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Koyo raises $4.9M in equity and debt to use open banking to offer loans to people with ‘thin’ credit files

Koyo raises $4.9M in equity and debt to use open banking to offer loans to people with ‘thin’ credit files

Koyo, a fintech startup using open banking to offer loans to people with “thin” credit files and currently poorly served by the market, has closed $4.9 million in funding.

Founded in late 2018 by ex-Frontline Ventures VC Thomas Olszewski, and launching later this year, Koyo is attempting to tackle the problem whereby people without much of a credit history, such as migrants or those who have never taken credit or aren’t the main bill payer, aren’t able to secure a loan.

“Koyo is unique in that we require all customers to connect their current account to our platform using open banking, and we make a lending decision based on the transactions in that customers account, rather than just looking at the credit score.

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