Using the AsiaKredit team’s proprietary digital technology and technical know-how, pera247 is able to incorporate highly predictive digital credit assessment into its underwriting algorithm to improve both the availability of credit to those with limited or no banking history as well as increase their approval rate, whilst reducing its cost of risk.
At the end of the credit decision journey, the pera247 app also acts as a mobile wallet for the successful applicant, where funds will be disbursed to and linked to thousands of physical payment centers, within hours of the application.
AsiaKredit has raised $675,000 to date from combined Pre-Series A and seed funding to date, part of which will be utilized as its funding facility for its customer loans. After its initial launch, it will seek to bring on board additional capital to expand its loan capital and operational balance sheets.