News from fintechinvestmentreviews.com: the firm Juvo is fostering the creation of mobile identities for everyone and recently have scored a $40 million injection in new funding through a series B investment run. Most companies that deal with big data harness it to gain an advantage over their rivals, but Juvo harnesses the power of big data to bring financial inclusion to those who may have been left out of the system.
Juvo creates credit identities for people who have been financially excluded. It does this by implementing the use of prepaid mobile phone cards. When the individual adds minutes onto the prepaid phone card, they build credit.
Steve Polsky, Juvo´s CEO says: “We see an incredible opportunity to walk hundreds of millions of people along the path to financial services, starting with their everyday interactions with their mobile phones”
A global solution for building credit ratings
Fintechinvestmentreviews.com hears that a large percentage of global mobile users are on prepaid plans. Many users will add minutes or texts to their plans when they run out, Juvo takes this information and builds it into a financial identity where they may not have been one before.
With the cash injection, Juvo plans to increase it´s reach around the globe. It already has over 500 million subscribers in 25 different countries.
“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission,” Juvo CEO Steve Polsky says. “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services, and consumer mobile services.”
Juvo´s mission is truly worldwide and has good intentions for all of its users. Improving credit ratings all over the world for people who would usually not have the chance.
How it works
Put simply, Juvo teams up with mobile phone operators and financial institutions to help members of underserved communities to build their financial credit, believing that anyone can have good credit. Credit will allow the underserved population to gain access to deserved financial services. For more fintech investment reviews keep your eyes on fintechinvestmentreviews.com.